VALLEY COTTAGE, N.Y. –Parents seeking additional nutrition sources for their babies, inability of several mothers to lactate, and rise in the number of women joining workforce post giving birth are driving the growth of the infant formula market. The global infant formula market size is projected to grow at a CAGR of 10% during the forecast period 2019-2029, and reach US$ 64 Bn by 2029, according to Future Market Insights. With a growing number of doctors recommending and campaigns promoting breastfeeding, infant formula is constantly evolving to offer similar nutrient content.
“The infant formula market is a seeing a movement towards premiumization, amid growing demand for ‘free-from’ special products such as organic and hypo-allergenic milk formula. Health benefits of these products are further expected to encourage mothers and healthcare professional who favor breastfeeding as a suitable alternative for regular use,” says FMI analyst.
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Organic and Clean-Label Infant Formula: Aligning with Superfood Trend
In recent times, consumers are more particular and serious about choosing nutritious baby food without artificial or chemical additives for their infants. The trend of clean label and increasing consumers’ inquisitiveness about food and their sources are impacting the baby formula landscape. Today, parents are increasingly inclining towards organic baby food which offers similar nutritional benefits as breast milk. Furthermore, involvement of both governmental and non-governmental bodies in promoting organic infant formula over their conventional counterparts is augmenting the demand.
Starting Milk Formula Accounts for Half of the Revenue Share
Numerous new players are entering the infant formula market with new breakthroughs in improving health properties of the product. In order to stand out, leading players are innovating their products for every stage of infants’ growth. Accounting for nearly 50% of total sales, starting milk formula remains the most consumed product. On the other hand, demand for follow-on milk formula is expected to rise significantly, registering a CAGR of 9.6% through 2029. Moreover, premiumization is expected to remain key focus area of manufacturers, propelled by need to mimic breast milk and cover all nutritional requirements of infants.
Preview Of 2019 Analysis and Review of Infant Formula Market by Product – Starting Milk Formula, Follow-On Milk Formula, Toddler’s Milk Formula, and Special Milk Formula for 2019 – 2026:https://www.futuremarketinsights.com/reports/infant-formula-market
Pharmacy Stores Holds over 3/4th Sales
Pharmacy stores are rapidly proliferating in a global marketplace. Sales of infant formula through pharmacy stores are significantly contributing to the market revenue. In addition, it is also observed that online stores are projected to grow at a notable CAGR of 11% over the forecast period. Rapidly growing e-commerce industry is expected to create growth opportunities for the potential players in the following years. Growing supermarket penetration at a global platform ensures product availability to the customers will fuel up the infant formula market size during the forecast period.
APEJ Takes the Lead
By the end of 2029, APEJ is expected to hold the largest share in the infant formula market. China and India will remain the largest consumers of infant formula products. In the current scenario, the prohibition of the one-child policy in China and the rapidly growing population in India is boosting the infant formula sales. This will eventually boost the local production of the product by catering to approximately half of the country’s demand. North America’s market is expected to grow significantly over the forecast period, due to rising potential of parents to purchase premium infant formula products.
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