Infant Formula Market Size 2024 Global Industry Share, Top Players, Opportunities And Forecast To 2034

According to Future Market Insights (FMI), the global infant formula market is projected to witness substantial growth, increasing from US$ 50,126 million in 2024 to US$ 1,15,326 million by 2034. The market is expected to surge at a CAGR of 8.7% during the forecast period.
The infant formula market is growing due to factors such as rising working mother population, increased baby health spending, and surging demand for organic baby food. The growing middle-class population in emerging and developing countries is transforming the infant formula market by requiring products that cater to working moms’ schedules.
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A key factor in expanding the infant formula industry is increasing parental awareness of infant formula’s potential benefits for babies’ growth and development. Parents are more actively looking for healthier and alternative natural ingredients in infant formula, such as organic origin and clean-label ingredients.
Infant formulas are nowadays fortified or added with different vitamins, minerals, probiotics, and other essential nutrients to support the overall development of infant vital organs, fueling market growth. Infant formulas come in several forms, like powdered, ready-to-use, and concentrated liquids, allowing users to select the appropriate formula based on their budget.
Key Takeaways from the Report:

• The global infant formula market is expected to reach a valuation of US$ 1,15,326 million by 2034.
  
• The global market is expected to surge at a CAGR of 8.7% over the forecast period.
  
• The United States is set to rise at a CAGR of 6.7% during the forecast period.
  
• India is estimated to grow at a CAGR of 7.1% during the forecast period.
  
• Starting milk formula is the most popular product type, contributing to a market share of 48.0% in 2024.
  

“The infant formula market is undergoing rapid growth globally, driven by increasing consumer awareness and responsiveness of its potential health benefits and demand for natural & healthier products for adequate physical and mental growth. However, challenges such as stringent regulatory compliances, high manufacturing costs, less awareness, especially in rural areas, and limited availability are set to impact its widespread adoption.” – says a lead analyst at Future Market Insights (FMI).
Competitive Landscape
Nestle, Abbot Nutrition, Danone, Synutra International Inc., Mead Johnson Nutrition, and others are a few leading players in the market. With research and development of new products, manufacturers are diversifying their product portfolio, such as the use of innovative ingredients with multiple claims to attract consumers.
Manufacturers are directing toward partnerships, mergers, acquisitions, and collaborations with companies or organizations. Innovation and development in processes and products attract new investors, further leading to market growth.
For instance, 

• In 2023, Danone Early Life Nutrition introduced a new infant formula containing milk droplets that closely mimic the structure found in mother’s milk in China to expand its position in Asia.
  

Get More Valuable Insights
Future Market Insights (FMI) has released an objective assessment of the global market, presenting past demand data from 2019 to 2023 and projecting forecast statistics for the 2024 to 2034 period.
The study provides compelling insights into the infant formula market segments based on product type (starting milk, follow-on-milk, toddlers milk, special milk), ingredient type (whey protein concentrate, soy protein concentrate, protein hydrolysate), product form (powder, liquid, ready to feed), distribution channel (store-based retail [supermarket/hypermarket, specialty store, pharmacies] and online retail), and region.
Infant Formula Market Segmentation by Category
By Product Type:

• Starting Milk
  
• Follow-on-milk
  
• Toddler Milk
  
• Special Milk
  

By Ingredient Type:

• Whey Protein Concentrate
  
• Soy Protein Concentrate
  
• Protein Hydrolysate
  

By Product Form:

• Powder
  
• Liquid
  
• Ready-to-feed
  

By Distribution Channels:

• Store-based Retail
  
  • Supermarket/Hypermarket
    
  • Specialty Store
    
  • Pharmacies
    
  
  
  
• Online Retail
  

By Region:

• North America
  
• Latin America
  
• Europe
  
• South Asia
  
• East Asia
  
• Oceania
  
• Middle East and Africa