Global Infant Formula Market Worth USD 90.48 Billion by 2025 Hexa Research
FELTON, California, March 18, 2019 /PRNewswire/ -- The global infant formula market is expected to reach USD 90.48 billion by 2025, growing at a CAGR of 9.35% from 2017 to 2025. The market growth is primarily driven by increasing working women population and the introduction of milk formulas induced with additional nutrition.
The global infant formula products aim to satisfy the nutritional requirements for the infants of the age group between 0-3 years as an alternative for human breast milk. Infant formula products are available in various forms including liquid, powder and ready usage. Furthermore, increasing parents' awareness regarding the benefits rendered by feeding these products will enhance the uptick in the sales over the forecast period.
Economic growth has been creating a large number of employment opportunities which is driving more women workforce to adopt these products across both developed and developing economies. Furthermore, the increasing number of middle- class households supported by economic development and rising population is also contributing to the acceptance of infant formula.
Infant formula market is gaining a strong position in the Asian market and is expected to triple up in the next few years. This growth is driven by the China infant formula industry which represents more than 50% of the total Asian market. China accounts for about one-third of the global market majorly supported by factors such as rapid urbanization, expansion of distribution channels, and the introduction of new product variants.
Browse full research report with TOC on "Infant Formula Market Size & Forecast By Product Type (Infant Milk, Growing-up Milk, Follow-on Milk, Specialty Baby Milk), By Distribution Channel (Supermarket & Hypermarket, Pharmacies, & Online), And Trend Analysis, 2019 - 2025" at: https://www.hexaresearch.com/research-report/infant-formula-market
Europe stands out to be one of the potential markets for infant milk formula followed by Asia Pacific. Major countries contributing to the Europe market include France, Spain, UK, Turkey, Germany, and Italy, wherein France offers lucrative opportunities for the market growth. However, at present Europe market is estimated to grow at a relatively steady pace, due to the introduction of various initiatives supporting breastfeeding.
The market represents a consolidated nature with four players dominating the industry namely Nestle, Abbott, Danone, and Mead Johnson. Nestle is the largest player in the global market, thereby representing a market share of about 22%, followed by Danone with around 12% Abbott and Mead Johnson have a market share of about 7% and 5%, respectively. Manufacturers are focusing on developing the products with the addition of several ingredients thereby enhancing the nutritional value of the products. In addition, the players are catering to the needs of the consumers especially for the lactose intolerant infants by introduction of the soy based variants.
Request to download free sample report on global infant formula market
For instance, Abbott has introduced Isomil, a soy variant for the infants. Few domestic Chinese companies such as Beingmate, Biostime, and Yili and international players such as Fonterra, Royal FrieslandCampina, Sodiaal, Arla are in continuous competition with an aim to gain a potential share in this market.
Browse related reports by Hexa Research:
- Personal Care Packaging Market - The global personal care packaging market was estimated at USD 23.17 billion in 2014. The market is expected to witness substantial growth over the forecast period.
- Carbonated Soft Drink Market - The global carbonated soft drink market is expected to exhibit steady growth in the coming years due to changing consumption patterns of consumers and growing young population.
- Microfinance Market - The global furniture market is expected to witness substantial growth in coming years due to rapid infrastructure development. Growth of real estate and hospitality sector, and rising demand for luxury and premium furniture are also likely to drive the market in the years to come.
Hexa Research has segmented the infant formula market report based on product type, distribution channel and region: -
Segmentation by Product Type
- Infant Milk
- Growing-up Milk
- Follow on Milk
- Specialty Milk
Segmentation by Distribution Channel