Infant Formula Market - Rapidly Increasing Birth Rate in Developing Countries is a Key Factor Driving Revenue Growth

Introduction

Infant formula is a food product designed to cater to nutritional needs of infants aged 0–12 month and is used as an alternative to breast milk, containing essential ingredients present in breast milk. Infant formula is available in liquids, powders and ready-to-use forms. Various types of infant formula such as organic infant formula, prebiotic infant formula and non-genetically modified organisms’ infant formula, soy-based formula and lactose-free formula are available in the market for infants under one years of age. These products vary in taste, nutrients, quality, price and ability to digest according to region. Surge in number of working mothers, rise in birth rate and various technological innovations in packaging of infant formula products are vital factors driving expansion of infant formula market.

Market Value Forecast

The global infant formula market revenue is anticipated to increase at a CAGR of over 10.1% during the forecast period. Increasing consumer health awareness, rising disposable income coupled with increasing usage of organic infant formula and prebiotic infant formula are factors fuelling market growth across the globe. Increasing consumer inclination towards purchasing infant formula products through e-retail channels is a major trend witnessed in the global infant formula market.

Segmentation, by Product Type

On the basis of product type, the global infant formula market is segmented into starting milk formula, follow-on milk formula, toddler’s milk formula and special milk formula; among these starting milk formula segment dominated the market in terms of value in 2015 and is expected to retain its dominance over the forecast period. The follow-on milk formula segment is expected to expand at the highest CAGR in terms of value during the forecast period.

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Segmentation, by Distribution Channel

On the basis of distribution channel, the global infant formula market is segmented into specialty outlets, supermarkets, online stores, chemist/pharmacist/drugstore and others. Pharmacy stores segment was the largest segment in the market in terms of value and is projected to retain its dominance over the forecast period. The supermarket segment is anticipated to expand at the highest CAGR in terms of value over the forecast period.

Key Regions

On the basis of geography, the global infant formula market is segmented into seven major regions namely North America, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, Eastern Europe, Latin America and Middle East & Africa (MEA); among these, APEJ market is expected to witness favourable growth in terms of CAGR over the forecast period. In terms of value, the Western Europe market is expected to account for a major share of the market by 2026.

Key Players

Some of the key players identified in the global infant formula market are Nestlé S.A., Groupe Danone, Abbott Nutrition, Mead Johnson Nutrition, The Kraft Heinz Company, Meiji Holdings Co. Ltd, Beingmate Baby & Child Food Co. Ltd., Synutra International, Inc., Pfizer Inc. and FrieslandCampina.