Global Infant Milk Formula Market to Surpass $22.35 Billion by 2034 as Demand for Nutrient-Rich Formula Rises

Challenges in Monitoring and Managing Nutrition for Children Due to Busy Lifestyles Make Infant Milk Formula More Attractive: Fact.MR Report

/EIN News/ -- Rockville , March 11, 2025 (GLOBE NEWSWIRE) -- As per a recently published report by Fact.MR revenue from the global infant milk formula market is estimated to reach US$ 6.3 billion in 2024 and further increase at a CAGR of 13.5% from 2024 to 2034.

Since milk is a key nutritional choice for infants, the market for baby milk formula is growing at a remarkable pace. For those moms who are hesitant to breastfeed, milk formula is the only alternative. Milk formula supplies all of the nutrients the infant needs to stay healthy.

Mothers who are unable to breastfeed use milk formula due to its flexibility and convenience. Breastfeeding is often discouraged when a woman has HIV or TB; in such instances, a mother's milk formula is the preferred option. Providing the child with the proper nutrition is akin to nursing.

Various elements, such as changing consumer habits, greater spending power, and more female employment, have all benefited market players in recent decades. Many city dwellers struggle to appropriately manage or monitor their children's dietary demands. A hectic lifestyle is a major contributing factor to parents facing challenges in feeding their babies, which has a detrimental long-term influence on the baby's health. As a result, many parents and caregivers look for simple solutions to meet their baby's nutritional demands.

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Key Takeaways from Market Study

• The global infant milk formula market is projected to reach a valuation of US$ 22.35 billion by the end of 2034.
• The North American market is calculated to hold a share of 24.3% by 2034.
• The market in East Asia is projected to expand at a CAGR of 13.8% from 2024 to 2034.
• The United States market is evaluated to expand at a CAGR of 14% through 2034. The country is analyzed to occupy a market share of 45.6% in North America by 2034.
• Japan is forecasted to account for a market share of 29.4% in East Asia by 2034.
• Based on product type, the starting milk formula segment is set to reach a valuation of US$ 2.49 billion in 2024.

“Infant milk formula offers micronutrients that cow and other milk alternatives may not offer, giving a massive push to its sales across the world,” says a Fact.MR analyst.

Key Market Players Driving the Infant Milk Formula Market

The key businesses driving the Infant Milk Formula Market include Wyeth; Feihe; Danone; Frise; Mead Johnson & Company; Abbott Laboratories; Synutra International Inc.; Yili Group; Kraft Heinz Company; Meiji Holdings Co. Ltd.; FrieslandCampina N.V.

Increasing Availability of Bovine Milk-based Formula for Infants

Breast milk is the finest source of nutrition for newborns. However, infant formula provides an important alternative to breastfeeding when it is not practicable or feasible to supply the developing child's nutritional demands. Bovine milk has long been utilized as a key ingredient in infant formula manufacture. It is then enriched with nutrients and bioactive compounds to closely approximate the composition of human breastfeeding.

Bovine milk-based infant formula is the most widely available, but it is not ideal for all babies; hence, alternatives, such as those based on caprine milk, soy, and rice protein, are becoming increasingly common.

Competitive Landscape in the Infant Milk Formula Industry

The infant milk formula market consists of established players and smaller businesses, with key companies focusing on new product development and market expansion. Industry leaders like Nestlé SA, Perrigo Company Plc, and Danone S.A. are introducing vitamin-enriched formulas to meet growing nutritional demands. As parents prioritize safe and high-quality baby products, the rise of organic infant formulas presents a major growth opportunity. Companies are also leveraging digitization, investments, and promotional strategies to stay competitive and adapt to evolving market trends.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the infant milk formula market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product type (starting milk formula, follow-on milk formula, toddler milk formula) and distribution channel (specialty stores, supermarkets, online retail, chemists/pharmacies/drugstores, others), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).

Discover Additional Market Insights from Fact.MR Research

The global standard milk formula market is projected to grow at a 5.1% CAGR, increasing from $18.83 billion to $31.57 billion by 2033. Also known as infant formula, it serves as a nutritional substitute for babies who are not breastfed.

The global breast milk substitute market is valued at $18.4 billion and is projected to grow at a 9.4% CAGR, reaching $45.1 billion by 2032. Sales of breast milk substitutes contribute over 30% of the global infant formula market revenue.

The global goat milk formula market, valued at USD 1.51 billion in 2022, is projected to reach USD 3.26 billion by 2032, growing at a CAGR of 8%. Its demand is driven by its extensive use in cheese products and dietary supplements.

The global milk & cream manufacturing market, valued at $923.95 billion in 2024, is projected to grow at a 5.2% CAGR, reaching $1,543.94 billion by 2034. Driven by flavor appeal and health benefits, cream products remain popular in Europe.

The global natural skin care products market is projected to reach US$ 13.4 billion by 2032, growing at a 6.5% CAGR. Rising awareness of the harmful effects of chemicals on the skin is driving demand for natural alternatives.

The global bottled water market, valued at $301.7 billion, is set to grow 5.0% YoY in 2022, reaching $318.29 billion. From 2022 to 2032, the market is projected to expand at a 5.5% CAGR, hitting $543.69 billion.

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