- Milk-based Formula
- Soy-based Formula
- Hypoallergenic Formula
Breast Milk Substitutes Market size was valued at USD 74,376.3 million in 2022 and is poised to grow at a significant CAGR of 10.1% over 2023-2029. Breast milk substitutes are popular among non-lactating mothers. Manufacturers' goal of creating natural, additive-free replacements for breast milk has helped them maintain a significant position in the food and beverage business. Breast milk replacement formula usage has increased significantly in developing nations due to higher birth rates. Including powdered breast milk alternatives in newborn diets will also increase industrial product demand. Based on the substitute type, the breast milk substitutes market is segmented into Milk-based Formula, Soy-based Formula, and Hypoallergenic Formula. The milk-based formula segment is anticipated to grow at a significant CAGR over the forecast years. The milk-based product provides enriched nutrition derived from fortified cow milk with minerals, vitamins, calcium, iron, and vegetable oils. As a result, a growing intake of milk-based formula to aid in newborn development will provide profitable category growth. High investment in research and development initiatives for enhanced milk-based formulas will help the segment expand even further. Higher birth rates and availability of premium infant nutrition alternatives, Increased preference towards the product with numerous advantages, and growing expansion of retail stores along with a strong distribution channel are a few factors driving the industry's growth over the forecasting period.
Breast Milk Substitutes Market Key Developments:
In July 2022, Danone introduced a plant-based infant formula to fulfill the needs of parents who desire to supplement their infant's diet with additional plant-based foods.
Fastest Growing Market
The growing tendency and number of working-class women worldwide will drive market expansion. Middle-income countries' government initiatives for women's education and empowerment policies have contributed to the industry's growth. A rigorous work schedule impedes the development of a newborn baby. As a result, the choice of infant formula to achieve the necessary development, sustenance, and growth of babies will increase industry demand. Rapid urbanization in developing countries and lifestyle changes are poised to influence global market potential substantially.
The milk-based formula accounted for a significant market share in 2020 and will grow with rising research and development investments.
The Asia Pacific market recorded the highest revenue share in 2022 and will depict appreciable growth due to the number of working women in the region.
Vitagermine SAS, Fonterra Co-operative Group, The Kraft Heinz Company, Reckitt Benckiser Group, Abbott Nutrition, FrieslandCampina, Danone Nutricia, Hyproca, Nestle Mead Johnson is an essential company in the breast milk substitute market.