The global infant formula market was valued at USD 81.72 billion in 2024. It is anticipated to grow from USD 90.91 billion in 2025 to USD 178.83 billion by 2032, reflecting a compound annual growth rate (CAGR) of 10.15% over the forecast period. Asia Pacific held the dominant position in 2024, accounting for 68.73% of the global market share. In addition, the U.S. market is expected to witness substantial growth, with its market size projected to reach USD 10.22 billion by 2032. This rise is largely attributed to increased parental awareness about the importance of high-quality, nutrient-rich formula for the healthy development of infants.
Infant or baby formula refers to specially formulated nutrition products intended for babies under the age of one. Regulatory bodies such as the Food Safety and Standards Authority of India (FSSAI), the World Health Organization (WHO), and other agencies have established strict guidelines to maintain the safety and quality of these products. These stringent standards help build consumer trust and encourage the adoption of new and advanced infant nutrition products. For example, in 2019, FSSAI introduced updated regulations covering formulas for special medical needs, premature infants, and lactose-free substitutes.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/infant-formula-market-101498
Market Segmentation
The market is segmented by type into infant milk, follow-on milk, and others, with the infant milk segment maintaining dominance since 2022. This leadership is driven by continuous product innovation from major manufacturers, which keeps consumer interest high and supports strong segment performance. In terms of distribution channels, hypermarkets and supermarkets lead the market due to their wide product selection, ease of access, and competitive pricing, making them the preferred choice for many consumers. Geographically, the market is analyzed across Asia Pacific, North America, Europe, South America, and the Middle East & Africa.
Report Highlights
This comprehensive report covers:
- Market growth drivers, opportunities, and restraints
- Emerging trends and regional performance
- Strategic moves by major companies
- The impact of the COVID-19 pandemic on market conditions
Market Drivers and Challenges
Parental Emphasis on Early Nutrition Fuels Demand
Rising awareness among parents about the importance of proper infant nutrition is a major factor supporting market growth. An increasing number of consumers are also exploring plant-based and organic formula options, drawn by their perceived health benefits.
On the flip side, concerns about the safety and reliability of newly introduced formula products could create barriers to adoption and hamper market growth.
Regional Analysis
Asia Pacific Maintains Leading Position Due to High Birth Rates
The Asia Pacific region continues to dominate the global market, driven by relatively higher birth rates and increasing demand for infant formula.
In Europe, the market is poised for moderate yet steady growth, with established companies like Nestlé and Organix investing in new product development to meet evolving consumer needs.
Competitive Landscape
Industry Leaders Focus on Growth through Innovation and Expansion
Major players in the infant formula industry are leveraging strategies such as product development, acquisitions, joint ventures, and facility expansions to solidify their market presence. Enhancing production capacity is also a key priority among leading brands aiming to meet rising global demand.
Prominent Companies in the Market Include:
- Nestlé S.A. (Switzerland)
- Danone S.A. (France)
- Arla Foods (Denmark)
- Yili Group (China)
- Abbott (U.S.)
- The Kraft Heinz Company (U.S.)
- Bellamy’s Organic (Australia)
- Reckitt Benckiser Group PLC (U.K.)
- Perrigo Company plc (Ireland)
- FrieslandCampina (Netherlands)
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Industry Update
August 2022 – Abbott resumed operations at its Similac production facility in Sturgis, Michigan. This move aimed to supply over 8 million pounds of infant formula to the U.S. market, helping to address nationwide demand.
