As per the report published by Global Market Insights Inc., the global Infant Formula Market was estimated at USD 38.17 billion in 2021 and is expected to surpass a valuation of USD 85.3 billion by 2030, progressing at a CAGR of 10% from 2022 to 2030.
Growing cases of malnutrition among infants, especially during the COVID-19 pandemic, will influence the infant formula industry trends, cites the report. Nearly half of the deaths in children under 5 years of age are due to undernutrition, which can lead to common infections, increase their severity, and delay recovery.
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Due to increasing instances of product recalls in the United States, several initiatives have been made to ensure the safety and availability of infant formula on store shelves, which will support product manufacturers. To increase the ability of manufacturers to address the demand and distribute infant formula, the U.S. Department of Agriculture is working with states to aid vulnerable families in gaining access to formula with their WIC (Women, Infants, and Children) benefits, proliferating the industry development.
Countries worldwide are relying on import activities to address the shortage of infant formulas. Seeking a solution to the supply-chain crisis, the U.S Food and Drug Administration temporarily relaxed strict import requirements in June 2022. Such initiatives to ease the import of overseas baby formula will provide opportunities for the infant formula market expansion.
The report segments the market into toddler, standard, follow-on, and specialty categories based on product. The specialty infant formula industry is poised to exhibit a CAGR of over 8.1% through 2030 since this product is designed to provide certain nutrients and assist with feeding or health issues, including malabsorption, and food allergies. However, reduced demand and high prices are some key factors hindering the business growth of specialty infant formula producers.
In terms of the distribution channel, the industry is divided into online, supermarket, hypermarket, convenience stores, and others. The online segment will hold 8.3% of the infant formula market share by 2030, given the rise of digital technologies amid the COVID-19 pandemic and the growing availability of formula products on e-commerce platforms.
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On the regional front, the Europe infant formula market is expected to be valued at over USD 28,921.0 million by 2030, as a result of the rapid expansion of the infant population. Parents across the region are also more inclined towards organic infant formulas, which will further contribute to the overall market share.
Some of the key companies profiled in the global infant formula industry report include Arla Foods, Hipp, Bubs Australia Ltd., Bellamy’s Organic, Hero Nutritionals Inc., Perrigo Nutritionals, Nutricia (Danone), Abbott, Nestle S.A., and Mead Johnson (Rickett Benckiser), among others. These industry players are engaged mainly in acquisitions and expansion strategies for new products to retain their foothold across the market.