Breast milk substitutes industry is anticipated to register 9.5% CAGR between 2023 and 2032 due to rising awareness and acceptance of infant formula across developing countries.
Selbyville, Delaware, Jan. 25, 2023 (GLOBE NEWSWIRE) —
The breast milk substitutes market value is set reach USD 184.5 billion by 2032, according to a new research report by Global Market Insights Inc.
Increasing birth rate and the emphasis on premium infant nutrition are prominent drivers for breast milk alternatives demand, especially in emerging economies. In 2022, the birth rate in India accounted for 18.7 per 1,000 population. Key manufacturers have also been undertaking R&D initiatives for advanced infant nutrition delivery.
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Soy-based formula to gain acceptance for babies with galactosemia and other health conditions
Breast milk substitutes market share from the soy-based formula segment is projected to cross USD 30.5 billion by 2032. This breast milk substitute is being utilized as an effective option for infants with congenital lactase deficiency or galactosemia. It is also highly effective for consumers allergic to milk and colic. Soy-based breast milk substitutes, however, are more expensive than milk-based formulas and are used on recommendation, which may impact product sales to some extent.
Browse key industry insights spread across 150 pages with 82 market data tables & 18 figures & charts from the report, “Breast Milk Substitutes Market Size By Substitute (Milk-based Formula, Soy-based Formula, Hypoallergenic Formula), Formula (Powdered, Concentrated Liquid, Ready-to-use), Distribution Channels (Pharmacies, Retail Stores), Regional Outlook, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/breast-milk-substitutes-market
High convenience attributes drive consumption of ready-to-use breast milk replacement solution
Breast milk substitutes market value from the ready-to-use segment is poised to register over 9.5% CAGR through 2032, on account of the high convenience offered by parents for bottle-feeding parents. This premixed liquid formula can be stored at room temperature and does not require refrigeration before use, which may further encourage product adoption.
Rising infant formula shortage to spur product sales from retail stores
The availability of specified nutrition products for children and babies has also been increasing across retail stores. Over recent years, consumers have also been facing challenges regarding the supply shortage of infant formula in pharmacies. These factors will also result in the expansion of retail chains as a preferred distribution channel for breast milk substitute products.
Growing female working population to fuel breast milk substitute demand in Europe
Europe breast milk substitutes market to exceed over USD 30 billion by 2032, owing to the mounting female population and the rise in pregnancy rate. The fertility rate of women aged 30 years and above has also been growing across the region. With the escalating number of working women, the consumption of breast milk alternatives will also surge, especially in the UK.
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Novel product development initiatives to augment global industry expansion
Some of the key players in the industry are Fonterra Co-operative Group, Mead Johnson & Company, LLC (Reckitt Benckiser), Danone Nutricia, Abbott Nutrition, and FrieslandCampina, among others. These companies are focusing on product launches and other strategies to increase their footprint in the breast milk substitutes industry.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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