Breast Milk Substitutes Market to hit USD 184.5 Billion by 2032
Zion Market Research has published a new report titled “Breast Milk Substitutes Market by Formula Type (Hypoallergenic Formula, Soy-based Formula, and Milk-based Formula) and Form (Ready-to-use, Powdered and Concentrated Liquid): Global Industry Perspective, Comprehensive Analysis and Forecast.
According to the report, global demand for 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.
Breast milk is the preliminary form of nutrition for newborns. Nevertheless, in some cases mothers are advised to evade breastfeeding. In such occasions, formula nourishment is suggested to act as an option for breast milk. Breast milk substitute formulations are given to babies till they are 12 months old. Substitutes for breast milk are available in multiple formula types, like soy-based, hypoallergenic, and milk-based among others.
Factors such as rapidly growing urbanization, rising number of working women worldwide, lengthy working hours, unveiling of new products with optimal nutritional ingredients, increasing inclination towards formula feeding, varying lifestyle, and high birth rate will act as major driving factors in the growth of global breast milk substitutes market. Substantial funding for research and development of newborn foodstuffs and rising healthcare expenditure per capita will act as an opportunity for the market players in the breast milk substitutes market. Nonetheless, strict guidelines and conventions associated with breast milk alternatives advertising will restrict the growth of global breast milk substitutes market.
The breast milk substitutes market is divided into form, formula type, and region. The form segment has been divided into concentrated liquid, powdered, and ready-to-use. The ready-to-use category accounted for the maximum market share in 2018 due to ease and quality of ready-to-use products.
Based on formula type, breast milk substitutes market has been segmented into hypoallergenic formula, soy-based formula, and milk-based formula. The milk-based formula segment accounted for the highest market share in 2018 due to easy availability, nutritional benefits of goat and cow milk and presence of vitamins and minerals essential to the growth of infants.
Regionally, the breast milk substitutes market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. Asia Pacific will be the leading region during the forecast period. China accounted for the highest share in the Asia Pacific region due to lack of strict regulations related to breast milk substitutes, low breastfeeding rates, and efforts taken by government to lessen child mortality rate. North America is expected to be the second major market. The key reasons are introduction of new formula based products and high urbanization. The Latin America region will grow at a significant rate during the assessment period. The Middle East & Africa region is expected to exhibit definite progression in the anticipated time-frame.
The report also includes detailed profiles of key players such as -
- The Kraft Heinz Company
- Fonterra Co-operative Group
- Abbott Nutrition
- Nestle
- Mead Johnson & Company
- LLC (Reckitt Benckiser)
- Danone Nutricia
- Vitagermine SAS
- Hyproca
- FrieslandCampina
This report segments the Global Breast Milk Substitutes Market as follows:
Global Breast Milk Substitutes Market: By Formula Type
- Hypoallergenic Formula
- Soy-based Formula
- Milk-based Formula
Global Breast Milk Substitutes Market: By Form
- Ready-to-use
- Powdered
- Concentrated Liquid
Global Breast Milk Substitutes Market: By Region
- North AmericaU.S.
- EuropeUKFranceGermany
- Asia PacificChinaJapanIndia
- Latin AmericaBrazil
- Middle East and Africa
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