February 20, 2020
As per the report titled ‘Breast Milk Substitutes Market Size By Substitute Type (Milk-based Formula, Soy-based Formula, Hypoallergenic Formula), By Formula Type (Powdered, Concentrated Liquid, Ready-to-use), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, China, India, Japan, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025’ available with Market Study Report LLC, the global breast milk substitutes market is projected to cross USD 119 billion by the year 2025.
Rise in women workforce in tandem with high birth rate and growing awareness regarding breast milk alternatives in developing economies such as India and China are the major growth drivers of breast milk substitutes market. Various initiatives for women empowerment and higher education are propelling the number of working women, thereby, boosting the demand for infant nutrition products. However, stringent regulatory standards for breast milk substitutes may hamper the market growth during the forecast period.
In terms of substitute type, hypoallergenic formula segment is presumed to grow with a CAGR of 9% to reach USD 3.6 billion by 2025. Intolerance to soy-based formulae and cow milk is driving the segment growth. The product is also suitable for infants suffering from eczema, asthma, and food allergies.
Based on the formula type, ready-to-use breast milk substitutes market segment was worth USD 24.2 billion in 2018 and is projected to grow significantly during the study period. High safety, sterility, and ease of use are driving the product demand. Rising preference for ready-to-use substitutes among working women owing to their time saving benefit is impelling the segmental share.
Speaking of the distribution channel, retail stores segment accounted for 45% share of breast milk substitutes market in 2018 and will foresee a considerable growth during 2019-2025. The segment growth can be attributed to easy accessibility and wide availability across retail chains. Increasing number of retail stores across developing countries is also aiding the market expansion.
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Considering the regional outlook, China breast milk substitutes market held the largest share in 2018 and is expected to grow by 11.4% through 2025. High birth rate, low exclusive breastfeeding rate, and rising adoption of infant formula across the region are driving the product demand.
Some of the prominent players of breast milk substitutes market are Mead Johnson (Reckitt Benckiser), Nestle, Abbott Nutrition, Kraft Heinz, Hyproca, FrieslandCampina, Vitagermine SAS, Fonterra Co-op. Group, and Danone Nutricia. These industry majors are undertaking advertisement and campaigns to raise product awareness and enhance their customer base.
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