July 13, 2020
According to the research report titled ‘Global Infant Formula Market (2019 Edition) World Market Review By Product Type, By Distribution Channel, By Region, By Country: Opportunities and Forecast (2014-2024) By Region , available with Market Study Report LLC, global infant formula market was worth USD 42,392.24 million in 2018 and is expected to register significant growth during the forecast period.
Rapid urbanization in emerging regions along with rising health concerns are major factors driving the growth of infant formula market. Growing geriatric population along with surging disposable income has also added substantial traction to the market growth. Inclination towards using organic infant formula over breastfeeding owing to rising adoption of working lifestyle among women is further aiding the market expansion.
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As per product type, worldwide infant formula market is split into specialty milk, follow on milk, growing-up milk and infant milk.
Citing the distribution channel, the industry is bifurcated on the basis of pharmacies, hypermarket/supermarket and online stores.
From the regional point of view, global infant formula market is split into Asia-Pacific, Europe, North America and Rest of the World, primarily focusing on Japan, India, China, Rest of APAC, France, UK, Rest of Europe, Mexico, Canada and U.S.
Meanwhile, the report states that Asia-Pacific infant formula industry is poised to accumulate commendable gains in the subsequent years. Factors such as evolving standards of living, rising adoption of hectic lifestyle, and increasing disposable income are augmenting the regional demand for infant formulas, which in turn is facilitating the business scenario in Asia-Pacific.
The leading companies defining the competitive terrain of global infant formula industry are Campbell Soup Company, Meiji Holdings Company Ltd., Reckitt Benckiser Group plc, The Kraft Heinz Company, HiPP-Gruppe, Yili Industrial Group Co. Ltd., Nestlé S.A., The Honest Co., The Hain Celestial Group Inc., Danone SA, and Abbott Laboratories among others.