Breast Milk Substitutes Market will acheive 10%+ CAGR up to 2025
Low rate of exclusive breast feeding along with high birth rate will drive Chinese breast milk substitutes market lucratively over the projected period. Active promotion of such formula through advertisement has resulted in many parents believing that infant formula is healthier and better alternative to breastmilk will further add to industry expansion over the coming years.
U.S. breast milk substitutes market will grow at considerable pace to reach USD 22.1 billion by 2025. Lowering rate of breast feeding coupled with increasing number of working-class women opting for infant formula will drive U.S. breast milk substitute market growth over the coming years. High disposable income coupled with rising demand for premium infant nutrition products should further drive the industry growth.
Some of the key industry players operating in breast milk substitutes are Danone, Nestle, Abbott Nutrition, Mead Johnson (Reckitt Benckiser) and Kraft Heinz among others. Companies are resorting to various strategies including strategic collaboration, partnership, acquisition and merger to expand its product portfolio and strengthen its business position. Major industry players are focusing their efforts on emerging markets to gain competitive edge as well as significant market share of these promising markets.
Retail stores segment accounted for more than 45% market share in 2018 and is estimated to grow considerably over the foreseeable future. Most of infant nutrition products can be purchased over the counter; moreover, they are abundantly available in the retail stores should lead to segment growth. Retail stores are convenient and easily accessible to the customers and thus will positively impact business growth.
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Based on formula type, the industry has been segmented into powdered, concentrated liquid and ready-to-use formula. Powdered formula market will witness highest CAGR over 10.0% during the analysis period owing to cost-effectiveness and high adoption of such infant nutrition products. Powdered formula can be administered along with breast feeding as well is easy-to-use that should further stimulate segmental growth over the coming years.
Milk-based formula market dominated the global breast milk substitutes industry in 2018 and is anticipated to witness 10.1% CAGR during the projected period. Milk-based formula are enriched with vitamins, minerals, proteins and other nutrients. High birth rate, rapid urbanization and growing population of children aged between 0 to 4 years will drive milk-based formula market over the forecast timeframe.
World Breast Milk Substitutes Market will cross USD 119 billion by 2025; according to a new research study published by Global Market Insights, Inc. High birth rate and growing demand for premium infant nutrition products will impel of breast milk substitutes market growth. Companies are spending higher on marketing their products in countries that account for lowest exclusive breast-feeding rate, to grab significant revenue share of untapped emerging markets. However, stringent regulations pertaining to marketing of breast milk substitutes will hamper industry expansion to certain extent over the coming years.
Increasing adoption of infant formulae by working class women and rising awareness about breast milk substitutes in developing countries will act as driving factors for breast milk substitutes market. High expenditure on advertisement of breast milk substitutes by major companies operating in the market will positively impact business growth over the forecast period.