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The global infant formula market size is expected to reach USD 109.10 billion by 2027. The strict regulations about the quality of formula products are predicted to stimulate the growth of the market, mentioned in a report, titled “Infant Formula Market Size, Share & COVID-19 Impact Analysis, By Type (Infant Milk, Follow-on-Milk, and Others), Distribution Channel (Hypermarkets/ Supermarkets, Pharmacy/ Medical Stores, Specialty Stores, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 50.46 billion in 2019 and is expected to exhibit a CAGR of 10.6% between 2020 and 2027.
Substantial Investment by Danone to Aid Expansion
Danone, a European multinational food-products corporation based in Paris announced the investments of around 100 million euros in a series to fortify its establishment and strengthen the Specialized Nutrition business in China. These hefty investments will allow Danone to expand its range of nutritional products and services as per Chinese customer needs, traditions, and tastes. Moreover, these investments will also include the inauguration of an open-science research center based in Shanghai. This new development will help the company to cater to the nutritional requirements of people and thus strengthen its milk formula capabilities. Besides, the company has been awarded B CorpTM certification for its Early Life Nutrition business unit, thus making it the B Corp™ in Asia. The ongoing innovations and advancements by companies to offer enhanced nutritional products will simultaneously surge the global market for infant formula in the forthcoming year.
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Increasing R&D for Premium-quality Products to Support Development
The evolving lifestyles of consumers coupled with modernization will facilitate the healthy growth of the market during the forecast period. The growing convenience of products is expected to foster the growth of the market. The rising research and development investment by prominent players will further enhance the scope of the market in the forthcoming years. For instance, in January 2019, Nestle S.A. opened a new research center in Ireland. The center is dedicated to the production of milk-based infant and maternal nutrition products for the markets. Furthermore, the growing awareness about the nutritional value of baby formulas among consumers will boost the infant formula market growth during the forecast period.
Emphasis on Innovation and Product Enhancement by Companies to Spur Opportunities
The increasing development of new products by market players to serve the need of the consumers will foster the healthy growth of the market. Companies such as Nestle S.A., Danone are expanding their product portfolio to strengthen its position in the market. Nestle S.A, a major leader in baby food and nutrition has held a 20% share in the global market and expanding its global presence with product innovation. The key strategies adopted by the company will give a comparative edge over other companies in the market. For instance, in March 2020, Nestle S.A announced the introduction of first-of-its-kind, single material pouch for its baby food products. The new product packaging is made from polypropylene (PP), a versatile form of plastic available, and is recyclable.
The Report Lists the Main Companies in the Market for Infant Formula:
Further Report Findings:
The Market is Segmented into:
Value (USD Billion)
By Distribution Channel