Breast Milk Substitutes Market Size, Share, And Growth Report 2032

Breast Milk Substitutes Market Size

The global Breast Milk Substitutes market size was worth around USD 23.53 billion in 2023 and is predicted to grow to around USD 50.51 billion by 2032 with a compound annual growth rate (CAGR) of roughly 8.86% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Breast Milk Substitutes market on a global and regional level.

Request Free Sample

Breast Milk Substitutes Market: Overview

Breast milk is the finest nutrition for babies. However, sometimes mothers are instructed to avoid breastfeeding. In such instances, formula feeding is recommended to act as a substitute for breast milk. Breast milk substitute formulas are administered to babies till they turn 12 months old. In May 1980, the 33rd World Health Assembly recommended that "there ought to be an international code of publicizing of infant formula and further goods used as breast-milk substitutes".

Factors such as rapidly increasing urbanization, growing number of working females across the world, long working hours, the launch of new products with optimum nutritional content, increasing trend of formula feeding, changing lifestyles, and a high number of births will act as major driving factors in the growth of global breast milk substitutes market. Heavy investment in research and development of infant food products and growing per capita healthcare spending will act as an opportunity for the market players in the breast milk substitutes market. Nonetheless, stern guidelines and regulations related to breast milk substitute marketing will restrict the growth of the global breast milk substitute market.

The study includes drivers and restraints for the breast milk substitutes market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the breast milk substitutes market on a global as well as regional level.

In order to give the users of this report a comprehensive view of the breast milk substitutes market, we have included a competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein the product and services segment is benchmarked based on their market size, growth rate, and general attractiveness.

The report provides a company market share analysis in order to give a broader overview of the key players in the breast milk substitute market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the breast milk substitutes market on a global and regional basis.

Breast Milk Substitutes Market: Segmentation

The global breast milk substitutes market has been split into formula type, form, and region.

Based on formula type, breast milk substitutes market has been segmented into the hypoallergenic formula, soy-based formula, and milk-based formula. The milk-based formula segment accounted for the highest market share in 2023 due to easy availability, nutritional benefits of goat and cow milk, and the presence of vitamins and minerals essential to the growth of infants.

The form segment has been divided into ready-to-use, powdered and concentrated liquid. The ready-to-use segment accounted for the highest market share in 2023 due to the convenience and quality offered by ready-to-use products.

Breast Milk Substitutes Market: Report Scope

Breast Milk Substitutes Market: Regional Analysis

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.

Breast Milk Substitutes Market: Competitive Players

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 America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa