Global demand for Breast Milk Substitutes market was valued at approximately USD 57.44 billion in 2018, and is expected to generate revenue of around USD 103.76 billion by end of 2025, growing at a CAGR of around 8.9% between 2019 and 2025.
According to the report, global demand for Breast Milk Substitutes market was valued at approximately USD 57.44 billion in 2018, and is expected to generate revenue of around USD 103.76 billion by end of 2025, growing at a CAGR of around 8.9% between 2019 and 2025.
The report covers forecast and analysis for the breast milk substitutes market on a global and regional level. The study provides historic data from 2016 along with a forecast from 2019 to 2025 based on revenue (USD Billion). 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 on the breast milk substitutes market we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein product and services segment is benchmarked based on their market size, growth rate and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the breast milk substitutes market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, regional expansion of major participants involved in the breast milk substitutes market on global and regional basis.
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, launch of new products with optimum nutritional content, increasing trend of formula feeding, changing lifestyle, and 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 substitutes marketing will restrict the growth of global breast milk substitutes market.
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 hypoallergenic formula, soy-based formula, and milk-based formula. The milk-based formula segment accounted for the highest market share in 2018 due to easy availability, nutritional benefits of goat and cow milk and 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 2018 due to convenience and quality offered by ready-to-use products.
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.
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, and FrieslandCampina among others.
This report segments the Global Breast Milk Substitutes Market as follows:
Global Breast Milk Substitutes Market: By Formula Type
Global Breast Milk Substitutes Market: By Form
Global Breast Milk Substitutes Market: By Region