According to Fact.MR, a market research and competitive intelligence provider, the global breast milk substitute market is estimated at US$ 18.4 billion in 2022 and is expected to expand at an impressive CAGR of 9.4% during the forecast years of 2022-2032.
A vast majority of the women in the U.S. are self-employed and the number working women in the country is almost 4X to that of Eastern countries. With a busy work life schedule and less maternity leaves, mothers are unable to breastfeed their babies as much as they would like to. In such cases, breast milk substitutes serve as the best alternative for working mothers. As such, the increasing trend of working class women worldwide will propel the demand for breast milk substitutes over the coming years.
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Preference for infant formula to accomplish the desired development, nourishment, and growth of babies by parents is increasing. This, in turn, is guiding the accelerated manufacturing of breast milk substitutes, thereby driving the market. Additionally, rising per capita disposable income across the world is enhancing the affordability of breast milk substitutes, which ultimately increases product demand and sales across the globe.
Guidelines created by the World Health Assembly (WHA) Code regarding the marketing strategy of breast milk substitutes is further expected to boost sales growth over the coming years.
Which Factor Can Dent Breast Milk Substitute Market Expansion?
With recent innovations and growing awareness about the consumption of breast milk substitutes for infant nutrition among pregnant women and mothers, key manufacturers are developing products with additional nutritional supplements. Products that are promoted by key players via various means add revenue to the company.
However, the adoption of the International Code of Marketing of Breast Milk Substitutes (IC) by the World Health Assembly (WHA) has had a negative impact on the sales of breast milk substitutes. IC prohibits unethical advertising and promotion of breast milk substitutes and encourages manufacturers to advocate the importance of safe and adequate nutrition for infants by supporting and encouraging breastfeeding among mothers.
Key Takeaways from Breast Milk Substitute Market Study
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Key Segments Covered in the Breast Milk Substitute Industry Survey
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Despite the challenging state of the economy, the competitive landscape in the market for breast milk substitutes still exhibits expansion. Key market heroes are competing to secure dominance in the breast milk substitute market, such as Nestle, Fonterra, and Danone.
Furthermore, market players are taking efforts to increase their customer base by focusing on the production of safe and efficient breast milk substitutes across regions. The powdered form of breast milk substitutes has established a benchmark, attracting new entrants into the market. Key market players are adopting various strategies such as partnerships, mergers & acquisitions, R&D investments, and product launches to acquire a competitive edge over others and strengthen their position in the global market.
Key players in the Breast Milk Substitute Market
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