Infant formula refers to the food meant for consumption by babies aged below two years. It works as a replacement of mother’s milk though not an exact substitute of the same. It is a specially made food item that contains almost all the nutrients found in mother’s milk. Infant formula is easy to prepare and is safe and fresh for consumption by babies, which is estimated to bolster growth of the global infant formula foods market over the period of assessment, from 2020 to 2030.
Infant formula food items are considered of high quality and are made utilizing minerals, vitamins, lactose carbohydrates, protein, vegetable oils, and many other important ingredients. Source of protein could be milk from soybean or cow, depending on the manufacturer. Special formula foods, follow-on formula foods, starting formula foods, and growing up milk are the four different types of infant formula food items.
Product type, application, and region are the three important parameters based on which the global infant formula foods market has been classified. Such detailed analysis of the market comes with the sole purpose to provide stakeholders with a detailed and clear analysis of the global infant formula foods market.
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Global Infant Formula Foods Market: Notable Developments
One of the important market developments that give a quick view of the dynamics pertaining to the global infant formula foods market is mentioned as below:
- In June 2018, US-based Abbott Laboratories introduced Similac Eye-Q Plus with HMO, one of the most innovative infant formulas in Vietnam. Human milk oligosaccharides (HMO) are sugar molecules and stimulate immune system. This innovation is considered a path-breaking invention in infant nutrition science.
Some of the prominent organizations in the global infant formula foods market comprise the below-mentioned:
- Bristol-Myers Squibb Company
- GlaxoSmithKline plc
- Abbott Laboratories
- Nestlé S.A.
- Pfizer, Inc.
- Ausnutria Hyproca
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Global Infant Formula Foods Market: Key Trends
The global infant formula foods market is characterized by the presence of the following restraints, drivers, and opportunities.
Increased Participation of Women in Workforce to Amplify Demand in the Market
The growth of the global infant formula foods market is estimated to experience considerable growth due to the expansion of the population of baby boomers. Increased participation of women in the workforce has encouraged increased uptake of infant formula foods, which is likely to bode well for the global infant formula foods market in the years to come. In addition to that, rise in disposable income of the people together with rapid urbanization is expected to work in favor of the global infant formula foods market over the period of analysis, from 2020 to 2030. Furthermore, expansion of the base of middle class population is likely to further drive the demand for infant formula foods.
On the other hand, the growth of the global infant formula foods market is likely to be hampered by the regulatory difficulties pertaining to the procedure of obtaining approval for the production of infant formula food.
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Global Infant Formula Foods Market: Geographical Analysis
In terms of geography, North America is expected to account for a sizeable chunk of the global infant formula foods market and the region is estimated to retain its position over the period of assessment. Presence of well-developed biotechnology and pharmaceutical industry and increased investment in research and development of infant formula food sector is expected to support growth of the market in the region. Besides, high disposable income is likely to emerge as another growth factor for the North America market.