Formula Milk Powder Market – Global Trend and Outlook to 2028
The Formula Milk Powder Market refers to the industry that produces and sells infant formula, which is a manufactured substitute for breast milk intended for feeding infants up to 12 months old. Infant formula is made from various ingredients, including cow’s milk, soy, and hydrolyzed proteins, and is available in different forms such as powder, liquid, and ready-to-feed.
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The Global Formula Milk Powder Market is expected to experience steady growth in the coming years, driven by factors such as the increasing number of working women, the rising demand for convenient and nutritionally balanced infant food products, and the growing awareness of the benefits of formula milk powder. According to a report by HTF MI, the global infant formula market was valued at $45.12 billion in 2023 and is expected to reach $56.73 billion by 2028, growing at a CAGR of 3.73% during the forecast period.
Global Formula Milk Powder Market Breakdown by Application (Infant, Adult) by Type (Organic, Conventional) by Ingredient (Cow Milk-based, Goat Milk-based, Soya Milk-based, Others) by Sales Channel (Hypermarkets, Supermarkets, Pharmacy/Medical Stores, Specialty Stores, Hard Discounter Stores, Others) and by Geography (North America, South America, Europe, Asia Pacific, MEA)
The market is highly competitive, with a large number of players offering a wide range of infant formula products for different stages of infant growth and development. Key players in the market include Nestle S.A., Danone S.A., Abbott Laboratories, Mead Johnson Nutrition Company, and The Kraft Heinz Company, among others. These companies are investing heavily in research and development to improve the nutritional quality and safety of their products, as well as expanding their product offerings to meet the evolving needs of their customers.
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Overall, the formula milk powder market is expected to continue to grow steadily in the coming years, driven by the increasing demand for convenient and nutritionally balanced infant food products and the growing awareness of the benefits of formula milk powder. The market is also expected to benefit from the rising investment in the development of new and innovative infant formula products that offer improved nutritional value and safety.
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