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Global Infant Formula Ingredients Market was Valued at US$ 15.3 Bn in 2019 and it is Expected to Reach More than US$ 29.1 Bn by 2028, Likely to Grow with the CAGR of 7.4% During the Forecast Period.
Infant formula consists of casein as a protein source, purified cow’s milk whey, a vitamin-mineral mix, fat source, and carbohydrate source. The global infant formula ingredients market is growing at a high CAGR. Some of the major factors fuelling the growth of the global market include growing demand for specific milk protein factions and prebiotics, the inability of mothers to feed sufficiently, and the rising number of working women across the globe.
Rising Consumption of Protein in Has Led To The Rapid Growth Of The Demand for Infant Formula Ingredients Across the Globe
The major factor driving the growth of the global infant formula ingredient market is the rising consumption of protein in different applications including specialty formula and growing up milk. Since the last few years, the cases of child malnutrition have been increasing rapidly. According to a study done by Unicef the progress of limiting child malnutrition is very slow since 2000. The Unicef estimates that the cost of malnutrition can go up to US$ 3.5 trillion per year, in which obesity and overweight alone costing US$ 500 billion per year. These cases result in the growing usability of infant formula ingredients worldwide. The ingredients registered major demand from mature markets such as the U.K., U.S., and Japan. Moreover, the rising population of working women and developing economies across the globe support the growth of the global market.
Powder Segment Dominates the Global Infant Formula Ingredients Market
Based on form, the powder segment is projected to dominate the global market throughout the forecast period. The powder form is commonly preferred by consumers owing to the superior features associated with it. The powder form is easy to carry. Also, the manufacturers of infant formulae prefer most of the ingredients in powder form including prebiotics, protein, and carbohydrates. This, in turn, boosts the growth of the segment.
Cow Milk is the Key Source for Infant Formula Ingredients Market
By source, cow milk is expected to show the highest growth rate in the coming years. The growth can be accredited to its cost-effectiveness production and easy availability across the globe. Also, the major companies operating in the infant formula industry use cow-based ingredients. The companies include Mead Johnson & Company, LLC, Nestlé S.A., and Abbott Laboratories. This supports the growth of the segment.
Asia Pacific Dominated the Global Infant Formula Ingredients Market in 2019
In terms of region, Asia Pacific is anticipated to dominate the global infant formula ingredients market. The region is expected to maintain its dominance by growing at the highest compound annual growth rate of 8.7 %. The growth of the region can be attributed to an increase in per capita income and a rise in the working woman population in developing countries such as China, India, and Japan. China is expected to be the largest market for infant formula ingredients market in the Asia Pacific. China is one of the leading traders of infant formula ingredients which is expected to boost the growth of the country in the coming years.
Key Players Have Focused On Organic Growth In Global Infant Formula Ingredients Market
The global Infant Formula Ingredients market is fragmented with several local and global players, which makes the market highly competitive. The enterprises are focused on increasing their sales and distribution channels aiming at expanding their customer base across the globe. Also, the companies are engaged in new product launches in order to cater the increasing consumer demand for infant formula ingredients.
For instance, In January 2019, Arla Foods Ingredients announced the launch of a new concept of optimized comfort for infant formula. The concept comprised of alpha-lactalbumin that is the most abundant protein in mother’s milk.
In January 2019, Asahi JV launched its new range of maternal and infant formula products for the Vietnam market. The launch was made in parentship with Vietnam Nutrition Food JSC, intended to expand their presence in the Vietnam market.
Some of the prominent companies operating in global Infant Formula Ingredients market include Arla Foods amba, Sachsenmilch Leppersdorf GmbH, Koninklijke DSM N.V., Lactalis Ingredients, Vitablend Nederland B.V., Fonterra Co-operative Group Limited, Glanbia plc, Carbery Food Ingredients Limited, Royal Friesland Campina N.V., Kerry Group plc, BASF SE, Chr. Hansen Holdings A/S, and AAK AB
Global Infant Formula Ingredients Market by Product Type
- Fats & Oils
Global Infant Formula Ingredients Market by Source
- Protein hydrolysates
- Cow Milk
- Others (Camel Milk & Goat Milk)
Global Infant Formula Ingredients Market by Form
Global Infant Formula Ingredients Market by Application
- Standard Infant Formula (0 to 6 months old infants)
- Follow-On Formula (6 to 12 months old infants)
- Growing-Up Milk (Infants over 12 months)
- Specialty Formula
Global Infant Formula Ingredients Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America