SELBYVILLE, Del., June 10, 2019 /PRNewswire/ --The retail stores segment of the breast milk substitutes market accounted for more than 45% market share in 2018 and is estimated to grow considerably over the foreseeable future. Most infant nutrition products can be purchased over the counter; moreover, they are abundantly available in the retail stores and should lead to segmental growth. Retail stores are convenient and easily accessible to the customers and thus will positively impact business growth.
U.S. breast milk substitutes market will grow at a considerable pace to reach USD 22.1 billion by 2025. A lowering breastfeeding rate coupled with an increasing number of working-class women opting for infant formula will drive U.S. breast milk substitute market growth over the coming years. High disposable income coupled with rising demand for premium infant nutrition products should further drive the industry growth.
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A low rate of exclusive breastfeeding along with a high birth rate will drive the Chinese breast milk substitutes market lucratively over the projected period. Active promotion of such formula through advertisements has resulted in many parents believing that infant formula is a healthier and better alternative to breastmilk, and will further add to industry expansion over the coming years.
The global breast milk substitutes market is expected to surpass USD 119 billion by 2025, according to a new research study published by Global Market Insights, Inc. The increasing adoption of infant formula by working-class women and rising awareness of breast milk substitutes in developing countries will act as driving factors for the breast milk substitutes market. High expenditure on advertisement of breast milk substitutes by major companies operating in the market will positively impact business growth over the forecast period.
A high birth rate and growing demand for premium infant nutrition products will impel of breast milk substitutes market growth. Companies are spending higher on marketing their products in countries that account for the lowest exclusive breastfeeding rate, to grab significant revenue share of untapped emerging markets. However, stringent regulations pertaining to the marketing of breast milk substitutes will hamper industry expansion to a certain extent over the coming years.
Browse key industry insights spread across 130 pages with 162 market data tables & 9 figures & charts from the report, "Breast Milk Substitutes Market Size By Substitute Type (Milk-based Formula, Soy-based Formula, Hypoallergenic Formula), By Formula Type (Powdered, Concentrated Liquid, Ready-to-use), By Distribution Channel (Pharmacies, Retail Stores), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, China, India, Japan, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
Milk-based formula market dominated the global breast milk substitutes industry in 2018 and is anticipated to witness 10.1% CAGR during the projected period. Milk-based formula is enriched with vitamins, minerals, proteins and other nutrients. A high birth rate, rapid urbanization and a growing population of children aged between 0 to 4 years will drive the milk-based formula market over the forecast timeframe.
Based on formula type, the industry has been segmented into powdered, concentrated liquid and ready-to-use formula. Powdered formula market will witness highest CAGR over 10% during the analysis period owing to cost-effectiveness and high adoption of such infant nutrition products. Powdered formula can be administered along with breastfeeding as well is easy-to-use that should further stimulate segmental growth over the coming years.
Some of the key industry players operating in breast milk substitutes market are Danone, Nestle, Abbott Nutrition, Mead Johnson (Reckitt Benckiser) and Kraft Heinz among others. Companies are resorting to various strategies including strategic collaborations, partnerships, acquisitions and mergers to expand product portfolios and strengthen business positions. Major industry players are focusing their efforts on emerging markets to gain competitive edge as well as significant market share of these promising markets.
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Breast Milk Substitutes Market Forecasts 2019-2025
The worldwide breast milk substitutes market is set to register over 10% CAGR up to 2025, owing to increasing number of working-class women.
SOURCE Global Market Insights, Inc.