21 Apr, 2021, 09:00 ET
PORTLAND, Ore., April 21, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "U.S. Baby Infant Formula Market by Product Type (Infant Milk, Follow-on Milk, Specialty Baby Milk, and Growing-up Milk), Ingredient (Carbohydrate, Fat, Protein, Minerals, Vitamins, and Others), Distribution Channel (Hypermarkets, Supermarkets, Pharmacy/Medical Stores, Specialty Stores, Hard Discounter Stores, and Others), and Point of Sale (Prescription Based and OTC): Opportunity Analysis and Industry Forecast 2021–2027". As per the report, the U.S. baby infant formula industry was accounted for $3.65 billion in 2019, and is estimated to reach $5.81 billion by 2027, growing at a CAGR of 5.8% from 2021 to 2027.
Major determinants of the market growth
Rise in number of women participation in labor force and high nutritional content of infant formula drive the growth of the U.S. baby infant formula market. However, government initiatives to promote breastfeeding and concerns regarding food safety hinder the market growth. On the contrary, preference toward organic baby food & drinks, extensive research on prebiotics and probiotics in baby food, and developments in technology resulting in emergence of new products are expected to open lucrative opportunities for the market players in the future.
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- During the Covid-19 pandemic, the demand for baby infant formula increased in the U.S. owing to panic buying for at-home consumption.
- The development of online platforms such as e-commerce and telemedicine favored the market growth during the pandemic. In addition, more and more people became health-conscious and preferred minimally processed food.
The infant milk segment held the largest share
By type, the infant milk segment dominated the market in terms of revenue in 2019, accounting for nearly three-fifths of the U.S. baby infant formula market, as it is specially designed to meet the growing needs of babies under six months of age, who are not breastfed or partially breastfed. However, the growing-up milk segment is projected to portray the highest CAGR of 6.5% from 2021 to 2027, owing to rise in introduction of growing-up milk in diets of young children.
The pharmacy/medical stores segment to manifest the highest CAGR through 2027
By distribution channel, the pharmacy/medical stores segment is estimated to register the highest CAGR of 6.6% during the forecast period, due to unawareness about the ingredients in infant formula and issues related to baby food safety. However, the hypermarkets segment held the largest share in 2019, contributing to nearly one-third of the U.S. baby infant formula market, owing to strong economic growth, increase in disposable income, change in demographic profile, and consumer inclination toward infant health.
The OTC segment held the largest share
By point of sale, the OTC segment held the largest share in 2019, accounting for more than two-thirds of the U.S. baby infant formula market, as most of the babies are hypoallergenic and require no special attention with the consumption of infant formula. However, the prescription-based segment is estimated to register the highest CAGR of 6.4% during the forecast period, owing to the unawareness regarding the ingredients and their health effects.
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Major market players
- Abbott Laboratories
- Arla Foods
- Dana Dairy Group, Ltd.
- Campbell Soups Company
- Danone S.A.
- Hipp GmbH & Co. Vertrieb KG
- Else Nutrition Holdings, Inc.
- Kabrita USA
- Nature's One, LLC.
- Holle Baby Food AG
- Reckitt Benckiser Group Plc.
- Nestle S.A.
- The Hain Celestial Group, Inc.
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