Global Infant Milk Formula Market to Surpass $22.35 Billion by 2034 as Demand for Nutrient-Rich Formula Rises

Market Overview - The global infant milk formula market is projected to reach a revenue of US$ 6.3 billion in 2024, with an expected CAGR of 13.5% from 2024 to 2034, ultimately reaching a valuation of US$ 22.35 billion by 2034 [1][7]. Consumer Trends - Changing consumer habits, increased spending power, and higher female employment have positively impacted the market, as busy lifestyles lead parents to seek convenient nutritional solutions for their infants [4][6]. Product Insights - Infant milk formula is seen as a vital alternative for mothers unable to breastfeed, providing essential nutrients that may not be available in cow or other milk alternatives [2][6]. - The starting milk formula segment is anticipated to reach a valuation of US$ 2.49 billion in 2024 [7]. Regional Insights - North America is expected to hold a market share of 24.3% by 2034, with the United States alone projected to expand at a CAGR of 14% and occupy 45.6% of the North American market [7]. - East Asia is forecasted to grow at a CAGR of 13.8% from 2024 to 2034, with Japan accounting for a 29.4% market share in the region by 2034 [7]. Competitive Landscape - Key players in the infant milk formula market include Wyeth, Feihe, Danone, Mead Johnson & Company, Abbott Laboratories, and others, focusing on product development and market expansion [8][11]. - The rise of organic infant formulas presents significant growth opportunities as parents prioritize safe and high-quality products [11]. Market Segmentation - The market is segmented by product type (starting milk formula, follow-on milk formula, toddler milk formula) and distribution channels (specialty stores, supermarkets, online retail, pharmacies) across various regions [13][14].