Core Insights - The infant formula market has been stagnant for decades, with little innovation despite changes in other consumer products [3][4] - The market is dominated by a few key players, primarily Reckitt and Abbott, who together hold nearly 70% of the market share as of 2022 [5] - A significant event, Abbott's formula manufacturing shutdown in 2022, highlighted the risks associated with market concentration and the implications for supply availability [6] Company Insights - Bobbie, co-founded by Laura Modi, aims to disrupt the infant formula industry by introducing innovative products and changing the cultural perceptions around infant feeding [1][2] - The company has a co-manufacturing relationship with Perrigo, which acquired Nestle's U.S. and Canada-based formula business in 2022 [5] Industry Insights - The infant formula market is characterized by a duopoly, with limited competition leading to a lack of innovation [4][5] - The Federal Trade Commission's report during the 2022 formula shortage underscored the vulnerabilities in the market structure and the need for increased competition [5][6]