Seoul, South Korea, Aug. 30, 2022 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the overall breastmilk substitutes market is estimated to reach US$18.4 billion in 2022 and is expected to grow at an impressive CAGR of 9.4% over the forecast years 2022-2032.
A large majority of women in the United States are self-employed, and the number of working women in the country is almost 4 times higher than in Eastern countries. With busy work schedules and less maternity leave, mothers cannot breastfeed their babies as much as they would like. In such cases, breastmilk substitutes are the best alternative for working mothers. As such, the growing trend of working class women around the world will propel the demand for breastmilk substitutes over the next few years.
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The preference for infant formulas to accomplish parents’ desired development, feeding and growth of babies is increasing. This, in turn, is guiding the accelerated manufacturing of breastmilk substitutes, thereby driving the market. Moreover, the increase in per capita disposable income around the world is improving the accessibility of breastmilk substitutes, which ultimately increases the demand and sales of the products across the world.
The guidelines created by the World Health Assembly (WHA) Code regarding marketing strategy for breastmilk substitutes are further expected to drive sales growth in the coming years.
What factor can delay the expansion of breastmilk substitutes market?
“Strict Regulations for Marketing of Breastmilk Substitutes to Affect Market Growth”
With the recent innovations and growing awareness of the consumption of breastmilk substitutes for infant nutrition among pregnant women and mothers, leading manufacturers are developing products with additional nutritional supplements. Products that are promoted by key players through various means add revenue to the business.
However, the adoption of the International Code of Marketing of Breastmilk Substitutes (IC) by the World Health Assembly (WHA) has had a negative impact on sales of breastmilk substitutes. IC prohibits the unethical advertising and promotion of breastmilk substitutes and encourages manufacturers to champion the importance of safe and adequate infant feeding by supporting and encouraging breastfeeding among mothers.
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Key segments covered by the Breast milk substitute Industry survey
- By formula:
- Cow’s milk protein
- Soy-based formula
- Hydrolyzed formula
- Others (Goat milk, Fruits & Vegetables)
- By consumer age:
- Less than 6 months
- 6-23 months
- By distribution channel:
- On line
- Brand websites
- E-commerce platforms
- Retail stores
- On line
- By region:
- North America
- Latin America
- East Asia
- South Asia and Oceania
Despite the difficult state of the economy, the competitive landscape in the breastmilk substitutes market continues to develop. Major market heroes are competing for dominance in the breast milk substitute market, such as Nestlé, Fonterra and Danone.
Additionally, the market players are striving to broaden their customer base by focusing on the production of safe and effective breastmilk substitutes across all regions. The powdered form of breastmilk substitutes has set a benchmark, attracting new market entrants. The major players in the market are adopting various strategies such as partnerships, mergers and acquisitions, R&D investments and product launches to gain a competitive advantage over others and strengthen their position in the global market.
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The key players in the Breast milk substitute Market
- cow and gate
- Mead Johnson Nutrition
Main takeaways from Breast milk substitute Market research
- The global breastmilk substitutes market is expected to expand at an impressive CAGR of 9.4% and be valued at USD 45.1 billion by 2032.
- The market grew at a CAGR of 6.4% from 2017 to 2021.
- In the formula segment, cow’s milk protein dominates the market and is valued at US$11.6 billion in 2022.
- East Asia led the global market with 37.3% market share in 2021.
- Demand for breastmilk substitutes is expected to grow at CAGRs of 10.7% and 11.2%, respectively, in East Asia and South Asia and ASEAN.
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