INFANT FORMULA MARKET ANALYSIS

Infant Formula Market Size and Trends

Global infant formula market is estimated to be valued at USD 81.42 Bn in 2024 and is expected to reach USD 161.51 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 10.3% from 2024 to 2031.

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Infant formula manufacturers are currently focused on producing hypoallergenic and organic options to cater to increasing consumer demand. The market is witnessing significant growth due to rising health awareness among consumers regarding malnutrition in infants. Increasing working women population globally is also expected to drive the market growth. Busy lifestyles and dual income households has boosted demand for convenience products like infant formula. Innovation in formulas tailored to specific nutritional and allergy needs of babies can drive the market growth during the forecast period.

Rising Levels of Women Employment

Rising levels of women employment is one of the major factors driving the growth of global infant formula market. As more women are joining the workforce, they have less time available for breastfeeding and perceive infant formula as a suitable substitute to feed their babies while they are at work. According to the data by International Labour Organization, the female labor force participation has increased significantly from 48% in 1990 to 50% in 2020 across major economies.  This increase in number of working women fuels the demand for infant formula as it provides a convenient way of feeding when mothers are away from their babies for long hours due to work commitments. Especially working mothers in urban locations rely more on infant formula since breastfeeding requires the baby to be fed every 2-3 hours which may not always be feasible with their employment responsibilities. The trend is expected to continue in the coming years with increasing educational and career opportunities available for women globally. Ready availability of infant formula, aggressive marketing campaigns by manufacturers further encourage this shift away from breastfeeding among working women. The marketing strategies highlight how these products are formulated to be as nutritious as breastmilk and allow mothers to conveniently feed the baby while resuming their professional lives. The growing acceptance of both parents working as a social norm also means fathers are less involved in childcare duties like feeding which increases dependence on infant formula. This has pushed major companies to innovate new formula varieties that cater to the needs of busy parents . For example, ready-to-feed liquid formula, compact sachets for on-the-go feeding and feeding with single use bottles. The future trends suggest as more women join the global workforce, countries show commitment towards diversity, equity and inclusion policies, infant formula market will continue benefitting from this shift in cultural expectations and women empowerment brought by employment.

Rising levels of women employment is one of the major factors driving the growth of global infant formula market. As more women are joining the workforce, they have less time available for breastfeeding and perceive infant formula as a suitable substitute to feed their babies while they are at work. According to the data by International Labour Organization, the female labor force participation has increased significantly from 48% in 1990 to 50% in 2020 across major economies. This increase in number of working women fuels the demand for infant formula as it provides a convenient way of feeding when mothers are away from their babies for long hours due to work commitments. Especially working mothers in urban locations rely more on infant formula since breastfeeding requires the baby to be fed every 2-3 hours which may not always be feasible with their employment responsibilities. The trend is expected to continue in the coming years with increasing educational and career opportunities available for women globally. Ready availability of infant formula, aggressive marketing campaigns by manufacturers further encourage this shift away from breastfeeding among working women. The marketing strategies highlight how these products are formulated to be as nutritious as breastmilk and allow mothers to conveniently feed the baby while resuming their professional lives. The growing acceptance of both parents working as a social norm also means fathers are less involved in childcare duties like feeding which increases dependence on infant formula. This has pushed major companies to innovate new formula varieties that cater to the needs of busy parents . For example, ready-to-feed liquid formula, compact sachets for on-the-go feeding and feeding with single use bottles. The future trends suggest as more women join the global workforce, countries show commitment towards diversity, equity and inclusion policies, infant formula market will continue benefitting from this shift in cultural expectations and women empowerment brought by employment.