Breast Milk Substitutes Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.
The growth graph of breast milk substitutes market has been increasingly steady since a while now. A highly regulatory-driven business space, this industry has gained traction mainly on account of the rising percentage of working women worldwide, among other factors. The last decade has witnessed a meteoric rise in the rates of working female populace. According to the U.S. Department of Labor, as on 2017, nearly 47% of workers in the U.S. are females, and over 39% of women work in occupations where they account for at least 75% of the workforce. There are almost 74.6 million women working in the civilian labor force, while every 3 out of 10 females are employed in government jobs.
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This scenario is familiar not just in the United States, but worldwide, for most parts. With more and more women becoming a part of the global workspace, breastfeeding has taken a significant backseat, with working mothers not being able to find time to nurse their babies. The rising demand to ensure adequate nutrition for newborns and the increasing struggle to balance out work and personal lives have led to a substantial upsurge in the demand for breast milk substitutes. The percentage of working mothers will only serve to increase in the ensuing years, with a number of initiatives being undertaken for female education and women empowerment, which will further provide an impetus to breast milk substitutes industry outlook.
As per GMI., breast milk substitutes market size is anticipated to hit USD 119 billion by 2025.
Based on formula, the breast milk substitute market is primarily segmented into concentrated liquid, powdered and ready-to-use formula. Of these, the ready-to-use market has recorded USD 24.2 billion in 2018. Features like high safety, convenience, and sterility has encouraged consumers to opt for such breast milk substitute formula. It also provides favorable time-effectivity to working women.
In 2018, distribution of breast milk substitute via retail stores accounted for more than 45% of the total market share. Factors like convenience offered to customers and product availability have majorly influenced this growth. With an increase in number of retail stores in developed as well as developing nations, the breast milk substitute market may accrue accelerated growth over the forecast time period.
China was slated as one of the largest breast milk substitute markets in 2018. The regional industry is anticipated to grow at a rate of 11.4% given to high birth rate, low exclusive breastfeeding rate, and increasing adoption of infant formula. Increasing awareness regarding infant formula and lack of appropriate regulations may further likely drive China breast milk substitutes market growth.
The global breast milk market is highly competitive in nature. Some companies that are renowned in this industry include Abbott Nutrition, Mead Johnson (Reckitt Benckiser), Kraft Heinz, Danone, Nestle, among others. These firms are increasingly devised on strengthening their presence in emerging marketing. They are also leveraging numerous strategies like campaigns and advertisements to promote their products and widen their customer base.
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Partial Chapter of the Table of Content
Chapter 4. Breast Milk Substitutes Market, By Substitute Type
4.1. Key segment trends
4.2. Milk-based formula
4.2.1. Market size, by region, 2014 – 2025 (USD Million)
4.3. Soy-based formula
4.3.1. Market size, by region, 2014 – 2025 (USD Million)
4.4. Hypoallergenic formula
4.4.1. Market size, by region, 2014 – 2025 (USD Million)
4.5.1. Market size, by region, 2014 – 2025 (USD Million)
Chapter 5. Breast Milk Substitutes Market, By Formula Type
5.1. Key segment trends
5.2.1. Market size, by region, 2014 – 2025 (USD Million)
5.3. Concentrated liquid
5.3.1. Market size, by region, 2014 – 2025 (USD Million)
5.4.1. Market size, by region, 2014 – 2025 (USD Million)