Global infant milk formula market to surpass US$22.35B by 2034 

GLOBAL –  The global infant milk formula market is set to experience significant growth over the next decade, with revenue projected to climb from US$6.3 billion in 2024 to an impressive US$22.35 billion by 2034. 

This forecast comes from a recently published report by Fact.MR, which highlights a compound annual growth rate of 13.5% during this period. 

The surge is largely driven by rising demand for nutrient-rich formula as busy lifestyles challenge parents’ ability to monitor and manage their children’s nutrition.

According to the report, infant milk formula has become a vital alternative for mothers who cannot breastfeed or choose not to, offering essential nutrients to keep infants healthy. 

The flexibility and convenience of milk formula make it an appealing option, especially in cases where breastfeeding is discouraged, such as when a mother has HIV or TB. 

“Infant milk formula offers micronutrients that cow and other milk alternatives may not provide, giving a massive push to its sales across the world.” 

This nutritional advantage is a key factor fueling market expansion.

Changing consumer habits, increased spending power, and higher female employment have also benefited market players in recent years. 

Urban parents, in particular, face difficulties in meeting their babies’ dietary needs due to hectic schedules, often leading to long-term health concerns. 

As a result, many turn to milk formula as a practical solution. 

The report notes that bovine milk-based formulas, enriched with nutrients to mimic breast milk, remain the most widely available option, though alternatives like soy and caprine milk-based products are gaining traction.

North America is expected to hold a 24.3% share of the global market by 2034, with the United States driving growth at a 14% CAGR, reaching a 45.6% share in the region. 

In East Asia, the market is forecasted to grow at a 13.8% CAGR, with Japan accounting for 29.4% of the regional share by 2034. Starting milk formula, a popular product type, is estimated to hit $2.49 billion in 2024 alone.

Reported by Fact.MR, key companies like Nestlé SA, Danone, and Abbott Laboratories are leading the charge, focusing on vitamin-enriched and organic formulas to meet rising demand for safe, high-quality products. 

“Parents today prioritize nutrition and safety, and that’s pushing the industry forward,” remarked an industry expert. 

Meanwhile, the USDA recently trimmed its 2025 milk production estimate to 226.2 billion pounds, reflecting lower per-cow output, which could indirectly bolster demand for formula as a reliable nutritional source.

With digitization and innovative strategies, the infant milk formula market is poised for a dynamic future.

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