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Revenue in the Baby Milk & Infant Formula market amounts to US$808.40m in 2024. The market is expected to grow annually by 5.23% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$17bn in 2024).
In relation to total population figures, per person revenues of US$0.56 are generated in 2024.
In the Baby Milk & Infant Formula market, volume is expected to amount to 74.51m kg by 2029. The Baby Milk & Infant Formula market is expected to show a volume growth of 3.6% in 2025.0.
The average volume per person in the Baby Milk & Infant Formula market is expected to amount to 0.0kg in 2024.

Definition:

Baby milk and infant formula are types of milk made specifically for infants and young children who are not yet able to consume solid food or who cannot be breastfed. They are also intended for children aged between 1 and 3 who do not get enough nutrients from their regular diet.

Baby milk is typically made from cow’s milk that has been modified to make it more easily digestible for babies. It may also contain added nutrients, such as vitamins and minerals, to ensure that infants or young children receive all the nutrients they need for healthy growth and development. Infant formula is specially designed to mimic the nutrient content of breast milk as closely as possible. Baby milk and infant formula may come in different forms, such as in powdered form, as a liquid concentrate, or in a ready-to-feed form.

Additional information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram). The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption, out-of-home consumption is not included.

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Infant formula, such as Nestlé NAN PRO 1 Infant Formula, Aptamil Gold Infant Formula Milk Powder for Babies, Similac Advance Infant Formula, and Nestlé LACTOGEN 1 Infant Formula Powder
Baby milk, such as Milupa Milupino for 1–3-year-old toddlers and Aptamil Pronutra 1+

Milk and milk products intended for adult consumption, such as Danone’s dairy drinks
Milk substitutes (soy-based) for babies and infants
Out-of-home consumption

The Baby Milk & Infant Formula Market in India is experiencing minimal growth, attributed to factors such as low consumer awareness and regulatory challenges. However, with increasing urbanization and rising disposable income, the market is expected to witness a gradual growth rate in the coming years.

Customer preferences: The Indian market for baby milk and infant formula is witnessing a significant shift towards organic and natural products. This trend is driven by increasing awareness about the potential health benefits of organic options, as well as concerns about the safety and quality of conventional products. Moreover, with the rise of e-commerce and online grocery shopping, parents are now able to access a wider variety of organic options, further fueling the demand for these products. This shift towards healthier and more natural options is expected to continue in the coming years.

Trends in the market: In India, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is experiencing a surge in demand for organic and natural products. This trend is driven by increasing awareness among parents about the benefits of these products for their babies' health and wellbeing. Additionally, there is a growing trend of online purchasing and home delivery services for baby food products in India, indicating a shift towards convenience and accessibility. These trends are significant as they highlight the increasing importance of health-conscious and tech-savvy consumers in the Indian market. Industry stakeholders must adapt to these changing preferences and invest in digital marketing and distribution channels to stay competitive in the market.

Local special circumstances: In India, the Baby Milk & Infant Formula Market is heavily influenced by cultural factors, as breastfeeding is deeply ingrained in Indian culture. However, with increasing urbanization and working mothers, there has been a shift towards formula feeding. Additionally, the government's focus on promoting nutrition and child health has led to regulations ensuring the safety and quality of infant formula products. These unique factors contribute to the dynamics of the Baby Milk & Infant Formula Market in India, setting it apart from other markets.

Underlying macroeconomic factors: The Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is greatly impacted by macroeconomic factors in India. The country's economic health, fiscal policies, and global economic trends all play a crucial role in shaping the market's performance. For instance, favorable government policies and investments in healthcare infrastructure have led to a rise in demand for baby milk and infant formula, contributing to the market's growth. Additionally, the country's high birth rate and increasing disposable income among the middle-class population are also key drivers for market growth. However, challenges such as rising inflation and fluctuating exchange rates can potentially hinder market growth.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.