The breast milk substitutes market is anticipated to witness significant growth by 2027 driven by prominent product demand in key regions across the globe.
Recently, industry players have been focusing on enhancing their product development and marketing to ensure regulatory compliance and customer satisfaction. For instance, in August 2021, food behemoth Nestl?(C) published its annual compliance report detailing its responsible marketing policies for breastmilk substitutes.
The report titled ???Leading the Way: Responsible Marketing of Breast Milk Substitutes, 2020 Report??? was based on virtual audits and compliance monitoring activities conducted during the pandemic in 2020. It offered insights on Nestl?(C)’s WHO Code compliance system as well as highlighted the company’s prompt actions to address non-compliance concerns.
Subsequently, lucrative strategies adopted by companies to fortify their market presence have positively impacted the global competitive landscape. However, increasing efforts by government and health agencies to promote the use of breast milk and impose stringent regulations for manufacturing and marketing breast milk substitutes have hindered industry expansion to some extent.
The breast milk substitutes market has been categorized in terms of substitute type, formula type, distribution channel, and region. On the basis of substitute type, the market has further been divided into soy-based formula, milk-based formula, hypoallergenic formula, and others.
The milk-based formula sub-segment is estimated to garner a sizable revenue by the end of 2027, expanding at a steady CAGR through the assessment timeframe. Declining rate of breastfeeding, surging number of working mothers, and rapid urbanization are set to drive product demand in the coming years.
With regards to formula type, the breast milk substitutes market has been segmented into ready-to-use, concentrated liquid, and powdered. The ready-to-use sub-segment holds a major revenue share in the market and is projected to grow at a robust pace over 2021-2027. Ready-to-use formula is easy to use in less time and offers high convenience, which is likely to enhance product demand among working women professionals over the following years.
Based on distribution channel, the market has been bifurcated into retail stores, pharmacies, and others. The retail stores sub-segment is calculated to observe notable growth to reach a substantial valuation by the end of 2027. Prevalent expansion of supply chains and retail stores in developing countries, coupled with highly accessible distribution channels, is slated to boost segmental growth through the review period.