Ocean View, DE -- (SBWIRE) -- 04/08/2020 -- Breast Milk Substitutes Market will reach over USD 119 billion by 2025; as per a new research report.

Rising number of working women coupled with high birth rate in developing countries such as India and China will drive breast milk substitutes market over the forecast timeframe. Numerous initiatives undertaken for women empowerment and education has led to increase in working women population thereby positively impacting the growth of infant nutrition market.

Companies operating in the industry undertake several efforts such as advertisement, campaigns and offer free gifts to healthcare personnel to raise awareness about their products as well as broaden the customer base. Several women prefer infant formula to achieve suboptimal development and growth of the baby. However, stringent regulations pertaining to marketing of breast milk substitutes will hamper industry expansion to certain extent over the forecast timeframe.

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Hypoallergenic substitute market is projected to witness over 9.0% CAGR during the forecast period to reach USD 3.6 billion by 2025. Increasing number of infants unable to tolerate soy-based formulae or cow milk will drive hypoallergenic substitute market. Furthermore, the formula is suitable for infants suffering from food allergy, eczema and asthma will stimulate segmental growth.

Based on formula type, the breast milk substitutes industry is segmented into powdered, concentrated liquid and ready-to-use formulae. Ready-to-use market accounted for USD 24.2 billion in 2018 and is anticipated to grow significantly over the coming years owing to high safety, sterility and convenience offered by such formula. It provides favorable time-effectivity particularly to working women population thereby fueling business growth.

Distribution of breast milk substitutes through retail stores dominated the industry in 2018 by accounting over 45% market share due to convenience offered to customers, availability and high purchase of infant formula from retail stores. Rise in number of retail stores in developing countries offering infant nutrition products will further boost retail store breast milk substitutes market.

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China breast milk substitutes market held largest regional share in 2018 and is projected to grow by 11.4% during the forecast timeframe due to high birth rate, low exclusive breast-feeding rate and growing adoption of infant formula in the country. Lack of proper regulations coupled with rising awareness about infant formula will drive Chinese breast milk substitutes market.

Few notable companies operating in global breast milk substitutes market are Mead Johnson (Reckitt Benckiser), Abbott Nutrition, Nestle, Danone and Kraft Heinz among others. Breast milk substitutes is highly competitive market. Industry players are focusing on expanding their presence in emerging markets by undertaking strategies such as advertisements, campaigns and others to promote their infant nutrition products as well as broaden customer base.