The global infant formula milk powder market is expected to witness growth with a CAGR of 9.5% during the forecast period. Infant formula milk powder is a type of infant food designed for infants under 3 years. The product is usually prepared for cup-feeding and bottle-feeding and is manufactured under highly sterile conditions.
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The increasing number of working women population and a rise in spending on infant premium nutrition are some of the factors that are driving the growth of the infant formula milk market. The added nutrients provided by infant formula milk powder are driving the growth of the market in recent years. Moreover, the raw materials used in infant milk powder formulation are rich in nutrients such as carbohydrates, fats, proteins, lactose, vitamins, and others, which fulfill the nutritional need of infants. Owing to these factors, there is a rise in spending on infant’s formula milk powder by parents.
However, the high cost of infant formula milk powder and government rules and regulations are some of the factors that are obstructing the growth of the infant formula milk powder market. Nowadays, the production of infant formula milk powder is monitored by Codex Alimentarius, the World Health Organization, local country legislation, and the European Union. These regulatory bodies frame specific guidelines for the preparation of infant milk powder.
According to the guidelines framed by these regulatory bodies, proper sterilization and cleaning of the equipment used in the preparation of infant milk powder is an important requirement for their safe preparation. Further, the guidelines also focus on important parameters such as transportation and storage of the prepared infant milk powder.
The global infant formula milk powder market is segmented based on regions as North America, Europe, Asia Pacific, Latin America, and the Middle East. The North America market is growing at the fastest pace owing to a rise in the number of working women in the region. At the same time, the increasing awareness of parents about the nutritional needs of infants is creating demand for infant formula milk powder in the region.
The key players in infant formula milk powder market are Nestlé S.A., Danone S.A., Abbott Laboratories, Kraft Heinz Company, Bellamy Organic, Topfer, Perrigo Company plc, Westland Milk Products, Biostime Inc., Bright Dairy & Food Co. Ltd., and others. Companies operating in this market are concentrating on research and development, along with acquisitions & mergers and innovations in products, in order to strengthen their market share.