LONDON--(BUSINESS WIRE)--According to Technavio Research Report, "Soy-based Infant Formula Market by application (12-36 months, 6-12 months, 0-6 months) and geographical regions (North America, Europe, APAC, South America, and MEA) is witnessed to grow USD 277.69 million, at a CAGR of 3% from 2019 to 2023.”
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Global Soy-based Infant Formula Market: Increasing demand for organic infant formulas
The growing awareness among parents about the effects of preservatives on the health of infants has resulted in a higher number of parents preferring organic baby products. Moreover, several guidelines govern the manufacturing, labeling, and packaging of organic infant formulas. Such stringent guidelines make organic infant formulas relatively safer compared to other regular infant formula products. These factors are expected to drive the soy-based infant formula market growth for the next few years.
“Apart from the increasing demand for organic infant formulas, the increasing number of working women, the rising focus of consumers on brand names, nutrition and safety, and the availability of breastmilk banks are some other major factors that are expected to boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Soy-based Infant Formula Market: Increasing number of new mothers with low production of breast milk.
In the medical industry, low breastmilk among new mothers has been recognized as one of the major concerns. Therefore, infant formulas like milk-based and soy-based infant formulas are adopted as substitutes to breast milk and constitute almost similar nutrition. Although the adoption of milk-based infant formulas is high soy-based instant formulas are considered a healthy choice for infants who are allergic or intolerant to lactose. The soy-based infant formulas also help maintain a healthy body weight in infants due to their low-fat content compared with milk-based instant formula. Such factors are expected to propel the market expansion during the forecast period.
Global Soy-based Infant Formula Market: Segmentation analysis
This market research report segments the global soy-based infant formula market by application (12-36 months, 6-12 months, 0-6 months) and geographical regions (North America, Europe, APAC, South America, and MEA).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the rapid urbanization and increase of dual-income households in the region.
Few Major Vendors in the Soy-based Infant Formula Market are:
- Abbott Laboratories
- Nestlé SA
- Perrigo Company plc
- Reckitt Benckiser Group Plc
- The Hain Celestial Group Inc.
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