The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreSep 2016
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With lower birth rates, an increasing proportion of women in employment and growing campaigns to promote breastfeeding, milk formula is constantly evolving. The slowdown in sales in developed regions has caused leading players to target key emerging markets, which are driving the global market. This global briefing investigates the performance of milk formula across regions, analysing key growth drivers and challenges for the future.
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Milk formula retail sales were valued at US$47 billion globally in 2015. It is not only one of the largest categories within health and wellness (HW) packaged food but was also a very fast growing one during the review period, despite the decline in birth rates and an increasing number of breastfeeding campaigns. The main factor fuelling milk formula sales is the increasing employed female population.
Asia Pacific is the key region, led by China, which saw the largest absolute growth over 2010-2015, followed by Hong Kong, Indonesia and Vietnam. China is seeing a movement towards premiumisation – a trend which is apparent in both emerging and developed markets.
Key international companies account for the majority of the market globally, particularly in North America and Latin America, whereas other regions, like Western Europe and Asia Pacific, are more fragmented. The major companies are targeting China, which is the largest and fastest growing market globally.
Manufacturers are continuing to focus on the better growth prospects in toddler milk formula, in order to widen their consumer base to include older children. This reflects in part the increasing awareness of breast milk’s health benefits, particularly in developed regions, and especially during the first year of age. The growth of toddler milk formula will continue in the forecast period.
Between 2015-2020, milk formula sales will continue to grow rapidly. China will continue to lead growth, while Indonesia and Saudi Arabia will also offer significant business opportunities. Focusing on toddler milk formula will remain important in developed markets.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.