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Published Date: 2026-01-29 | Pages: 157 | Tables: 151 | Food & Beverages
The global Infant Formula market was valued at US$ 29889 million in 2025 and is anticipated to reach US$ 36405 million by 2032, at a CAGR of 2.4% from 2026 to 2032.
The 2025 U.S. tariff policies introduce profound uncertainty into the global economic landscape. This report critically examines the implications of recent tariff adjustments and international strategic countermeasures on Infant Formula competitive dynamics, regional economic interdependencies, and supply chain reconfigurations.
In 2025, global Infant Formula production reached approximately 1,713.12 K MT, with an average global market price of around US$ 17.45 per kg.
Infant Formula is a specially designed powdered formula food for infants, intended to partially or completely replace breast milk when needed. It is typically based on cow's milk or other dairy proteins, with carefully adjusted levels of fats, carbohydrates, vitamins, minerals and essential micronutrients to meet the nutritional requirements of early growth and development. Produced under strict food safety and regulatory standards, infant formula must be registered or approved by competent authorities, ensuring its composition is safe, digestible and nutritionally appropriate, and providing a consistent, controllable source of nutrition for babies who cannot be exclusively breastfed or require formula feeding.
Market Development Opportunities & Main Driving Factors
Globally, the Infant Formula market continues to show solid growth, supported by ongoing urbanization, a rising share of working mothers and growing awareness of the "first 1,000 days" as a critical nutrition window. Leading players report that infant nutrition businesses are delivering mid- to high single-digit growth, with premium offerings such as formulas enriched with Human Milk Oligosaccharides (HMOs), prebiotics, organic and A2 variants driving mix upgrade and margin expansion. In emerging markets, infant formula remains central to improving early-life nutrition, with multinational and local brands expanding reach through differentiated formulations, strong presence in mother-and-baby specialty stores and increasing e-commerce penetration. At the same time, a number of governments facing declining birth rates are introducing childcare subsidies and even free-milk initiatives, which help ease the cost of raising children and support medium- to long-term demand expectations for infant nutrition categories.
Market Challenges, Risks, & Restraints
The industry also faces structural headwinds related to demographics, regulation and competition. In many developed economies and in key markets such as China, the number of newborns has been trending down, putting pressure on baseline demand for standard formulas, and several companies have publicly acknowledged volume declines in their China infant formula business. Meanwhile, regulators are tightening rules on formula registration, on-pack claims, cross-border trade and quality control, pushing formulations toward simplification while raising R&D and compliance costs. Any safety incident or recall can quickly escalate into a serious brand and channel crisis. Competitive intensity remains high, with global giants, strong domestic champions and regional brands all vying for share in organic, premium and specialized segments. Price warfare and aggressive promotions still occur, and the high transparency of online pricing further squeezes margins, especially for mid- and low-tier brands.
Downstream Demand Trends
On the demand side, the market is characterized by relatively stable or slowing volumes but clear value-mix upgrading. Even as birth numbers soften, parents are willing to spend more per child on safety and science-backed nutrition, accelerating the shift toward premium, organic, A2, HMO/prebiotic-enriched and specialized medical formulas, which are capturing a growing share of category value. Channel dynamics are also evolving: offline mother-and-baby specialty chains remain critical for brand building and professional advisory services, while e-commerce, direct-to-consumer stores and cross-border platforms continue to gain share, with live-streaming and large online campaigns becoming key tools for consumer education and acquisition. Regionally, China is going through a period of destocking and structural adjustment toward more premium and differentiated offerings, while fast-growing Asian, Middle Eastern, African and Latin American markets are contributing incremental volume and value. Looking ahead, companies that can combine rigorous safety and traceability with credible nutrition science, sustainability and truly omnichannel engagement with new-generation parents will be best positioned to build durable competitive advantages in the Infant Formula market.
This report delivers a comprehensive overview of the global Infant Formula market, with both quantitative and qualitative analyses, to help readers develop growth strategies, assess the competitive landscape, evaluate their position in the current market, and make informed business decisions regarding Infant Formula. The Infant Formula market size, estimates, and forecasts are provided in terms of sales volume (K MT) and revenue (US$ millions), with 2025 as the base year and historical and forecast data for 2021–2032.
The report segments the global Infant Formula market comprehensively. Regional market sizes by Type, by Application, by Stage, and by company are also provided. For deeper insight, the report profiles the competitive landscape, key competitors, and their respective market rankings, and discusses technological trends and new product developments.
This report will assist Infant Formula manufacturers, new entrants, and companies across the industry value chain with information on revenues, sales volume, and average prices for the overall market and its sub-segments, by company, by Type, by Application, and by region.
Market Segmentation
By Company
Nestle
Danone
Feihe
Yili
Abbott
Junlebao
Reckiit
FrieslandCampina
Bright Dairy & Food
Ausnutria
a2 Milk
Biostime
Mengniu Dairy
Perrigo
Meiji
Beingmate
HiPP
Kendal Nutricare
Synutra
Nutribio
YeePer
Wonder Sun
Wissun
Humana
Morinaga Milk
Topfer
Arla
Lactalis
Segment by Type
Cow Milk Powder
Goat Milk Powder
Other
Segment by Stage
First Stage
Second Stage
Third Stage
Segment by Source
Regular
Organic
Segment by Price Range
Economy Type
Mid-range Type
High-end Type
by Application
Maternal Stores
Supermarkets/Hypermarkets
Online Retail
Others
Consumption by Region
North America
U.S.
Canada
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Indonesia
Thailand
Malaysia
Philippines
Vietnam
Europe
Germany
France
U.K.
Italy
Russia
Latin America
Mexico
Brazil
Argentina
Middle East & Africa
Turkey
Saudi Arabia
UAE
Chapter Outline
Chapter 1: Defines the scope of the report and presents an executive summary of market segments (by Type, by Application, by Stage, etc.), including the size of each segment and its future growth potential. It offers a high-level view of the current market and its likely evolution in the short, medium, and long term.
Chapter 2: Provides a detailed analysis of the competitive landscape for Infant Formula manufacturers, covering pricing, sales and revenue shares, latest development plans, and mergers and acquisitions.
Chapter 3: Examines Infant Formula sales and revenue at the regional and country levels. It quantifies market size and growth potential for each region and its key countries, and outlines market development, outlook, addressable space, and national market size.
Chapter 4: Analyzes segments by Type, detailing the size and growth potential of each segment to help readers identify “blue ocean” opportunities.
Chapter 5: Analyzes market segments by Application, covering the size and growth potential of each segment to help readers identify “blue ocean” opportunities in downstream markets.
Chapter 6: Profiles key players, presenting core information on leading companies, including product sales, revenue, pricing, gross margin, product portfolio/introductions, and recent developments.
Chapter 7: Reviews the industry value chain, including upstream and downstream segments.
Chapter 8: Discusses market dynamics and recent developments, including drivers, restraints, challenges and risks for manufacturers, U.S. Tariffs and relevant policy analysis.
Chapter 9: Summarizes the key findings and conclusions of the report.
Research Methodology
The research methodology employed has been subjected by numerous procedures in order to guarantee the quality and accuracy of the data contained within the reports. The analysts are employed full-time and received more than six months training to satisfy the standard of our company. Our methodology can be divided into five stages:
★Stage 1 SECONDARY RESEARCH
The research team first collaborates with magazines, trade associations and administrative departments in the research field. The information provided by our internal documentation service is helpful for our further research. Our team has a wealth of experience and knowledge, and can effectively extract accurate information from existing resources.
★Stage 2 PRIMARY RESEARCH:INTERVIEWS WITH TRADE SOURCES
After the first stage, the research team conducts a large number of face-to-face or telephone interviews with representative companies working in the research field. Analysts are trying to have an opportunity to talk to leading companies and small companies in the field. Upstream suppliers, manufacturers, distributors, importers, installers, wholesalers and consumers were included in the interview. The data collected during the interview were then carefully examined and compared with the secondary study.
★Stage 3 ANALYSIS OF THE GATHERED DATA
The analysis team examines and synthesizes the data collected in the first two stages. In order to validate the data, a second round of interviews can be conducted.
★Stage 4 QUANTITATIVE DATA
The quantitative data such as market estimates, production and capacity of manufacturer, market forecasts and investment feasibility is provided by our company. The data is based on the estimates obtained during stage 3.
★Stage 5 QUALITY CONTROL
Before publishing, each report undergoes a rigorous review and editing process, which is done by the experience management team to ensure the reliability of the published data. Every analyst on the research team receives support and continuous training as part of our internal quality process.
1 Infant Formula Market Overview
1.1 Product Definition
1.2 Infant Formula by Type
1.2.1 Global Infant Formula Market Value by Type: 2025 vs 2032
1.2.2 Cow Milk Powder
1.2.3 Goat Milk Powder
1.2.4 Other
1.3 Infant Formula by Stage
1.3.1 Global Infant Formula Market Value by Stage: 2025 vs 2032
1.3.2 First Stage
1.3.3 Second Stage
1.3.4 Third Stage
1.4 Infant Formula by Source
1.4.1 Global Infant Formula Market Value by Source: 2025 vs 2032
1.4.2 Regular
1.4.3 Organic
1.5 Infant Formula by Price Range
1.5.1 Global Infant Formula Market Value by Price Range: 2025 vs 2032
1.5.2 Economy Type
1.5.3 Mid-range Type
1.5.4 High-end Type
1.6 Infant Formula by Application
1.6.1 Global Infant Formula Market Value by Application: 2025 vs 2032
1.6.2 Maternal Stores
1.6.3 Supermarkets/Hypermarkets
1.6.4 Online Retail
1.6.5 Others
1.7 Global Infant Formula Market Size Estimates and Forecasts
1.7.1 Global Infant Formula Revenue 2021–2032
1.7.2 Global Infant Formula Sales 2021–2032
1.7.3 Global Infant Formula Market Average Price (2021–2032)
1.8 Assumptions and Limitations
2 Infant Formula Market Competition by Manufacturers
2.1 Global Infant Formula Sales Market Share by Manufacturers (2021–2026)
2.2 Global Infant Formula Revenue Market Share by Manufacturers (2021–2026)
2.3 Global Infant Formula Average Price by Manufacturers (2021–2026)
2.4 Global Key Players of Infant Formula, Industry Ranking, 2023 vs 2024 vs 2025
2.5 Global Key Manufacturers of Infant Formula, Manufacturing Sites and Headquarters
2.6 Global Key Manufacturers of Infant Formula, Product Types and Applications
2.7 Global Key Manufacturers of Infant Formula, Date of Entry into the Industry
2.8 Global Infant Formula Market Competitive Situation and Trends
2.8.1 Global Infant Formula Market Concentration Rate
2.8.2 The Top 5 and Top 10 Global Infant Formula Players Market Share by Revenue
2.8.3 Global Infant Formula Market Share by Company Tier (Tier 1, Tier 2, Tier 3)
2.9 Manufacturers Mergers & Acquisitions, Expansion Plans
3 Global Infant Formula Market Scenario by Region
3.1 Global Infant Formula Market Size by Region: 2021 vs 2025 vs 2032
3.2 Global Infant Formula Sales by Region: 2021–2032
3.2.1 Global Infant Formula Sales by Region: 2021–2026
3.2.2 Global Infant Formula Sales by Region: 2027–2032
3.3 Global Infant Formula Revenue by Region: 2021–2032
3.3.1 Global Infant Formula Revenue by Region: 2021–2026
3.3.2 Global Infant Formula Revenue by Region: 2027–2032
3.4 North America Infant Formula Market Facts & Figures by Country
3.4.1 North America Infant Formula Market Size by Country: 2021 vs 2025 vs 2032
3.4.2 North America Infant Formula Sales by Country (2021–2032)
3.4.3 North America Infant Formula Revenue by Country (2021–2032)
3.4.4 U.S.
3.4.5 Canada
3.5 Europe Infant Formula Market Facts & Figures by Country
3.5.1 Europe Infant Formula Market Size by Country: 2021 vs 2025 vs 2032
3.5.2 Europe Infant Formula Sales by Country (2021–2032)
3.5.3 Europe Infant Formula Revenue by Country (2021–2032)
3.5.4 Germany
3.5.5 France
3.5.6 U.K.
3.5.7 Italy
3.5.8 Russia
3.6 Asia Pacific Infant Formula Market Facts & Figures by Region
3.6.1 Asia Pacific Infant Formula Market Size by Region: 2021 vs 2025 vs 2032
3.6.2 Asia Pacific Infant Formula Sales by Region (2021–2032)
3.6.3 Asia Pacific Infant Formula Revenue by Region (2021–2032)
3.6.4 China
3.6.5 Japan
3.6.6 South Korea
3.6.7 India
3.6.8 Australia
3.6.9 Taiwan
3.6.10 Indonesia
3.6.11 Thailand
3.6.12 Malaysia
3.6.13 Philippines
3.7 Latin America Infant Formula Market Facts & Figures by Country
3.7.1 Latin America Infant Formula Market Size by Country: 2021 vs 2025 vs 2032
3.7.2 Latin America Infant Formula Sales by Country (2021–2032)
3.7.3 Latin America Infant Formula Revenue by Country (2021–2032)
3.7.4 Mexico
3.7.5 Brazil
3.7.6 Argentina
3.8 Middle East and Africa Infant Formula Market Facts & Figures by Country
3.8.1 Middle East and Africa Infant Formula Market Size by Country: 2021 vs 2025 vs 2032
3.8.2 Middle East and Africa Infant Formula Sales by Country (2021–2032)
3.8.3 Middle East and Africa Infant Formula Revenue by Country (2021–2032)
3.8.4 Turkey
3.8.5 Saudi Arabia
3.8.6 UAE
4 Segment by Type
4.1 Global Infant Formula Sales by Type (2021–2032)
4.1.1 Global Infant Formula Sales by Type (2021–2026)
4.1.2 Global Infant Formula Sales by Type (2027–2032)
4.1.3 Global Infant Formula Sales Market Share by Type (2021–2032)
4.2 Global Infant Formula Revenue by Type (2021–2032)
4.2.1 Global Infant Formula Revenue by Type (2021–2026)
4.2.2 Global Infant Formula Revenue by Type (2027–2032)
4.2.3 Global Infant Formula Revenue Market Share by Type (2021–2032)
4.3 Global Infant Formula Price by Type (2021–2032)
5 Segment by Application
5.1 Global Infant Formula Sales by Application (2021–2032)
5.1.1 Global Infant Formula Sales by Application (2021–2026)
5.1.2 Global Infant Formula Sales by Application (2027–2032)
5.1.3 Global Infant Formula Sales Market Share by Application (2021–2032)
5.2 Global Infant Formula Revenue by Application (2021–2032)
5.2.1 Global Infant Formula Revenue by Application (2021–2026)
5.2.2 Global Infant Formula Revenue by Application (2027–2032)
5.2.3 Global Infant Formula Revenue Market Share by Application (2021–2032)
5.3 Global Infant Formula Price by Application (2021–2032)
6 Key Companies Profiled
6.1 Nestle
6.1.1 Nestle Company Information
6.1.2 Nestle Description and Business Overview
6.1.3 Nestle Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.1.4 Nestle Infant Formula Product Portfolio
6.1.5 Nestle Recent Developments/Updates
6.2 Danone
6.2.1 Danone Company Information
6.2.2 Danone Description and Business Overview
6.2.3 Danone Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.2.4 Danone Infant Formula Product Portfolio
6.2.5 Danone Recent Developments/Updates
6.3 Feihe
6.3.1 Feihe Company Information
6.3.2 Feihe Description and Business Overview
6.3.3 Feihe Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.3.4 Feihe Infant Formula Product Portfolio
6.3.5 Feihe Recent Developments/Updates
6.4 Yili
6.4.1 Yili Company Information
6.4.2 Yili Description and Business Overview
6.4.3 Yili Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.4.4 Yili Infant Formula Product Portfolio
6.4.5 Yili Recent Developments/Updates
6.5 Abbott
6.5.1 Abbott Company Information
6.5.2 Abbott Description and Business Overview
6.5.3 Abbott Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.5.4 Abbott Infant Formula Product Portfolio
6.5.5 Abbott Recent Developments/Updates
6.6 Junlebao
6.6.1 Junlebao Company Information
6.6.2 Junlebao Description and Business Overview
6.6.3 Junlebao Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.6.4 Junlebao Infant Formula Product Portfolio
6.6.5 Junlebao Recent Developments/Updates
6.7 Reckiit
6.7.1 Reckiit Company Information
6.7.2 Reckiit Description and Business Overview
6.7.3 Reckiit Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.7.4 Reckiit Infant Formula Product Portfolio
6.7.5 Reckiit Recent Developments/Updates
6.8 FrieslandCampina
6.8.1 FrieslandCampina Company Information
6.8.2 FrieslandCampina Description and Business Overview
6.8.3 FrieslandCampina Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.8.4 FrieslandCampina Infant Formula Product Portfolio
6.8.5 FrieslandCampina Recent Developments/Updates
6.9 Bright Dairy & Food
6.9.1 Bright Dairy & Food Company Information
6.9.2 Bright Dairy & Food Description and Business Overview
6.9.3 Bright Dairy & Food Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.9.4 Bright Dairy & Food Infant Formula Product Portfolio
6.9.5 Bright Dairy & Food Recent Developments/Updates
6.10 Ausnutria
6.10.1 Ausnutria Company Information
6.10.2 Ausnutria Description and Business Overview
6.10.3 Ausnutria Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.10.4 Ausnutria Infant Formula Product Portfolio
6.10.5 Ausnutria Recent Developments/Updates
6.11 a2 Milk
6.11.1 a2 Milk Company Information
6.11.2 a2 Milk Description and Business Overview
6.11.3 a2 Milk Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.11.4 a2 Milk Infant Formula Product Portfolio
6.11.5 a2 Milk Recent Developments/Updates
6.12 Biostime
6.12.1 Biostime Company Information
6.12.2 Biostime Description and Business Overview
6.12.3 Biostime Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.12.4 Biostime Infant Formula Product Portfolio
6.12.5 Biostime Recent Developments/Updates
6.13 Mengniu Dairy
6.13.1 Mengniu Dairy Company Information
6.13.2 Mengniu Dairy Description and Business Overview
6.13.3 Mengniu Dairy Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.13.4 Mengniu Dairy Infant Formula Product Portfolio
6.13.5 Mengniu Dairy Recent Developments/Updates
6.14 Perrigo
6.14.1 Perrigo Company Information
6.14.2 Perrigo Description and Business Overview
6.14.3 Perrigo Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.14.4 Perrigo Infant Formula Product Portfolio
6.14.5 Perrigo Recent Developments/Updates
6.15 Meiji
6.15.1 Meiji Company Information
6.15.2 Meiji Description and Business Overview
6.15.3 Meiji Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.15.4 Meiji Infant Formula Product Portfolio
6.15.5 Meiji Recent Developments/Updates
6.16 Beingmate
6.16.1 Beingmate Company Information
6.16.2 Beingmate Description and Business Overview
6.16.3 Beingmate Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.16.4 Beingmate Infant Formula Product Portfolio
6.16.5 Beingmate Recent Developments/Updates
6.17 HiPP
6.17.1 HiPP Company Information
6.17.2 HiPP Description and Business Overview
6.17.3 HiPP Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.17.4 HiPP Infant Formula Product Portfolio
6.17.5 HiPP Recent Developments/Updates
6.18 Kendal Nutricare
6.18.1 Kendal Nutricare Company Information
6.18.2 Kendal Nutricare Description and Business Overview
6.18.3 Kendal Nutricare Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.18.4 Kendal Nutricare Infant Formula Product Portfolio
6.18.5 Kendal Nutricare Recent Developments/Updates
6.19 Synutra
6.19.1 Synutra Company Information
6.19.2 Synutra Description and Business Overview
6.19.3 Synutra Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.19.4 Synutra Infant Formula Product Portfolio
6.19.5 Synutra Recent Developments/Updates
6.20 Nutribio
6.20.1 Nutribio Company Information
6.20.2 Nutribio Description and Business Overview
6.20.3 Nutribio Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.20.4 Nutribio Infant Formula Product Portfolio
6.20.5 Nutribio Recent Developments/Updates
6.21 YeePer
6.21.1 YeePer Company Information
6.21.2 YeePer Description and Business Overview
6.21.3 YeePer Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.21.4 YeePer Infant Formula Product Portfolio
6.21.5 YeePer Recent Developments/Updates
6.22 Wonder Sun
6.22.1 Wonder Sun Company Information
6.22.2 Wonder Sun Description and Business Overview
6.22.3 Wonder Sun Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.22.4 Wonder Sun Infant Formula Product Portfolio
6.22.5 Wonder Sun Recent Developments/Updates
6.23 Wissun
6.23.1 Wissun Company Information
6.23.2 Wissun Description and Business Overview
6.23.3 Wissun Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.23.4 Wissun Infant Formula Product Portfolio
6.23.5 Wissun Recent Developments/Updates
6.24 Humana
6.24.1 Humana Company Information
6.24.2 Humana Description and Business Overview
6.24.3 Humana Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.24.4 Humana Infant Formula Product Portfolio
6.24.5 Humana Recent Developments/Updates
6.25 Morinaga Milk
6.25.1 Morinaga Milk Company Information
6.25.2 Morinaga Milk Description and Business Overview
6.25.3 Morinaga Milk Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.25.4 Morinaga Milk Infant Formula Product Portfolio
6.25.5 Morinaga Milk Recent Developments/Updates
6.26 Topfer
6.26.1 Topfer Company Information
6.26.2 Topfer Description and Business Overview
6.26.3 Topfer Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.26.4 Topfer Infant Formula Product Portfolio
6.26.5 Topfer Recent Developments/Updates
6.27 Arla
6.27.1 Arla Company Information
6.27.2 Arla Description and Business Overview
6.27.3 Arla Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.27.4 Arla Infant Formula Product Portfolio
6.27.5 Arla Recent Developments/Updates
6.28 Lactalis
6.28.1 Lactalis Company Information
6.28.2 Lactalis Description and Business Overview
6.28.3 Lactalis Infant Formula Sales, Revenue, and Gross Margin (2021–2026)
6.28.4 Lactalis Infant Formula Product Portfolio
6.28.5 Lactalis Recent Developments/Updates
7 Industry Chain and Sales Channels Analysis
7.1 Infant Formula Industry Chain Analysis
7.2 Infant Formula Raw Material Supply Analysis
7.2.1 Key Raw Materials
7.2.2 Raw Materials Key Suppliers
7.3 Infant Formula Production Mode & Process Analysis
7.4 Infant Formula Sales and Marketing
7.4.1 Infant Formula Sales Channels
7.4.2 Infant Formula Distributors
7.5 Infant Formula Customer Analysis
8 Infant Formula Market Dynamics
8.1 Infant Formula Industry Trends
8.2 Infant Formula Market Drivers
8.3 Infant Formula Market Challenges
8.4 Infant Formula Market Restraints
8.5 Impact of U.S. Tariffs
9 Research Findings and Conclusion
10 Methodology and Data Source
10.1 Methodology/Research Approach
10.1.1 Research Programs/Design
10.1.2 Market Size Estimation
10.1.3 Market Breakdown and Data Triangulation
10.2 Data Source
10.2.1 Secondary Sources
10.2.2 Primary Sources
10.3 Author List
10.4 Disclaimer
List of Tables
Table 1. Global Infant Formula Market Value by Type (US$ Million), 2025 vs 2032
Table 2. Global Infant Formula Market Value by Stage (US$ Million), 2025 vs 2032
Table 3. Global Infant Formula Market Value by Source (US$ Million), 2025 vs 2032
Table 4. Global Infant Formula Market Value by Price Range (US$ Million), 2025 vs 2032
Table 5. Global Infant Formula Market Value by Application (US$ Million), 2025 vs 2032
Table 6. Global Infant Formula Market Competitive Situation by Manufacturers in 2025
Table 7. Global Infant Formula Sales (K MT) of Key Manufacturers (2021–2026)
Table 8. Global Infant Formula Sales Market Share by Manufacturers (2021–2026)
Table 9. Global Infant Formula Revenue (US$ Million) by Manufacturers (2021–2026)
Table 10. Global Infant Formula Revenue Share by Manufacturers (2021–2026)
Table 11. Global Market Infant Formula Average Price (US$/kg) of Key Manufacturers (2021–2026)
Table 12. Global Key Players of Infant Formula, Industry Ranking, 2023 vs 2024 vs 2025
Table 13. Global Key Manufacturers of Infant Formula, Manufacturing Sites and Headquarters
Table 14. Global Key Manufacturers of Infant Formula, Product Types and Applications
Table 15. Global Key Manufacturers of Infant Formula, Date of Entry into the Industry
Table 16. Global Manufacturers Market Concentration Ratio (CR5 and HHI)
Table 17. Global Infant Formula Companies by Tier (Tier 1, Tier 2, Tier 3), based on Infant Formula Revenue, 2025
Table 18. Manufacturers Mergers & Acquisitions, Expansion Plans
Table 19. Global Infant Formula Market Size by Region (US$ Million): 2021 vs 2025 vs 2032
Table 20. Global Infant Formula Sales by Region (K MT), 2021–2026
Table 21. Global Infant Formula Sales Market Share by Region (2021–2026)
Table 22. Global Infant Formula Sales by Region (K MT), 2027–2032
Table 23. Global Infant Formula Sales Market Share by Region (2027–2032)
Table 24. Global Infant Formula Revenue by Region (US$ Million), 2021–2026
Table 25. Global Infant Formula Revenue Market Share by Region (2021–2026)
Table 26. Global Infant Formula Revenue by Region (US$ Million), 2027–2032
Table 27. Global Infant Formula Revenue Market Share by Region (2027–2032)
Table 28. North America Infant Formula Revenue by Country: 2021 vs 2025 vs 2032 (US$ Million)
Table 29. North America Infant Formula Sales by Country (K MT), 2021–2026
Table 30. North America Infant Formula Sales by Country (K MT), 2027–2032
Table 31. North America Infant Formula Revenue by Country (US$ Million), 2021–2026
Table 32. North America Infant Formula Revenue by Country (US$ Million), 2027–2032
Table 33. Europe Infant Formula Revenue by Country: 2021 vs 2025 vs 2032 (US$ Million)
Table 34. Europe Infant Formula Sales by Country (K MT), 2021–2026
Table 35. Europe Infant Formula Sales by Country (K MT), 2027–2032
Table 36. Europe Infant Formula Revenue by Country (US$ Million), 2021–2026
Table 37. Europe Infant Formula Revenue by Country (US$ Million), 2027–2032
Table 38. Asia Pacific Infant Formula Revenue by Region: 2021 vs 2025 vs 2032 (US$ Million)
Table 39. Asia Pacific Infant Formula Sales by Region (K MT), 2021–2026
Table 40. Asia Pacific Infant Formula Sales by Region (K MT), 2027–2032
Table 41. Asia Pacific Infant Formula Revenue by Region (US$ Million), 2021–2026
Table 42. Asia Pacific Infant Formula Revenue by Region (US$ Million), 2027–2032
Table 43. Latin America Infant Formula Revenue by Country: 2021 vs 2025 vs 2032 (US$ Million)
Table 44. Latin America Infant Formula Sales by Country (K MT), 2021–2026
Table 45. Latin America Infant Formula Sales by Country (K MT), 2027–2032
Table 46. Latin America Infant Formula Revenue by Country (US$ Million), 2021–2026
Table 47. Latin America Infant Formula Revenue by Country (US$ Million), 2027–2032
Table 48. Middle East and Africa Infant Formula Revenue by Country: 2021 vs 2025 vs 2032 (US$ Million)
Table 49. Middle East and Africa Infant Formula Sales by Country (K MT), 2021–2026
Table 50. Middle East and Africa Infant Formula Sales by Country (K MT), 2027–2032
Table 51. Middle East and Africa Infant Formula Revenue by Country (US$ Million), 2021–2026
Table 52. Middle East and Africa Infant Formula Revenue by Country (US$ Million), 2027–2032
Table 53. Global Infant Formula Sales (K MT) by Type (2021–2026)
Table 54. Global Infant Formula Sales (K MT) by Type (2027–2032)
Table 55. Global Infant Formula Sales Market Share by Type (2021–2026)
Table 56. Global Infant Formula Sales Market Share by Type (2027–2032)
Table 57. Global Infant Formula Revenue (US$ Million) by Type (2021–2026)
Table 58. Global Infant Formula Revenue (US$ Million) by Type (2027–2032)
Table 59. Global Infant Formula Revenue Market Share by Type (2021–2026)
Table 60. Global Infant Formula Revenue Market Share by Type (2027–2032)
Table 61. Global Infant Formula Price (US$/kg) by Type (2021–2026)
Table 62. Global Infant Formula Price (US$/kg) by Type (2027–2032)
Table 63. Global Infant Formula Sales (K MT) by Application (2021–2026)
Table 64. Global Infant Formula Sales (K MT) by Application (2027–2032)
Table 65. Global Infant Formula Sales Market Share by Application (2021–2026)
Table 66. Global Infant Formula Sales Market Share by Application (2027–2032)
Table 67. Global Infant Formula Revenue (US$ Million) by Application (2021–2026)
Table 68. Global Infant Formula Revenue (US$ Million) by Application (2027–2032)
Table 69. Global Infant Formula Revenue Market Share by Application (2021–2026)
Table 70. Global Infant Formula Revenue Market Share by Application (2027–2032)
Table 71. Global Infant Formula Price (US$/kg) by Application (2021–2026)
Table 72. Global Infant Formula Price (US$/kg) by Application (2027–2032)
Table 73. Nestle Company Information
Table 74. Nestle Description and Business Overview
Table 75. Nestle Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 76. Nestle Infant Formula Product
Table 77. Nestle Recent Developments/Updates
Table 78. Danone Company Information
Table 79. Danone Description and Business Overview
Table 80. Danone Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 81. Danone Infant Formula Product
Table 82. Danone Recent Developments/Updates
Table 83. Feihe Company Information
Table 84. Feihe Description and Business Overview
Table 85. Feihe Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 86. Feihe Infant Formula Product
Table 87. Feihe Recent Developments/Updates
Table 88. Yili Company Information
Table 89. Yili Description and Business Overview
Table 90. Yili Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 91. Yili Infant Formula Product
Table 92. Yili Recent Developments/Updates
Table 93. Abbott Company Information
Table 94. Abbott Description and Business Overview
Table 95. Abbott Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 96. Abbott Infant Formula Product
Table 97. Abbott Recent Developments/Updates
Table 98. Junlebao Company Information
Table 99. Junlebao Description and Business Overview
Table 100. Junlebao Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 101. Junlebao Infant Formula Product
Table 102. Junlebao Recent Developments/Updates
Table 103. Reckiit Company Information
Table 104. Reckiit Description and Business Overview
Table 105. Reckiit Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 106. Reckiit Infant Formula Product
Table 107. Reckiit Recent Developments/Updates
Table 108. FrieslandCampina Company Information
Table 109. FrieslandCampina Description and Business Overview
Table 110. FrieslandCampina Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 111. FrieslandCampina Infant Formula Product
Table 112. FrieslandCampina Recent Developments/Updates
Table 113. Bright Dairy & Food Company Information
Table 114. Bright Dairy & Food Description and Business Overview
Table 115. Bright Dairy & Food Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 116. Bright Dairy & Food Infant Formula Product
Table 117. Bright Dairy & Food Recent Developments/Updates
Table 118. Ausnutria Company Information
Table 119. Ausnutria Description and Business Overview
Table 120. Ausnutria Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 121. Ausnutria Infant Formula Product
Table 122. Ausnutria Recent Developments/Updates
Table 123. a2 Milk Company Information
Table 124. a2 Milk Description and Business Overview
Table 125. a2 Milk Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 126. a2 Milk Infant Formula Product
Table 127. a2 Milk Recent Developments/Updates
Table 128. Biostime Company Information
Table 129. Biostime Description and Business Overview
Table 130. Biostime Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 131. Biostime Infant Formula Product
Table 132. Biostime Recent Developments/Updates
Table 133. Mengniu Dairy Company Information
Table 134. Mengniu Dairy Description and Business Overview
Table 135. Mengniu Dairy Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 136. Mengniu Dairy Infant Formula Product
Table 137. Mengniu Dairy Recent Developments/Updates
Table 138. Perrigo Company Information
Table 139. Perrigo Description and Business Overview
Table 140. Perrigo Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 141. Perrigo Infant Formula Product
Table 142. Perrigo Recent Developments/Updates
Table 143. Meiji Company Information
Table 144. Meiji Description and Business Overview
Table 145. Meiji Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 146. Meiji Infant Formula Product
Table 147. Meiji Recent Developments/Updates
Table 148. Beingmate Company Information
Table 149. Beingmate Description and Business Overview
Table 150. Beingmate Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 151. Beingmate Infant Formula Product
Table 152. Beingmate Recent Developments/Updates
Table 153. HiPP Company Information
Table 154. HiPP Description and Business Overview
Table 155. HiPP Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 156. HiPP Infant Formula Product
Table 157. HiPP Recent Developments/Updates
Table 158. Kendal Nutricare Company Information
Table 159. Kendal Nutricare Description and Business Overview
Table 160. Kendal Nutricare Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 161. Kendal Nutricare Infant Formula Product
Table 162. Kendal Nutricare Recent Developments/Updates
Table 163. Synutra Company Information
Table 164. Synutra Description and Business Overview
Table 165. Synutra Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 166. Synutra Infant Formula Product
Table 167. Synutra Recent Developments/Updates
Table 168. Nutribio Company Information
Table 169. Nutribio Description and Business Overview
Table 170. Nutribio Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 171. Nutribio Infant Formula Product
Table 172. Nutribio Recent Developments/Updates
Table 173. YeePer Company Information
Table 174. YeePer Description and Business Overview
Table 175. YeePer Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 176. YeePer Infant Formula Product
Table 177. YeePer Recent Developments/Updates
Table 178. Wonder Sun Company Information
Table 179. Wonder Sun Description and Business Overview
Table 180. Wonder Sun Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 181. Wonder Sun Infant Formula Product
Table 182. Wonder Sun Recent Developments/Updates
Table 183. Wissun Company Information
Table 184. Wissun Description and Business Overview
Table 185. Wissun Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 186. Wissun Infant Formula Product
Table 187. Wissun Recent Developments/Updates
Table 188. Humana Company Information
Table 189. Humana Description and Business Overview
Table 190. Humana Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 191. Humana Infant Formula Product
Table 192. Humana Recent Developments/Updates
Table 193. Morinaga Milk Company Information
Table 194. Morinaga Milk Description and Business Overview
Table 195. Morinaga Milk Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 196. Morinaga Milk Infant Formula Product
Table 197. Morinaga Milk Recent Developments/Updates
Table 198. Topfer Company Information
Table 199. Topfer Description and Business Overview
Table 200. Topfer Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 201. Topfer Infant Formula Product
Table 202. Topfer Recent Developments/Updates
Table 203. Arla Company Information
Table 204. Arla Description and Business Overview
Table 205. Arla Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 206. Arla Infant Formula Product
Table 207. Arla Recent Developments/Updates
Table 208. Lactalis Company Information
Table 209. Lactalis Description and Business Overview
Table 210. Lactalis Infant Formula Sales (K MT), Revenue (US$ Million), Price (US$/kg), and Gross Margin (2021–2026)
Table 211. Lactalis Infant Formula Product
Table 212. Lactalis Recent Developments/Updates
Table 213. Key Raw Materials Lists
Table 214. Raw Materials Key Suppliers Lists
Table 215. Infant Formula Distributors List
Table 216. Infant Formula Customers List
Table 217. Infant Formula Market Trends
Table 218. Infant Formula Market Drivers
Table 219. Infant Formula Market Challenges
Table 220. Infant Formula Market Restraints
Table 221. Research Programs/Design for This Report
Table 222. Key Data Information from Secondary Sources
Table 223. Key Data Information from Primary Sources
Table 224. Authors List of This Report
List of Figures
Figure 1. Product Picture of Infant Formula
Figure 2. Global Infant Formula Market Value by Type (US$ Million), 2021–2032
Figure 3. Global Infant Formula Market Share by Type: 2025 & 2032
Figure 4. Cow Milk Powder Product Picture
Figure 5. Goat Milk Powder Product Picture
Figure 6. Other Product Picture
Figure 7. Global Infant Formula Market Value by Stage (US$ Million), 2021–2032
Figure 8. Global Infant Formula Market Share by Stage: 2025 vs 2032
Figure 9. First Stage Product Picture
Figure 10. Second Stage Product Picture
Figure 11. Third Stage Product Picture
Figure 12. Global Infant Formula Market Value by Source (US$ Million), 2021–2032
Figure 13. Global Infant Formula Market Share by Source: 2025 vs 2032
Figure 14. Regular Product Picture
Figure 15. Organic Product Picture
Figure 16. Global Infant Formula Market Value by Price Range (US$ Million), 2021–2032
Figure 17. Global Infant Formula Market Share by Price Range: 2025 vs 2032
Figure 18. Economy Type Product Picture
Figure 19. Mid-range Type Product Picture
Figure 20. High-end Type Product Picture
Figure 21. Global Infant Formula Market Value by Application (US$ Million), 2021–2032
Figure 22. Global Infant Formula Market Share by Application: 2025 & 2032
Figure 23. Maternal Stores
Figure 24. Supermarkets/Hypermarkets
Figure 25. Online Retail
Figure 26. Others
Figure 27. Global Infant Formula Revenue, (US$ Million), 2021 vs 2025 vs 2032
Figure 28. Global Infant Formula Market Size (US$ Million), 2021–2032
Figure 29. Global Infant Formula Sales (K MT), 2021–2032
Figure 30. Global Infant Formula Average Price (US$/kg), 2021–2032
Figure 31. Infant Formula Report Years Considered
Figure 32. Infant Formula Sales Share by Manufacturers in 2025
Figure 33. Global Infant Formula Revenue Share by Manufacturers in 2025
Figure 34. Top 5 and Top 10 Global Infant Formula Players: Market Share by Revenue in Infant Formula in 2025
Figure 35. Infant Formula Market Share by Company Type (Tier 1, Tier 2, and Tier 3): 2021 vs 2025
Figure 36. Global Infant Formula Market Size by Region (US$ Million): 2021 vs 2025 vs 2032
Figure 37. North America Infant Formula Sales Market Share by Country (2021–2032)
Figure 38. North America Infant Formula Revenue Market Share by Country (2021–2032)
Figure 39. U.S. Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 40. Canada Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 41. Europe Infant Formula Sales Market Share by Country (2021–2032)
Figure 42. Europe Infant Formula Revenue Market Share by Country (2021–2032)
Figure 43. Germany Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 44. France Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 45. U.K. Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 46. Italy Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 47. Russia Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 48. Asia Pacific Infant Formula Sales Market Share by Region (2021–2032)
Figure 49. Asia Pacific Infant Formula Revenue Market Share by Region (2021–2032)
Figure 50. China Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 51. Japan Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 52. South Korea Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 53. India Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 54. Australia Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 55. Taiwan Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 56. Indonesia Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 57. Thailand Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 58. Malaysia Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 59. Philippines Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 60. Latin America Infant Formula Sales Market Share by Country (2021–2032)
Figure 61. Latin America Infant Formula Revenue Market Share by Country (2021–2032)
Figure 62. Mexico Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 63. Brazil Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 64. Argentina Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 65. Middle East and Africa Infant Formula Sales Market Share by Country (2021–2032)
Figure 66. Middle East and Africa Infant Formula Revenue Market Share by Country (2021–2032)
Figure 67. Turkey Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 68. Saudi Arabia Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 69. UAE Infant Formula Revenue Growth Rate (US$ Million), 2021–2032
Figure 70. Global Sales Market Share of Infant Formula by Type (2021–2032)
Figure 71. Global Revenue Market Share of Infant Formula by Type (2021–2032)
Figure 72. Global Infant Formula Price (US$/kg) by Type (2021–2032)
Figure 73. Global Sales Market Share of Infant Formula by Application (2021–2032)
Figure 74. Global Revenue Market Share of Infant Formula by Application (2021–2032)
Figure 75. Global Infant Formula Price (US$/kg) by Application (2021–2032)
Figure 76. Infant Formula Value Chain
Figure 77. Channels of Distribution (Direct Vs Distribution)
Figure 78. Bottom-up and Top-down Approaches for This Report
Figure 79. Data Triangulation
Figure 80. Key Executives Interviewed
