Soy-Based Infant Formula Market by Application & Geography - Global Forecast and Analysis 2019-2023

The global soy-based infant formula market size will grow by USD 277.69 million during 2019-2023. The market research report provides a detailed analysis of the market by application (12-36 months, 6-12 months, and 0-6 months) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Abbott Laboratories, Nestlé SA, Perrigo Company plc, Reckitt Benckiser Group Plc, and The Hain Celestial Group Inc.

Key Insights on the Soy-Based Infant Formula Market – Global Forecast 2019 - 2023

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Industry Overview

The increasing demand for organic infant formulas is one of the key trends contributing to the growth of the soy-based infant formula market. The rising parental concerns about the unhealthy chemical additives in store-bought baby foods are encouraging vendors to formulate organic ones, which are healthier and free from chemical agents. Organic baby foods such as soy-based infant formulas have garnered the attention of parents in recent years because of their health benefits and no side-effects. The consumption of organic infant formulas is high in the US and has started gaining prevalence in other countries as well.

The increasing number of new mothers with low production of breast milk is also one of the factors driving the growth of the market. Many new mothers are producing low breast milk because of reasons such as breast engorgement, thrush, abscess, and mastitis. Vendors capitalized on the medical concern and formulated organic baby food such as soy infant formula, which is a healthy substitute for breast milk. Soy-based infant formulas are also easy on the digestive system of babies who are lactose intolerant. The easy availability of soy-based infant formulas will increase its popularity among mothers with low breast milk production. As a result of these factors, the soy-based infant formula market is expected to register a CAGR of close to 3% during the forecast period.

Top Companies in Soy-Based Infant Formula Market

The soy-based infant formula market is concentrated. The report provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies. The research would help clients in improving their market positions. It also provides a detailed analysis of the upcoming soy-based infant formula market trends and challenges and how they influence market growth. The research will help companies in creating effective strategies to leverage the upcoming market growth opportunities.

The report offers a detailed analysis of a few leading soy-based infant formula companies, including:

• Abbott Laboratories
• Nestlé SA
• Perrigo Company plc
• Reckitt Benckiser Group Plc
• The Hain Celestial Group Inc.

Market Segmentation

Soy-Based Infant Formula Market by Application

• 12-36 months
• 6-12 months
• 0-6 months

The 12-36 months segment held the highest market share in 2018. It will remain the leading market segment in 2023 as well. Soy-based infant formulas are considered a healthy choice for children above one year, who are allergic or intolerant to lactose. Soy infant foods also lower the risk of obesity in children. The majority of premature babies are lactose intolerant. The rising number of premature babies across the world will increase the demand for soy-based infant formulas over the forecast period.     

Soy-Based Infant Formula Market by Region

• APAC
• Europe
• MEA
• North America
• South America

North America held the largest market share in 2018. The US is the largest market for soy-based infant food in the world. The increasing number of working mothers and the rising concern regarding food safety for infants have increased the demand for soy-based infant formulas. Working mothers depend on infant formulas such as soy-based infant food for their babies. The prevailing e-commerce platforms will also fuel the growth of the soy-based infant formula market over the forecast period. North America is expected to remain dominant over the forecast period.

Major Highlights of the Soy Based Infant Formula Market – Global Forecast 2019-2023

• CAGR of the market during the forecast period 2019-2023
• Detailed information on factors that will accelerate the growth of the soy-based infant formula market size during the next five years
• Precise estimation of the global soy-based infant formula market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the soy-based infant formula industry across APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on several vendors
• Comprehensive details of factors that will challenge the growth of soy-based infant formula companies

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