The global infant formula sales are projected to have substantial growth, increasing from USD 50,126 million in 2024 to USD 1,15,326 million by 2034. The market is expected to surge at a CAGR of 8.7% during the forecast period.
| Attributes | Key Insights |
|---|---|
| Estimated Global Infant Formula Market Size (2024E) | USD 50,126 million |
| Projected Infant Formula Market Value (2034F) | USD 1,15,326 million |
| Value-based CAGR (2024 to 2034) | 8.7% |
In the United States, three major manufacturers that control more than 90 % of the market dominate the infant formula market. The consolidation of these companies raised concerns about a deficit in the industry. In 2021 there was a lack of infant formula. The situation got even worse when Abbott Nutrition recalled several products in mid-February 2022.
The reason for the recall was the discovery of potentially dangerous bacteria in its factory. During the investigation of the plant, FDA inspectors discovered unsanitary conditions and violations of food safety laws.
The facility has also been implicated in an outbreak of the bacterium Cronobacter sakazakii linked to baby formula.Several newborns became ill from the epidemic and two died. However, no genetic link was found between the bacteria found in the facility and the breast milk consumed by sick babies.
In February 2021, a whistleblower notified the FDA of suspected safety violations at the plant, but the information was delayed in reaching FDA administrators. The whistleblower's report raised concerns about improper cleaning techniques and alleged that workers fabricated the documents.
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| Historical CAGR (2019 to 2023) | 6.5% |
|---|---|
| Forecast CAGR (2024 to 2034) | 8.7% |
The infant formula market grew at a substantial CAGR of 6.5% from 2019 to 2023. It is estimated to be valued at USD 50,126 million in 2024. From 2019 to 2023, commercial infant formula products emerged as convenient alternatives to homemade ones, primarily based on cow's milk and fortified with vitamins & minerals.
The infant formula market offers diversified infant formula-based products with different, altered, innovative formulations and high nutrition to cater to infants' specific needs. Infant formula is offering hydrolyzed animal protein for allergies, prebiotics, probiotics, and essential fatty acids for infant health & development.
The infant formula market is further driven by increasing consumer acceptance, awareness, and demand for nutritional and specialized infant formula options. Rising preterm infant births are pushing parents toward infant formula due to insufficient nutrient intake from breast milk alone.
Governments is promoting the use of organic products to boost market expansion. The growing preference for organic products is expected to lead to more acceptance of organically claimed infant formulas as health trends evolve. The increasing number of working females are inclined to infant formulas due to their convenience and ability to be administered anywhere, satisfying the needs of their babies.
Multinational companies has dominated the infant formula sales. These companies targeted emerging economies in Asia Pacific, Latin America, and Africa due to rising disposable income, urbanization, and changing lifestyles.
The infant formula market is growing due to continuous research and development of new products, renewed innovations and improvements of existing products. Regional markets of leading companies are growing due to endorsements and awareness campaigns for consumer products, increasing sales of baby formula.
Increasing birth rates in developing countries are set to lead to rising demand for infant formula as baby food for newborns. Campaigns organized by manufacturers and government agencies to increase awareness regarding the necessity of infant food for growth & development are anticipated to augment demand.
Rising premature birth rates of babies, which cause mother's milk alone not to be sufficient to provide all the essential nutrients to the newborn baby, are driving demand for infant formula. Infant formula manufacturers are constantly innovating to create products that closely mimic breast milk. They are incorporating prebiotics, probiotics, and omega-3 fatty acids to enhance the nutritional benefits of their products.
E-commerce is considerably impacting the salse of infant formula products. It is offering convenience and a wide selection, attracting a growing number of consumers who prefer online purchases. The global infant formula market is anticipated to benefit from the growing number of parents adopting babies.
Principal Consultant
The table below shows the predicted growth rates of the leading countries. India, Japan, and the United States are anticipated to record high CAGRs of 7.1%, 7.9%, and 6.7%, respectively, through 2034.
| Countries | CAGR (2024 to 2034) |
|---|---|
| United States | 6.7% |
| United Kingdom | 6.3% |
| China | 5.2% |
| India | 7.1% |
| Japan | 7.9% |
The United States is expected to exhibit a CAGR of 6.7% through 2034. Infant formulas are available in several offline retail chains in the United States such as Kroger's Co. and Walmart's, fueling customer base.
The United States infant formula market is highly competitive, with key brands like Enfamil, Similac, and Gerber Good Start dominating. Brand loyalty and consumer trust significantly influence brand preference and market share in the United States.
The United Kingdom is set to grow at a CAGR of 6.3% during the forecast period, showing significant future growth for infant formula. The popularity of infant formulas, which has claims such as No Artificial Sweeteners and Flavors, are driving the market's growth in the United Kingdom. Companies such as Hipp Organics are offering products which has recyclable packaging made from sustainable paper and plant-based inks are playing important as well.
Healthcare professionals, including pediatricians, nurses, and lactation consultants, provide crucial advice on infant feeding practices. These influence consumer behavior in the infant formula market.
China's infant formula market is influenced by nutritional value, brand reputation, price sensitivity, and safety concerns. Trends like organic & natural formulations, clean labeling, and increased demand for hypoallergenic formulas are gaining prominence.
Japan's technological advancements are expected to influence the market, with researchers studying breastmilk minutely to replicate its properties. They are focusing on the ultimate goal of creating infant formulas that closely resemble breastmilk.
Japan's economy is boosting health-consciousness, driving the baby care product industry. It allows infant formula manufacturers to capitalize on this potential.
The table section offers detailed insights into key segments in the global infant formula industry. The information will help companies maximize profits by investing in popular products and using preferred distribution channels.
| Segment | Market Share (2024) |
|---|---|
| Starting Milk (Product Type) | 48.0% |
| Powder (Product Form) | 65.0% |
| Store-based Retail (Distribution Channel) | 72.0% |
In the infant formula market, starting milk formula is the most prevalent product type. It will likely contribute to a market share of 48.0% in 2024. The starting milk formula is suitable for infants below six months of age and fed with a bottle. It adds more nutrition to breast milk. The starting milk formula with breast milk gives all essential nutrition for growth and development in infants' early stages.
Infant formula in powdered form is commonly consumed due to its ease of storage and convenience. The powdered-form infant formula can be prepared by mixing it with water or milk.
The process of freeze-drying is required to make this powdered form, which retains all the nutrition intact in the product. It also has the least cost compared to other infant formulas.
The powder form further allows parents to control and measure an accurate amount of infant formula without any mistakes for every feeding. This makes it the most preferred choice for parents.
Store-based retail is a popular distribution channel for infant formula due to its ability to attract impulsive purchases, thereby raising awareness and boosting sales. These stores provide quick and easy access for time-pressed consumers.
The distribution channel creates a favorable setting for infant formula-based product promotion. Their dominance in the face of growing urbanization and hectic lives further solidifies their role in the market.
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With research and development of new products, manufacturers are diversifying their product portfolio, such as the use of innovative ingredients with multiple claims to attract consumers. Leading companies in the market focus on different marketing strategies, such as awareness campaigns in rural areas to educate consumers.
Manufacturers are directed toward partnerships, mergers, acquisitions, and collaborations with companies or organizations to expand their market reach. Innovation and development in processes and products attract new investors, further leading to market growth.
Product Launches and Key Developments
Piccolo, a United Kingdom-based start-up, produces organic baby food from sustainably sourced ingredients. Their products include an alternative for breastmilk for infants from birth to 7 months and a weaning diet for 6 to 12 months infant.
The Pure Goat Company is creating a non-bovine milk formula using full cream goat milk, containing iron, vitamins, organic galactooligosaccharides, zinc, and omega-3, without additives like vegetable oils, or fish oils, maltodextrin, as an alternative to breast milk.
Australia-based start-up, Sprout Organic produces certified organic plant-based infant formula, containing key nutrients for infant from birth to 12 months. This sustainable child nutritional formula supports strong and healthy growth.
In 2024, the market is expected to reach USD 50,126 million.
China is expected to hold a share of 43.6% in 2024.
By 2034, the market is expected to reach USD 1,15,326 million.
Nestle, Abbot Nutrition, Danone, and Synutra International Inc. are the key players.
Iron-fortified baby formula and government campaigns are two of the key trends in the market.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand Side Trends 1.3. Supply Side Trends 1.4. Technology Roadmap 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition 3. Market Dynamics 3.1. Drivers 3.1.1. Supply Side Drivers 3.1.2. Demand Side drivers 3.1.3. Economic Side Drivers 3.2. Restraints 3.3. Opportunity 3.4. Market trends by Region 3.5. Forecast Factors - Relevance & Impact 3.6. Regulations and Policies 3.7. Impact of the Crisis (COVID) 4. Value Chain Analysis 4.1. Operating margins at each node of supply chain 4.2. List of Active Market Participants 5. Global Market - Pricing Analysis 5.1. Price Point Assessment by Region 5.1.1. Manufacturer Level Pricing 5.1.2. Distributor Level Pricing 5.2. Price Point Assessment by Source Type 5.3. Price Forecast till 2034 6. Global Market Size in Value (US$ billion) and Volume (MT) Analysis 2019 to 2023 and Forecast, 2024 to 2034 6.1. Historical Market Size in Value (US$ billion) and Volume (MT) Analysis, 2019 to 2023 6.2. Current and Future Market Size in Value (US$ billion) and Volume (MT) Analysis, 2024 to 2034 6.2.1. Y-o-Y Growth Trend Analysis 6.2.2. Absolute $ Opportunity Analysis 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product Type 7.1. Introduction / Key Findings 7.2. Historical Market Size in Value (US$ billion) and Volume (MT) Analysis by Product Type, 2019 to 2023 7.3. Current and Future Market Size in Value (US$ billion) and Volume (MT) Analysis and Forecast by Product type, 2024 to 2034 7.3.1. Starting Milk 7.3.2. Follow-on-milk 7.3.3. Toddlers Milk 7.3.4. Special Milk 7.4. Market Attractiveness Analysis by Product Type 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Ingredient Type 8.1. Introduction / Key Findings 8.2. Historical Market Size in Value (US$ billion) and Volume (MT) Analysis by Ingredient Type, 2019 to 2023 8.3. Current and Future Market Size in Value (US$ billion) and Volume (MT) Analysis and Forecast by Ingredient Type, 2024 to 2034 8.3.1. Whey Protein Concentrates 8.3.2. Soy Protein concentrate 8.3.3. Protein Hydrolysates 8.4. Market Attractiveness Analysis by Ingredient Type 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product Form 9.1. Introduction / Key Findings 9.2. Historical Market Size in Value (US$ billion) and Volume (MT) Analysis by Product Form, 2019 to 2023 9.3. Current and Future Market Size in Value (US$ billion) and Volume (MT) Analysis and Forecast by Product Form, 2024 to 2034 9.3.1. Powder 9.3.2. Liquid 9.3.3. Ready-to-feed 9.4. Market Attractiveness Analysis by Product Form 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Distribution Channel 10.1. Introduction / Key Findings 10.2. Historical Market Size in Value (US$ billion) and Volume (MT) Analysis by Distribution Channel, 2019 to 2023 10.3. Current and Future Market Size in Value (US$ billion) and Volume (MT) Analysis and Forecast by Distribution Channel, 2024 to 2034 10.3.1. Store-based Retail 10.3.1.1. Supermarket/Hypermarket 10.3.1.2. Specialty Store 10.3.1.3. Pharmacies 10.3.2. Online Retail 10.4. Market Attractiveness Analysis by Distribution Channel 11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region 11.1. Introduction 11.2. Historical Market Size in Value (US$ billion) and Volume (MT) Analysis by Region, 2019 to 2023 11.3. Current Market Size in Value (US$ billion) and Volume (MT) Analysis and Forecast by Region, 2024 to 2034 11.3.1. North America 11.3.2. Latin America 11.3.3. Europe 11.3.4. East Asia 11.3.5. South Asia 11.3.6. Oceania 11.3.7. Middle East and Africa 11.4. Market Attractiveness Analysis by Region 12. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034 12.1. Introduction 12.2. Historical Market Size (US$ billion) and Volume(MT) Trend Analysis by Market Taxonomy, 2019 to 2023 12.3. Market Size (US$ billion) and Volume(MT) Forecast by Market Taxonomy, 2024 to 2034 12.3.1. by Country 12.3.1.1. United States 12.3.1.2. Canada 12.3.2. by Product Type 12.3.3. by Ingredient Type 12.3.4. by Product form 12.3.5. by Distribution Channel 12.4. Market Attractiveness Analysis 12.4.1. by Country 12.4.2. Product Type 12.4.3. by Ingredient Type 12.4.4. by Product form 12.4.5. by Distribution Channel 12.5. Key takeaways 13. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034 13.1. Introduction 13.2. Historical Market Size (US$ billion) and Volume(MT) Trend Analysis by Market Taxonomy, 2019 to 2023 13.3. Market Size (US$ billion) and Volume (MT) Forecast by Market Taxonomy, 2024 to 2034 13.3.1. by Country 13.3.1.1. Brazil 13.3.1.2. Mexico 13.3.1.3. Argentina 13.3.1.4. Rest of Latin America 13.3.2. By Product Type 13.3.3. by Ingredient Type 13.3.4. by Product form 13.3.5. by Distribution Channel 13.4. Market Attractiveness Analysis 13.4.1. by Country 13.4.2. By Product Type 13.4.3. by Ingredient Type 13.4.4. by Product form 13.4.5. by Distribution Channel 13.5. Key takeaways 14. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034 14.1. Introduction 14.2. Historical Market Size (US$ billion) and Volume(MT) Trend Analysis by Market Taxonomy, 2019 to 2023 14.3. Market Size (US$ billion) and Volume(MT) Forecast by Market Taxonomy, 2024 to 2034 14.3.1. by Country 14.3.1.1. Germany 14.3.1.2. United Kingdom 14.3.1.3. France 14.3.1.4. Italy 14.3.1.5. Spain 14.3.1.6. BENELUX 14.3.1.7. Nordic 14.3.1.8. Russia 14.3.1.9. Poland 14.3.1.10. Rest of Europe 14.3.2. By Product Type 14.3.3. by Ingredient Type 14.3.4. by Product form 14.3.5. by Distribution Channel 14.4. Market Attractiveness Analysis 14.4.1. by Country 14.4.2. By Product Type 14.4.3. by Ingredient Type 14.4.4. by Product form 14.4.5. by Distribution Channel 14.5. Key takeaways 15. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034 15.1. Introduction 15.2. Historical Market Size (US$ billion) and Volume(MT) Trend Analysis by Market Taxonomy, 2019 to 2023 15.3. Market Size (US$ billion) and Volume(MT) Forecast by Market Taxonomy, 2024 to 2034 15.3.1. by Country 15.3.1.1. China 15.3.1.2. Japan 15.3.1.3. South Korea 15.3.2. By Product Type 15.3.3. by Ingredient Type 15.3.4. by Product form 15.3.5. by Distribution Channel 15.4. Market Attractiveness Analysis 15.4.1. by Country 15.4.2. By Product Type 15.4.3. by Ingredient Type 15.4.4. by Product form 15.4.5. by Distribution Channel 15.5. Key takeaways 16. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034 16.1. Introduction 16.2. Historical Market Size (US$ billion) and Volume (MT) Trend Analysis by Market Taxonomy, 2019 to 2023 16.3. Market Size (US$ billion) and Volume(MT) Forecast by Market Taxonomy, 2024 to 2034 16.3.1. by Country 16.3.1.1. India 16.3.1.2. Thailand 16.3.1.3. Malaysia 16.3.1.4. Indonesia 16.3.1.5. Vietnam 16.3.1.6. Philippines 16.3.1.7. Singapore 16.3.1.8. Rest of South Asia 16.3.2. By Product Type 16.3.3. by Ingredient Type 16.3.4. by Product form 16.3.5. by Distribution Channel 16.4. Market Attractiveness Analysis 16.4.1. by Country 16.4.2. By Product Type 16.4.3. by Ingredient Type 16.4.4. by Product form 16.4.5. by Distribution Channel 16.5. Key takeaways 17. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034 17.1. Introduction 17.2. Historical Market Size (US$ billion) and Volume(MT) Trend Analysis by Market Taxonomy, 2019 to 2023 17.3. Market Size (US$ billion) and Volume(MT) Forecast by Market Taxonomy, 2024 to 2034 17.3.1. by Country 17.3.1.1. Australia 17.3.1.2. New Zealand 17.3.2. By Product Type 17.3.3. by Ingredient Type 17.3.4. by Product form 17.3.5. by Distribution Channel 17.4. Market Attractiveness Analysis 17.4.1. by Country 17.4.2. By Product Type 17.4.3. by Ingredient Type 17.4.4. by Product form 17.4.5. by Distribution Channel 17.5. Key takeaways 18. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034 18.1. Introduction 18.2. Historical Market Size (US$ billion) and Volume(MT) Trend Analysis by Market Taxonomy, 2019 to 2023 18.3. Market Size (US$ billion) and Volume(MT) Forecast by Market Taxonomy, 2024 to 2034 18.3.1. by Country 18.3.1.1. GCC Countries 18.3.1.2. Turkiye 18.3.1.3. Egypt 18.3.1.4. South Africa 18.3.1.5. Rest of Middle East and Africa 18.3.2. By Product Type 18.3.3. by Ingredient Type 18.3.4. by Product form 18.3.5. by Distribution Channel 18.4. Market Attractiveness Analysis 18.4.1. by Country 18.4.2. By Product Type 18.4.3. by Ingredient Type 18.4.4. by Product form 18.4.5. by Distribution Channel 18.5. Key takeaways 19. Country-level Market Analysis, 2024 19.1. United States Market Analysis 19.1.1. By Product Type 19.1.2. by Ingredient Type 19.1.3. by Product form 19.1.4. by Distribution Channel 19.2. Canada Market Analysis 19.2.1. By Product Type 19.2.2. by Ingredient Type 19.2.3. by Product form 19.2.4. by Distribution Channel 19.3. Brazil Market Analysis 19.3.1. By Product Type 19.3.2. by Ingredient Type 19.3.3. by Product form 19.3.4. by Distribution Channel 19.4. Mexico Market Analysis 19.4.1. By Product Type 19.4.2. by Ingredient Type 19.4.3. by Product form 19.4.4. by Distribution Channel 19.5. Argentina Market Analysis 19.5.1. By Product Type 19.5.2. by Ingredient Type 19.5.3. by Product form 19.5.4. by Distribution Channel 19.6. Germany Market Analysis 19.6.1. By Product Type 19.6.2. by Ingredient Type 19.6.3. by Product form 19.6.4. by Distribution Channel 19.7. United Kingdom Market Analysis 19.7.1. By Product Type 19.7.2. by Ingredient Type 19.7.3. by Product form 19.7.4. by Distribution Channel 19.8. France Market Analysis 19.8.1. By Product Type 19.8.2. by Ingredient Type 19.8.3. by Product form 19.8.4. by Distribution Channel 19.9. Italy Market Analysis 19.9.1. By Product Type 19.9.2. by Ingredient Type 19.9.3. by Product form 19.9.4. by Distribution Channel 19.10. Spain Market Analysis 19.10.1. By Product Type 19.10.2. by Ingredient Type 19.10.3. by Product form 19.10.4. by Distribution Channel 19.11. BENELUX Market Analysis 19.11.1. By Product Type 19.11.2. by Ingredient Type 19.11.3. by Product form 19.11.4. by Distribution Channel 19.12. Nordic Market Analysis 19.12.1. By Product Type 19.12.2. by Ingredient Type 19.12.3. by Product form 19.12.4. by Distribution Channel 19.13. Russia Region Market Analysis 19.13.1. By Product Type 19.13.2. by Ingredient Type 19.13.3. by Product form 19.13.4. by Distribution Channel 19.14. Poland Market Analysis 19.14.1. By Product Type 19.14.2. by Ingredient Type 19.14.3. by Product form 19.14.4. by Distribution Channel 19.15. China Market Analysis 19.15.1. By Product Type 19.15.2. by Ingredient Type 19.15.3. by Product form 19.15.4. by Distribution Channel 19.16. Japan Market Analysis 19.16.1. By Product Type 19.16.2. by Ingredient Type 19.16.3. by Product form 19.16.4. by Distribution Channel 19.17. South Korea Market Analysis 19.17.1. By Product Type 19.17.2. by Ingredient Type 19.17.3. by Product form 19.17.4. by Distribution Channel 19.18. India Market Analysis 19.18.1. By Product Type 19.18.2. by Ingredient Type 19.18.3. by Product form 19.18.4. by Distribution Channel 19.19. Thailand Market Analysis 19.19.1. By Product Type 19.19.2. by Ingredient Type 19.19.3. by Product form 19.19.4. by Distribution Channel 19.20. Malaysia Market Analysis 19.20.1. By Product Type 19.20.2. by Ingredient Type 19.20.3. by Product form 19.20.4. by Distribution Channel 19.21. Indonesia Market Analysis 19.21.1. By Product Type 19.21.2. by Ingredient Type 19.21.3. by Product form 19.21.4. by Distribution Channel 19.22. Vietnam Market Analysis 19.22.1. By Product Type 19.22.2. by Ingredient Type 19.22.3. by Product form 19.22.4. by Distribution Channel 19.23. Philippines Market Analysis 19.23.1. By Product Type 19.23.2. by Ingredient Type 19.23.3. by Product form 19.23.4. by Distribution Channel 19.24. Singapore Market Analysis 19.24.1. By Product Type 19.24.2. by Ingredient Type 19.24.3. by Product form 19.24.4. by Distribution Channel 19.25. Australia Market Analysis 19.25.1. By Product Type 19.25.2. by Ingredient Type 19.25.3. by Product form 19.25.4. by Distribution Channel 19.26. New Zealand Market Analysis 19.26.1. By Product Type 19.26.2. by Ingredient Type 19.26.3. by Product form 19.26.4. by Distribution Channel 19.27. GCC Countries Market Analysis 19.27.1. By Product Type 19.27.2. by Ingredient Type 19.27.3. by Product form 19.27.4. by Distribution Channel 19.28. Turkiye Market Analysis 19.28.1. By Product Type 19.28.2. by Ingredient Type 19.28.3. by Product form 19.28.4. by Distribution Channel 19.29. Egypt Market Analysis 19.29.1. By Product Type 19.29.2. by Ingredient Type 19.29.3. by Product form 19.29.4. by Distribution Channel 19.30. South Africa Market Analysis 19.30.1. By Product Type 19.30.2. by Ingredient Type 19.30.3. by Product form 19.30.4. by Distribution Channel 20. Market Structure Analysis 20.1. Global Market Competition - a Dashboard View 20.2. Industry Structure Analysis 20.2.1. % tier 1 market players 20.2.2. % tier 2 market players 20.2.3. % tier 3 market players 20.3. Global Market Company Share Analysis 20.3.1. For Tier 1 Market Players, 2023 20.3.2. Company Market Share Analysis of Top 5 Players, by Region 20.4. Key Participants Market Presence (Intensity Mapping) by Region 21. Competition Analysis 21.1. Competition Dashboard 21.2. Competition Benchmarking 21.3. Competition Deep Dive 21.3.1. Nestle 21.3.1.1. Source Portfolio 21.3.1.2. Source Claim 21.3.1.3. Revenue by Market Segments (Source/Channel/Region) 21.3.1.4. Sales Footprint 21.3.1.5. Strategy Overview 21.3.1.5.1. Marketing Strategy 21.3.1.5.2. Source Strategy 21.3.1.5.3. Channel Strategy 21.3.1.5.4. SWOT Analysis 21.3.2. Abbott Nutrition 21.3.3. Groupe Danone 21.3.4. The Kraft Heinz Company 21.3.5. Synutra International Inc. 21.3.6. Mead Johnson Nutrition 21.3.7. Beingmate Baby & Child Food Co. Ltd 21.3.8. Meiji Holdings Co. Ltd. 21.3.9. Friesland Campina 21.3.10. Pfizer Inc. 21.3.11. Others (on additional request) 22. Assumptions and Acronyms 23. Research Methodology
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Infant Formula Market
