Increasing participation of women in the labor force in the U.S. is a key factor driving the growth of the U.S. baby infant formula market. For instance, according to the U.S. Bureau of Statistics, the working women population has increased from 57.1% in 2018 to 57.5% in 2020. The changing lifestyle of the middle-class population due to rapid urbanization and rising disposable is boosting the U.S. baby infant formula market growth. The U.S. baby infant formula market was valued at $3,889.0 million in 2020, and is projected to reach $6,784.7 million by 2030, registering a CAGR of 8.6% from 2021 to 2030. In 2020, the carbohydrate segment accounted for 56.4% of the market share.
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The outbreak of the COVID-19 pandemic had positively impacted the U.S. baby infant formula market. Baby infant formula is an essential item and during the lockdowns the demand witnessed an upsurge in the U.S. owing to the panic buying for at-home consumption during the initial phase of the pandemic. The development of online platforms such as telemedicine and e-commerce greatly contributed to the revenue generation in the U.S. baby infant formula market during the lockdown period.
Prominent Market Players
The players operating in the U.S. baby infant formula market have adopted various developmental strategies to expand their market share, exploit the U.S. baby infant formula market opportunity, and increase profitability in the market. The key players profiled in this report include Abbott Laboratories, Arla Foods, Bobbie, Campbell Soups Company, Dana Dairy Group, Ltd., Danone S.A., D-Signstore, Else Nutrition Holdings, Inc., Hipp GmbH & Co. Vertrieb KG, Holle Baby Food AG, Kabrita USA, Nature’s One, LLC., Nestle S.A., Reckitt Benckiser Group Plc., and The Hain Celestial Group, Inc.
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Vitamins segment would witness the fastest growth, registering a CAGR of 14.2% during the forecast period.
Based on ingredient, the carbohydrate segment accounts for the highest market share because carbohydrate is essential for the proper growth and development of the infants. Vitamin segment is expected to be the fastest-growing segment as vitamins are compulsory requirement for the growth, strong bones, healthy teeth, healthy red blood cells, and healthy nerve cells.
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