Asia Pacific Soy-Based Infant Formula Market Forecast (2024 – 2032)

Asia Pacific Soy-Based Infant Formula Market Size & Growth:

The Asia Pacific Soy-Based Infant Formula market was valued at $XX Billion in 2021 and is expected to reach $XX Billion by 2029, growing at a CAGR of around 7.53% during the forecast period. The Asia Pacific Soy-Based Infant Formula market growth is mainly attributed to the factors such as increasing number of mothers with low breast milk production, rising awareness among consumers regarding safety, brands, and nutrition, and the development of organic baby food, including soy infant formula.

In recent years, despite the low consumption rate, India’s population has ensured that there will be considerable demand for infant formula. India accounts for nearly a fifth of the annual births worldwide, with around 25 million children born every year. In addition, the increasing demographic changes, increased urbanization, consumers preferring organic substitutes to go vegan are significant factors responsible for the market growth. At present, India is shaping up to be one of the vital infant formula markets globally; manufacturers must meet consumers’ expectations. Along with product innovation, the purchasing behaviour/patterns are also changed in India, mainly focusing on quality, convenience and food safety.

COVID-19 Impact on Soy-Based Infant Formula Market:

In 2020, during the COVID-19 pandemic, there have been unprecedented variations in the Asia Pacific sales of infant formula and food products due to rapid changes in consumer purchase patterns. The increasing trend of bulk buying and stockpiling of infant formula has led to certain products being in minimal supply, which has led to price fluctuations in the Asia Pacific infant formula market.

Asia Pacific Soy-Based Infant Formula Market Segments Share:

The Asia Pacific Soy-Based Infant Formula market is segregated on the basis of product type, age group, and geography. Among Asia Pacific countries, China mainly depends on imported infant formula and is the major contributor to the market. China especially believes the traditional and alternative medicines rely on herbal and plant ingredients. Thus, the current interest is well-suited to the entry of new and innovative plant-based products such as soya. The latest soy ingredients and vegan products attract consumers, particularly mothers who cannot breastfeed. The growing demand for infant formula can be attributed to a growing middle-class population, the rise in participation of women in the labour workforce, and growing awareness among Chinese parents of the nutritional value of infant formula.

Another vital growth factor has emerged in the past few years: the Chinese market’s significant rise of premium and ultra-premium formulas. China recorded 12 million new births in 2020, marking the fourth consecutive year of decline. The continuing drop in the number of women of fertile age, the delay of childbirth, and the rising cost of childbearing and parenting are all factors leading to the shrink of the newborn number. The falling birth rate would severely affect infant formula consumption. After adopting China’s recent childbirth policies, birth rates in China are expected to rise if not remain constant. There has been an enormous paradigm shift in consumers’ buying behaviour of infant formula, with parents showing a preference for premium and ultra-premium infant formulas over traditional formulas. The slow growth rates of infant formula in China by volume, juxtaposed with rising growth rates in value, will lead to consolidation and a very competitive market.

Asia Pacific Soy-Based Infant Formula Market Trends:

• In January 2021, An Australian company has claimed to launch the world’s first vegan and organic baby formula. Importantly, soy has been used as a common ingredient has in fact been a common allergen. So Sprout Organic has started using rice starch, and it has been proven safe even for the youngest of youngest.
• January 2019: An Arla Foods Amba subsidiary called Arla Foods Ingredients introduced a new infant formula called Easy Digest Whey Protein. The company aims to reduce gastrointestinal problems by changing the amount of protein used.

Asia Pacific Soy-Based Infant Formula Market Research Report Include:

• An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
• To have complete market analysis through industry value chain analysis, porter’s five, PESTLE, SWOT analysis, and Y-o-Y analysis.
• Regional and Asia Pacific diversity is analyzed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year
• Identifying DROC in the current market and their impact in altering the market dynamics.
• Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial analysis with major competitors.
• Expertise investment opportunities by analyst to the individual and organization to have better foothold in the market.
• Identify the latest developments, market shares and strategies that are employed by the major market players, such as
• Nestle S.A.
• Abbott Laboratories
• Perrigo Company PLC
• Reckitt Benckiser Group PLC
• The Hain Celestial Group, Inc.

Along with these companies, there were many other companies considered/ cited in the report while analyzing the Soy-Based Infant Formula market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.