North America Soy-Based Infant Formula Market Forecast (2024 – 2032)

North America Soy-Based Infant Formula Market Size & Growth:

The North America 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 5.91% during the forecast period. Infants exclusively breastfed are 14 times less likely to die than babies who are not breastfed. However, at present, only 41% of infants 0–6 months old are exclusively breastfed, which increases to at least 50% by 2025. Inappropriate marketing of breast-milk substitutes continues to undermine efforts to improve breastfeeding rates, and the COVID-19 pandemic intensifies the threat. In 2020, due to the COVID-19 pandemic, the market had a moderate impact due to sudden restrictions enforced by respective governments on manufacturing units, supply chain, and a ban on export-import services limited the development, manufacturing and commercialization of infant formula products. In the Asia Pacific region, the higher number of births in developing countries like China and India will positively impact market growth. This is mainly due to numerous trends in breastfeeding. Increasing R&D activities by major players to discover innovative and improved infant nutrition will accelerate the market progression. Recently, the funding by governments has increased, which further allowed companies to strengthen their product portfolio. A rise in spending capabilities in developing economies will spur the product demand.

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

In 2020, during the COVID-19 pandemic, there have been unprecedented variations in the North America sales of infant formula and food products due to rapid changes in consumer purchase patterns. The American Academy of Pediatrics (AAP) also recommended that during the COVID-19 pandemic, people should buy no more than ten days to 2 weeks supply of formula to ensure the availability of formulas to everyone. The increasing COVID-19 pandemic and lockdown measures resulted in a rapid change in circumstances for pregnant women, new mothers, and infants. The global F&B (Food and Beverages) industry is one of the significant industries suffering due to the COVID-19 outbreak. These factors have severely affected the infant formula market. A considerable loss was observed disrupting the sales of the infant formula market products. Market players were found investing heavily in maintaining the supply of essential nutrition and food to children.

North America Soy-Based Infant Formula Market Segments Share:

The North America Soy-Based Infant Formula market is segregated on the basis of product type, age group, and geography. Whole-fat soy based infant formula is most suitable for the infants of age above 6 months, as it contains the fat required for growth. Soy is nature’s nutritional treasure, especially for individuals who cannot tolerate cow’s milk. It contains important nutrients like cow’s milk including protein, calcium, B vitamins, iron and zinc. Soy formulas can help treat gas, fussiness, and dairy-related allergies in babies. According to the American Academy of Pediatrics, if your child is lactose intolerant, has a genuine milk allergy or digestive problem, or is raised in a vegan or vegetarian household, you should choose soy formulas over cow’s milk-based formulas.

Based on geography, the market is categorized into U.S., Canada and Mexico. Among these, North America region is estimated to hold the significant market share during the forecast period. Amongst North American countries, the U.S. holds a significant market share in the overall market during the forecast period. Moreover, key players are focusing on organic contents by removing the GMOs, synthetic pesticides, and fertilizers in the feeds of cows. Thus, the milk used in the infant formula is certified as organic. Therefore, a shift in preference toward organic food & drink is anticipated to offer remunerative opportunities to expand the U.S. organic infant formula market during the forecast period. All formulas must comply with strict regulations ensuring safety and adequate nutrition in the U.S. For example, soy formulas contain isoflavones, which may have estrogenic effects on developing reproductive, neurobehavioral, immune systems, and thyroid function, although studies have generally found no significant impact. The U.S FDA (Food and Drug Administration) allows products with at least 6.25 g of soy protein to carry the health claim that may help lower the risk of cardiovascular disease. Nearly 8.22 million Americans will use liquid / powdered infant formula in 2020 and are projected to decrease by 7.19 Million by 2024.

North America Soy-Based Infant Formula Market Trends:

• The Hain Celestial Group, Inc., a leading organic and natural products company announced that it has completed the divestiture of the WestSoy® tofu, seitan and tempeh businesses to Keystone Natural Holdings. The strategic divestiture did not include the WestSoy® plant-based beverage business, which has been retained by Hain Celestial.

North America 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 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.