The 2027-2032 World Outlook for Baby Food and Infant Formulas

This study covers the world outlook for baby food and infant formulas across more than 190 countries. For each year reported, estimates are given for the latent demand, or potential industry earnings (P.I.E.), for the country in question (in millions of U.S. dollars), the percent share the country is of the region, and of the globe. These comparative benchmarks allow the reader to quickly gauge a country vis-à-vis others. Using econometric models which project fundamental economic dynamics within each country and across countries, latent demand estimates are created. This report does not discuss the specific players in the market serving the latent demand, nor specific details at the product level. The study also does not consider short-term cyclicalities that might affect realized sales. The study, therefore, is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved. In this report we define the sales of baby food and infant formulas as including all commonly understood products falling within this broad category, such as baby meals, baby cereals, baby juices and drinks, and baby biscuits and rusks, irrespective of product packaging, formulation, size, or form. Companies participating in this industry include Abbott Laboratories, Beingmate Group, Bellamy`s Organic, Biostime, Dana Dairy Group, Danone, Fonterra Co-operative Group, Gerber, Gujarat Cooperative Milk Marketing Federation (AMUL), Hero Group, HiPP UK, Mead Johnson, Meiji Company, Morinaga Milk Industry Company, Nestlé, Nurture, Perrigo Company, Plum Organics, Synlait Milk, The a2 Milk Company, Wakodo, and Yashili International Holdings. In addition to the sources indicated, additional information available to the public via news and/or press releases published by players in the industry was considered in defining and calibrating this category. All figures are in a common currency (U.S. dollars, millions) and are not adjusted for inflation (i.e., they are current values). Exchange rates used to convert to U.S. dollars are averages for the year in question. Future exchange rates are assumed to be constant in the future at the current level (the average of the year of this publication's release in 2026).