Global Soy-Based Infant Formula Market – Industry Trends and Forecast to 2031

Global Soy-Based Infant Formula Market, By Product Type (Stage 1, Stage 2, Stage 3, Stage 4, Toddler Baby), Form (Powder, Liquid and Semi-Liquid), Type (Low Fat Soy-based Infant Formula, Whole-fat Soy-based Infant Formula), Application (0 to 3 Months, 4 to 7 Months, 8 to 11 Months, 12 to 23 Months, 24 Months and Up), Distribution Channel (Online, Offline) – Industry Trends and Forecast to 2031.

Soy-Based Infant Formula Market Analysis and Size

Soy-based infant formula is a crucial dairy-free option for infants with cow's milk protein allergy or lactose intolerance. With approximately 65.0% of the global population being lactose intolerant, the prevalence is notably high in Finland, affecting 1 in 60,000 newborns and showing an increasing trend, emphasizing the importance of alternative formula options.

Data Bridge Market Research analyses that the global soy-based infant formula market, which was USD 300.23 million in 2023, is expected to reach USD 414.06 million by 2031, at a CAGR of 4.10% during the forecast period 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Soy-Based Infant Formula Market Scope and Segmentation  

Market Definition

Soy-based formulas, consumed by infants as an alternative to human breast milk, derive their protein nutrients from soybeans. Available in powdered and liquid forms, they serve as substitutes for infants with cow milk allergies. Cost-effective compared to other breast milk alternatives, soy formulas offer a viable and affordable option for parents seeking suitable nutrition for their babies.

Global Soy-Based Infant Formula Market Dynamics

Drivers

• Increasing Benefits of High-Quality Nutrients from Soy-Based Infant Formula

Soy-based infant formula offers significant benefits, constituting 20-25% of formula-fed infants in America. It is a natural alternative for those intolerant to cow's milk, containing essential nutrients such as B vitamins, iron, protein, calcium, and zinc. Unsuch as cow's milk, soy formula is low in saturated fat and cholesterol-free. Populations consuming soy-based products exhibit lower rates of breast and prostate cancers, emphasizing its role as a complete source of high-quality dietary proteins.

• Rising Applications in Lactose Intolerance Infant

The increasing applications of soy-based infant formula stem from its protein content, typically ranging from 1.65-1.9 g/100 mL. This formula is a lifeline for infants with lactose intolerance or needing a non-milk-based option. Recognized for easy digestion, soy-based formulas such as Earth's Finest Non-GMO Plant Based Infant Formula cater to sensitive stomachs, offering a gentle, plant-based alternative that addresses issues such as gas and fussiness in newborns.

Opportunities

• Increasing Benefits to Maintain Healthy Body Weight

The growing acknowledgment of soy-based infant formulas for promoting healthy body weight and low fat content presents a substantial market opportunity. With increasing awareness of the benefits, soy-based formulas cater to health-conscious consumers seeking nutritionally balanced options for infant feeding, driving demand and market expansion.

• Technological Advancement to Meet Consumer Preferance

Innovations in formulation respond to changing consumer preferences and dietary trends, offering diverse options for parents seeking plant-based alternatives. This continual development of new varieties in soy-based infant formulas presents a significant opportunity for market growth, meeting the demand for nutritious and allergen-friendly options for infants.

Restraints/Challenges

• High Cost of Camel Milk Products

The high cost associated with camel milk products poses a hindrance to the soy infant formula market. As consumers seek affordable alternatives, the comparatively expensive nature of camel milk products may deter their adoption, favoring cost-effective options such as soy-based infant formulas.   

• Side Effect Impacting Consumer Preference 

The consumption of soy formula poses a challenge for the soy infant formulas market as it can lead to side effects such as diarrhea and stomach pain. Concerns about these adverse reactions may impact consumer confidence and hinder the widespread acceptance and adoption of soy-based infant formulas.

This global soy-based infant formula market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global soy-based infant formula market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In March 2021, Fuji Oil Group appoints Mikio Sakai as president and CEO, focusing on Plant-based Food Solutions for a third business pillar, alongside Oil and Fat and Chocolate businesses. This strategy includes soy meat and soybeans, driving innovation in plant-based protein development
• In July 2020, DuPont Nutrition & Biosciences launches Danisco Planit, offering a comprehensive range of ingredients for plant-based product development globally. The launch encompasses plant proteins, hydrocolloids, cultures, probiotics, fibers, and more, catering to the growing demand for plant-based food and beverage options
• In March 2020, Sun Nutrafood launches soy protein isolate variants with protein content exceeding 90%, primarily targeting protein fortification in various food applications, enhancing nutritional value and functional properties
• In February 2020, Vippy Industries Limited invests INR 22.67 crore in a new plant in Dewas, Madhya Pradesh, to manufacture soybean-based value-added products. This investment aims to expand production capacity and meet the rising demand for soy-based food products in India and beyond

Global Soy-Based Infant Formula Market Scope

The global soy-based infant formula market is segmented on the basis of product type, form, type, application, and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Stage 1
• Stage 2
• Stage 3
• Stage 4
• Toddler Baby

 Form

• Powder
• Liquid
• Semi-Liquid

 Type

• Low Fat Soy-based Infant Formula
• Whole-Fat Soy-based Infant Formula

Application

• 0 to 3 Months
• 4 to 7 Months
• 8 to 11 Months
• 12 to 23 Months
• 24 Months and Up

Distribution Channel

• Online
• Offline

Global Soy-Based Infant Formula Market Regional Analysis/Insights

The global soy-based infant formula market is analysed and market size insights and trends are provided by country, product type, form, type, application, and distribution channel as referenced above.

The countries covered in the global soy-based infant formula market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

Asia-Pacific dominates the soy-based infant formula market, leading in both revenue and market share. The region's prominence is attributed to the growing availability of breast milk banks. Additionally, increased consumer awareness regarding brand reputation, nutritional content, and safety further contributes to the accelerated growth rate of the soy-based infant formula market in Asia-Pacific.

North America is anticipated to experience rapid growth in the soy-based infant formula market from 2024 to 2031. This is attributed to the increasing application of soy-based infant formula containing phytoestrogens in infant nutrition within the region, indicating a growing preference for plant-based alternatives in baby nutrition.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Global Soy-Based Infant Formula Market Share Analysis

The global soy-based infant formula market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global soy-based infant formula market.

Some of the major players operating in the global soy-based infant formula market are:

• Nestlé (Switzerland)
•  DANONE (France)
• Reckitt Benckiser Group PLC (U.K.)
•  Abbott (U.S.)
• HiPP  (Germany)
•  The Kraft Heinz Company (U.S.)
•  Hero Group (Switzerland)
•  YILI.COM INC. (China)
•  Kewpie Corporation (Japan)
•  FrieslandCampina (Netherlands)
•  Arla Foods amba (Denmark)
•  The Honest Company, Inc. (U.S.)
•  Woolworths Group Limited (Australia)
•  Nutricia (U.S.)
•  Mead Johnson & Company, LLC. (U.S.)
•  Kerry Group plc. (Ireland)
• MyOrganicCo (U.S.)