Global Cow Milk Infant Formula Market Size, Share and Future Trends Analysis Report By Type (Wet Process Type, Dry Process Type, Wet-dry Method Composite Type), By Product (Regular Infant Formula, Specialty Infant Formula), By Application (Infant Formula, Follow-on Formula, Growing-up Formula), By Sales Channel (Offline, Online) , Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2025-2034

Report Overview

The Global Cow Milk Infant Formula Market size is expected to be worth around USD 46.6 Billion by 2034, from USD 32.7 Billion in 2024, growing at a CAGR of 3.6% during the forecast period from 2025 to 2034.

The cow milk infant formula concentrates industry in India is experiencing significant growth, driven by evolving consumer preferences, supportive government policies, and advancements in dairy processing technologies.

India’s dairy sector, the largest globally, produced over 187 million tonnes of milk in 2018, with a substantial portion derived from cow milk. This robust production base provides a strong foundation for the infant formula industry, particularly for cow milk-based concentrates.

In 1992, India enacted the Infant Milk Substitutes, Feeding Bottles, and Infant Foods (Regulation of Production, Supply, and Distribution) Act (IMS Act), which was further strengthened in 2003. This legislation prohibits the promotion of infant milk substitutes and related products for children up to two years of age, aiming to protect and promote breastfeeding. Despite these regulations, the demand for infant formula, especially cow milk-based concentrates, has been rising due to factors such as urbanization, increased female workforce participation, and changing lifestyles.

Government initiatives have played a pivotal role in bolstering this sector. The National Programme for Dairy Development (NPDD) has been allocated Rs. 1,790 crore to enhance dairy infrastructure, including milk testing and chilling facilities. Additionally, the Animal Husbandry Infrastructure Development Fund (AHIDF), with a corpus of Rs. 15,000 crore, aims to attract private sector investment in dairy processing units and animal feed plants.

Key Takeaways

• Cow Milk Infant Formula Market size is expected to be worth around USD 46.6 Billion by 2034, from USD 32.7 Billion in 2024, growing at a CAGR of 3.6%.
• Wet Process Type held a dominant market position, capturing more than a 48.4% share.
• Regular Infant Formula held a dominant market position, capturing more than a 56.9% share.
• Infant Formula held a dominant market position, capturing more than a 51.3% share.
• Offline held a dominant market position, capturing more than a 56.1% share of the global Cow Milk Infant Formula market.
• North America emerged as the leading region in the Cow Milk Infant Formula market, commanding a substantial 45.8% share, which translates to a market value of approximately USD 14.9 billion.

By Type

Wet Process Type dominates with 48.4% share in 2024 driven by better nutrient preservation and product consistency.

In 2024, Wet Process Type held a dominant market position, capturing more than a 48.4% share of the global Cow Milk Infant Formula market. This strong lead is largely because the wet process retains essential nutrients better and provides a more uniform final product. Manufacturers prefer this method as it allows for better mixing of ingredients before drying, which improves the digestibility and nutritional quality of the formula. Many large dairy processing plants globally continue to rely on wet processing, especially in regions with advanced dairy infrastructure like Europe, China, and the U.S., where efficiency and product quality are critical.

By Product

Regular Infant Formula leads the market with 56.9% share in 2024 due to its broad acceptance and affordability.

In 2024, Regular Infant Formula held a dominant market position, capturing more than a 56.9% share of the global Cow Milk Infant Formula market. This strong performance is mainly because regular formulas are widely recommended for healthy, full-term infants and are considered the standard option for most parents. They offer a balanced blend of proteins, carbohydrates, and essential vitamins that closely resemble breast milk, making them a reliable choice for daily infant nutrition. Their affordability and easy availability in both online and offline retail channels have made them the first preference across many households.

By Application

Infant Formula holds the lead with 51.3% share in 2024 driven by rising demand for newborn nutrition.

In 2024, Infant Formula held a dominant market position, capturing more than a 51.3% share in the global Cow Milk Infant Formula market. This segment’s leadership stems from the growing need for reliable nutrition for infants who are not breastfed, either partially or fully. Parents continue to turn to cow milk-based infant formulas as a trusted alternative that offers essential nutrients during a child’s most critical early months. These formulas are often designed to be gentle on a baby’s digestive system, making them a practical and accessible solution for millions of families.

By Sales Channel

Offline sales lead with 56.1% share in 2024 as parents prefer physical stores for trust and immediate purchase.

In 2024, Offline held a dominant market position, capturing more than a 56.1% share of the global Cow Milk Infant Formula market. This channel continues to be the preferred option for many parents who value in-person shopping for essential baby products. Pharmacies, supermarkets, and baby specialty stores remain the most trusted outlets, offering consumers the chance to read labels, compare brands, and speak directly with in-store professionals. The reassurance of buying from a physical store, especially when it comes to infant nutrition, plays a key role in maintaining offline sales strength.

Key Market Segments

By Type

• Wet Process Type
• Dry Process Type
• Wet-dry Method Composite Type

By Product

• Regular Infant Formula
• Specialty Infant Formula

By Application

• Infant Formula
• Follow-on Formula
• Growing-up Formula

By Sales Channel

• Offline
• Online

Drivers

Rising Global Birth Rates and Demand for Infant Nutrition Drive Market Growth

One of the most important driving factors for the Cow Milk Infant Formula market is the increasing number of births globally, particularly in developing countries where nutritional awareness and disposable income are both on the rise. According to the World Bank, there were an estimated 134 million births globally in 2023, with higher birth concentrations in countries like India, Nigeria, Indonesia, and Pakistan — nations that are also seeing expanding middle-class populations and improved access to healthcare and nutrition education.

This rising birth trend directly boosts demand for infant nutrition products, especially for families where breastfeeding may not be possible due to maternal health, work obligations, or lifestyle factors. Cow milk-based infant formula, being one of the closest nutritional alternatives to breast milk, has emerged as the primary solution for millions of parents seeking safe, convenient feeding options.

Government-led nutrition and maternal care programs are also playing a significant role. For example, India’s “Poshan Abhiyaan”, a national nutrition mission launched by the Ministry of Women and Child Development, aims to reduce malnutrition among children and encourage better early feeding practices, which has indirectly supported the demand for fortified formula products. Similarly, China’s revised two-child and now three-child policies, along with state-backed maternity support schemes, have pushed infant product sales, including cow milk infant formula, especially in urban zones.

Together, these dynamics — a growing infant population, government-backed nutrition awareness, and socio-economic changes — have created a solid demand base for cow milk infant formula globally. The trend is expected to continue, particularly in regions where birth rates remain high and infant health is increasingly prioritized.

Restraints

Health Concerns and Legal Scrutiny Impacting Cow Milk Infant Formula Adoption

A significant factor restraining the growth of the cow milk infant formula market is the rising health concerns associated with its consumption, particularly among premature infants. Medical studies have indicated a potential link between cow milk-based formulas and an increased risk of necrotizing enterocolitis (NEC), a severe gastrointestinal disease that primarily affects premature babies. This association has led to heightened caution among healthcare professionals and parents when choosing infant nutrition options.

The concern has been amplified by legal actions taken against major formula manufacturers. For instance, over 500 lawsuits have been filed alleging that certain cow milk-based formulas contributed to the development of NEC in premature infants. These legal proceedings have brought significant attention to the potential risks, leading to increased scrutiny of cow milk-based infant formulas.

In response to these concerns, there has been a noticeable shift towards alternative feeding options. Many parents and caregivers are now considering plant-based or goat milk-based formulas, which are perceived to have a lower risk profile. Additionally, there is a growing emphasis on breastfeeding, supported by various health organizations and government initiatives promoting it as the optimal source of infant nutrition.

Government programs, such as India’s POSHAN Abhiyaan, aim to improve the nutritional status of children by encouraging breastfeeding and providing education on infant feeding practices. These initiatives further influence parental choices, potentially reducing reliance on cow milk-based formulas.

Opportunity

Expanding Nutrition Programs in Emerging Markets Fuel Growth in Cow Milk Infant Formula

A significant opportunity for the cow milk infant formula market lies in the expansion of government-led nutrition initiatives in emerging economies. These programs aim to improve maternal and child health, thereby increasing the demand for reliable infant nutrition products.

In India, the government’s Poshan Abhiyaan (Nutrition Mission) focuses on enhancing the nutritional status of children under six years of age, pregnant women, and lactating mothers. Launched in 2018, the mission emphasizes the importance of early childhood nutrition and has been instrumental in raising awareness about infant feeding practices . Such initiatives create a conducive environment for the growth of cow milk-based infant formulas, as they are often recommended when breastfeeding is not feasible.

Similarly, the Integrated Child Development Services (ICDS) program in India provides supplementary nutrition to children and mothers through a vast network of Anganwadi centers. These centers serve as critical touchpoints for delivering nutritional interventions and educating caregivers about infant feeding options .

The global context also presents opportunities. According to the World Bank, countries with higher fertility rates, such as Nigeria and Pakistan, continue to experience significant population growth . As these nations invest in healthcare infrastructure and nutrition programs, the demand for infant formula, including cow milk-based options, is expected to rise.

Trends

Whole Milk-Based Formulas Gain Popularity Amid Shifting Dietary Preferences

A notable trend in the cow milk infant formula market is the resurgence of whole milk-based formulas. Traditionally, infant formulas have utilized skimmed milk; however, recent shifts in consumer dietary preferences and nutritional understanding have led to increased interest in whole milk formulations.

In 2025, whole milk sales in the United States experienced a 7.2% increase compared to the previous year, signaling a broader acceptance of higher-fat dairy products. This change is attributed to evolving perceptions about dietary fats and their role in nutrition. Startups like Bobbie and ByHeart have responded to this trend by introducing infant formulas made with whole milk, aiming to provide a product that more closely resembles the natural composition of breast milk.

The shift towards whole milk-based formulas is also influenced by emerging research suggesting that the natural fat content in whole milk may offer benefits for infant development. These benefits include improved absorption of fat-soluble vitamins and essential fatty acids, which are crucial for brain development and overall growth.

Government initiatives are playing a role in this trend as well. For instance, in the United States, the Department of Health and Human Services has launched “Operation Stork Speed,” aiming to expedite the approval and availability of innovative infant nutrition products, including those based on whole milk.

Regional Analysis

In 2024, North America emerged as the leading region in the Cow Milk Infant Formula market, commanding a substantial 45.8% share, which translates to a market value of approximately USD 14.9 billion. This dominance is primarily attributed to the United States, where a significant number of working mothers rely on infant formula as a convenient and reliable source of nutrition for their babies. The increasing awareness of infant health and nutrition, coupled with the demand for high-quality, fortified formulas, has further propelled market growth in the region.

Moreover, the robust retail infrastructure in North America, including widespread availability in supermarkets, pharmacies, and online platforms, ensures easy access to a variety of infant formula products. This accessibility, combined with aggressive marketing strategies and strong brand loyalty, reinforces the region’s leading position in the global market.

The North American Cow Milk Infant Formula market is poised for continued growth, driven by ongoing product innovations, increasing health awareness, and the sustained demand for convenient infant nutrition solutions. However, manufacturers must navigate challenges such as regulatory scrutiny and the need for transparency to maintain consumer trust and market share.

Key Regions and Countries

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of MEA

Key Players Analysis

Agati Healthcare is an emerging player in the infant nutrition space, known for producing cow milk-based infant formulas catering to the Indian and Middle Eastern markets. The company emphasizes clean-label formulations enriched with essential vitamins, DHA, and minerals. Its growth is supported by regional pediatric networks and institutional supply partnerships. Agati is expanding its reach through both hospital tie-ups and pharmacy-based retail channels, aligning with government nutritional missions to boost its presence in underserved rural and semi-urban regions.

Abbott holds a significant share in the cow milk infant formula market, largely driven by its Similac product range. With decades of research-backed innovation, Abbott formulates high-quality infant nutrition products fortified with HMO, lutein, and DHA. The company has a strong presence in North America, Latin America, and parts of Asia. In 2024, Abbott focused on strengthening supply chains and launching digital initiatives to support informed parental choices, making it one of the most trusted names in infant care globally.

Arla, a leading European dairy cooperative, is deeply engaged in the cow milk-based infant formula segment through its Arla Baby&Me® and Arinco brands. It sources milk from organic-certified farms and emphasizes traceability and nutritional science. Arla has built a strong presence in China, the Middle East, and Europe by partnering with healthcare professionals and governments to promote early childhood nutrition. In 2024, the company enhanced its formula offerings with added probiotics to meet rising demand for gut-friendly infant solutions.

Top Key Players in the Market

• Abbott
• Arla
• Beingmate
• Danone
• Heilongjiang Feihe Dairy Co., Ltd
• Fonterra
• FrieslandCampina
• Heinz
• HiPP
• Holle
• Mead Johnson
• Meiji
• Nestle
• Perrigo

Recent Developments

In 2024, Arla Foods, a Danish-Swedish dairy cooperative, reported revenues of approximately €13.8 billion, with a net profit of €401 million, reflecting its strong presence in the global dairy industry.

In 2024, Danone achieved €27.38 billion in total sales, with its Specialized Nutrition division—which includes cow milk infant formula—contributing €8.94 billion, marking a 5.1% increase from the previous year.

Report Scope