REPORT OBJECTIVES
The report Breast Milk Substitutes : Global Market Intelligence ( 2023-2030 ) provides market intelligence on the different market segments, based on Substitute Type, Formula Type, Distribution Channel, Region, Company etc. Market size and forecast (2020-2030) has been provided in the report. The primary objectives of this report are to provide 1) comprehensive global market intelligence through detailed segmentation, 2) market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends, 3) detailed analysis of current dynamics and trends, key market players, and strategies in the market, 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants, 5) provide emerging opportunities in the market and the future impact of major drivers and restraints of the market and, 6) support decision makers in making cost-effective business decisions.

RESEARCH METHODOLOGY
In our market size and forecast determination efforts, an extensive secondary research was initially completed to gain a good perspective of the market in each region. Extensive primary research was also carried out by interviewing the key executives from the industry. These interviews helped us to fill-in the data gaps after secondary research. Several secondary sources such as encyclopedia, directories, and databases have been used to identify and collect information useful for this extensive techno-commercial study. The respondents – selected experts from manufacturers and selected suppliers – have been interviewed to obtain and verify critical information as well as to assess the future prospects. The usage of obtained information is based on the perceived reliability by the research team. In many cases, a combination of several sources was used. Sprout Intelligence provides an in-depth analysis of the market segmentation, which is a critical element of the market intelligence reports at Sprout Intelligence.

KEY AUDIENCE
Executives in marketing, strategic planning and new product development will find such discussions in our reports pertinent and useful. Management consultants, investment bankers, manufacturers, distributors, suppliers, and regulatory authorities are amongst our regular clientele served.

DATA SOURCES
The general data sources used in this report are company websites, trade association publications, regulatory authorities, journals, magazines, news websites, press releases, media publications, interaction with industry experts, company executives, research papers, articles, patents, scientific literature, among many others.

KEY FINDINGS FROM THE REPORT
• The Breast Milk Substitutes market was valued at $66,400.0 Million in 2020, and is projected to reach $120,055.4 Million by 2030 growing at a CAGR of 6.93% from 2021 to 2030.
• Milk-based formula segment is expected to be the highest contributor to this market, with $49,060.3 Million in 2020, and is anticipated to reach $89,191.0 Million by 2030, registering a CAGR of 7.00%.
• Soy-based formula segment is anticipated to reach $22,736.0 Million by 2030 with the highest CAGR of 7.17%.
• Milk-based formula and Soy-based formula segments collectively expected to account for about 92.4% share of the Breast Milk Substitutes market in 2020, with the former constituting around 73.9% share.
• Soy-based formula and Milk-based formula segments are expected to witness significant growth rates at a CAGR of 7.17% and 7.00% respectively, during the forecast period.
• Presently, share of these two segments is estimated to be around 92.4% in the overall Breast Milk Substitutes market in 2020, and is anticipated to reach 93.2% by 2030.
• The global breast milk substitutes market is being primarily driven by shifting demographics and increasing urbanization, with more women entering the workforce and opting for formula feeding solutions to accommodate their busy lifestyles.
• Additionally, rising awareness and education about infant nutrition have created opportunities for companies to develop innovative and specialized products tailored to specific dietary needs and preferences.
• This evolving market landscape presents a chance for companies to diversify their product portfolios, expand their reach in emerging markets, and invest in research and development to address evolving consumer demands, ultimately driving growth and profitability in the breast milk substitutes sector..