Infant Formula in the US Hispanic Market
To provide a competitive landscape for infant formula in the US Hispanic market. The research should include insights pertaining to the total available market size (TAM) and serviceable available market size (SAM) of this segment along with its annual growth rate and examples of key players in the segment.
- In 2020, the total available market size for infant formula manufacturing industry in the United States is valued at US$2.1 billion.
- According to market research estimates, the infant formula market in the United States is expected to grow at a CAGR of 8.30% between 2018 and 2025 to reach a market size of US$5.07 billion by 2026.
- According to the latest available data that was updated in August 2019 with 2018 figures, the total population of children aged between 0 and 4 years in the United States was 19,810,275.
- In that same year of 2018, 25% of the total child population (between 0 and 18 years of age) in the United States were Hispanics or Latinos.
- In a study published in March 2020, it was seen that more acculturated Hispanic caregivers were more likely to serve infant formula/toddler milk to toddlers than their less acculturated counterparts.
- Another study showed that Latina mothers of children 0 to 2 years of age in the United States followed both science and family-based feeding recommendations to feed their infants.
- NAN, an infant formula developed by Nestle, is primarily marketed and sold in regions that have a large Hispanic population.
- List of other top-selling brands of infant formula in the United States included the likes of Similac pro-advance non-GMO infant formula, PediaSure grow & gain kids’ nutritional shake, Enfamil poly-vi-sol liquid multivitamin supplement, etc.
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