Global Infant Formula Market Size, Share & Demand Report By Product Type (Standard Infant Formula, Follow-on Formula, Growing-Up Milk, Specialty Infant Formula), By Ingredient Type (Cow Milk-Based, Soy-Based, Hydrolyzed, Goat Milk-Based, Organic & A2-Based), By Form (Powder, Liquid Concentrate, Ready-to-Feed), By Distribution Channel (Supermarkets & Hypermarkets, Pharmacies, Specialty Stores, Online Retail, Hospital Sales), By Age Group (0–6 Months, 6–12 Months, 12–24 Months, 24–36 Months), By Region & Segment Forecasts, 2026–2031

Report Code: RI2596PUB
Last Updated : February, 2026
Author : Hannah Blake

Table of Contents

  1. Executive Summary
    1. Introduction
  2. Market Introduction
    1. Market Definition
    2. Scope of the Study
    3. Market Structure
  3. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  4. Market Factor Analysis
    1. Value Chain Analysis: Infant Formula Market
    2. Porters Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Dynamics
    1. Drivers
    2. Restraints
    3. Opportunities
  6. Recent Trends Analysis
  7. Impact of COVID-19 on Infant Formula Market
    1. Pre and Post Covid -19 Market Scenario Analysis
    2. Market Recovery Timeline and Challenge
    3. Measures Taken by Top Players
  8. Regulatory Landscape
  9. Infant Formula Market, By Product Type
    1. Introduction
      1. Market Size and Forecast, By Product Type
    2. Standard Infant Formula
      1. Market Size and Forecast, By Region
    3. Follow-on Formula 
      1. Market Size and Forecast, By Region
    4. Growing-Up Milk 
      1. Market Size and Forecast, By Region
    5. Specialty Infant Formula 
      1. Market Size and Forecast, By Region
  10. Infant Formula Market, By Ingredient Type
    1. Introduction
      1. Market Size and Forecast, By Ingredient Type
    2. Cow Milk-Based Formula
      1. Market Size and Forecast, By Region
    3. Soy Protein-Based Formula
      1. Market Size and Forecast, By Region
    4. Hydrolyzed Protein Formula
      1. Market Size and Forecast, By Region
    5. Goat Milk-Based Formula
      1. Market Size and Forecast, By Region
    6. Organic & A2 Protein-Based Formula
      1. Market Size and Forecast, By Region
  11. Infant Formula Market, By Form
    1. Introduction
      1. Market Size and Forecast, By Form
    2. Powder Formula
      1. Market Size and Forecast, By Region
    3. Liquid Concentrate Formula
      1. Market Size and Forecast, By Region
    4. Ready-to-Feed (RTF) Formula
      1. Market Size and Forecast, By Region
  12. Infant Formula Market, By Distribution Channel
    1. Introduction
      1. Market Size and Forecast, By Distribution Channel
    2. Supermarkets & Hypermarkets
      1. Market Size and Forecast, By Region
    3. Pharmacies & Drug Stores
      1. Market Size and Forecast, By Region
    4. Specialty Baby Stores
      1. Market Size and Forecast, By Region
    5. Online Retail / E-commerce
      1. Market Size and Forecast, By Region
    6. Hospital & Institutional Sales
      1. Market Size and Forecast, By Region
  13. Infant Formula Market, By Age Group
    1. Introduction
      1. Market Size and Forecast, By Age Group
    2. 0–6 Months
      1. Market Size and Forecast, By Region
    3. 6–12 Months
      1. Market Size and Forecast, By Region
    4. 12–24 Months
      1. Market Size and Forecast, By Region
    5. 24–36 Months
      1. Market Size and Forecast, By Region
  14. Regional Overview
    1. Introduction
      1. Market Size and Forecast
    2. North America
      1. Market Size and Forecast
        1. By Product Type
          1. Standard Infant Formula
            1. Follow-on Formula 
              1. Growing-Up Milk 
                1. Specialty Infant Formula 
                2. By Ingredient Type
                  1. Cow Milk-Based Formula
                    1. Soy Protein-Based Formula
                      1. Hydrolyzed Protein Formula
                        1. Goat Milk-Based Formula
                          1. Organic & A2 Protein-Based Formula
                          2. By Form
                            1. Powder Formula
                              1. Liquid Concentrate Formula
                                1. Ready-to-Feed (RTF) Formula
                                2. By Distribution Channel
                                  1. Supermarkets & Hypermarkets
                                    1. Pharmacies & Drug Stores
                                      1. Specialty Baby Stores
                                        1. Online Retail / E-commerce
                                          1. Hospital & Institutional Sales
                                          2. By Age Group
                                            1. 0–6 Months
                                              1. 6–12 Months
                                                1. 12–24 Months
                                                  1. 24–36 Months
                                                2. U.S.
                                                  1. By Product Type
                                                    1. Standard Infant Formula
                                                      1. Follow-on Formula 
                                                        1. Growing-Up Milk 
                                                          1. Specialty Infant Formula 
                                                          2. By Ingredient Type
                                                            1. Cow Milk-Based Formula
                                                              1. Soy Protein-Based Formula
                                                                1. Hydrolyzed Protein Formula
                                                                  1. Goat Milk-Based Formula
                                                                    1. Organic & A2 Protein-Based Formula
                                                                    2. By Form
                                                                      1. Powder Formula
                                                                        1. Liquid Concentrate Formula
                                                                          1. Ready-to-Feed (RTF) Formula
                                                                          2. By Distribution Channel
                                                                            1. Supermarkets & Hypermarkets
                                                                              1. Pharmacies & Drug Stores
                                                                                1. Specialty Baby Stores
                                                                                  1. Online Retail / E-commerce
                                                                                    1. Hospital & Institutional Sales
                                                                                    2. By Age Group
                                                                                      1. 0–6 Months
                                                                                        1. 6–12 Months
                                                                                          1. 12–24 Months
                                                                                            1. 24–36 Months
                                                                                          2. Canada
                                                                                        2. Europe
                                                                                          1. Market Size and Forecast
                                                                                            1. By Product Type
                                                                                              1. Standard Infant Formula
                                                                                                1. Follow-on Formula 
                                                                                                  1. Growing-Up Milk 
                                                                                                    1. Specialty Infant Formula 
                                                                                                    2. By Ingredient Type
                                                                                                      1. Cow Milk-Based Formula
                                                                                                        1. Soy Protein-Based Formula
                                                                                                          1. Hydrolyzed Protein Formula
                                                                                                            1. Goat Milk-Based Formula
                                                                                                              1. Organic & A2 Protein-Based Formula
                                                                                                              2. By Form
                                                                                                                1. Powder Formula
                                                                                                                  1. Liquid Concentrate Formula
                                                                                                                    1. Ready-to-Feed (RTF) Formula
                                                                                                                    2. By Distribution Channel
                                                                                                                      1. Supermarkets & Hypermarkets
                                                                                                                        1. Pharmacies & Drug Stores
                                                                                                                          1. Specialty Baby Stores
                                                                                                                            1. Online Retail / E-commerce
                                                                                                                              1. Hospital & Institutional Sales
                                                                                                                              2. By Age Group
                                                                                                                                1. 0–6 Months
                                                                                                                                  1. 6–12 Months
                                                                                                                                    1. 12–24 Months
                                                                                                                                      1. 24–36 Months
                                                                                                                                    2. U.K.
                                                                                                                                      1. By Product Type
                                                                                                                                        1. Standard Infant Formula
                                                                                                                                          1. Follow-on Formula 
                                                                                                                                            1. Growing-Up Milk 
                                                                                                                                              1. Specialty Infant Formula 
                                                                                                                                              2. By Ingredient Type
                                                                                                                                                1. Cow Milk-Based Formula
                                                                                                                                                  1. Soy Protein-Based Formula
                                                                                                                                                    1. Hydrolyzed Protein Formula
                                                                                                                                                      1. Goat Milk-Based Formula
                                                                                                                                                        1. Organic & A2 Protein-Based Formula
                                                                                                                                                        2. By Form
                                                                                                                                                          1. Powder Formula
                                                                                                                                                            1. Liquid Concentrate Formula
                                                                                                                                                              1. Ready-to-Feed (RTF) Formula
                                                                                                                                                              2. By Distribution Channel
                                                                                                                                                                1. Supermarkets & Hypermarkets
                                                                                                                                                                  1. Pharmacies & Drug Stores
                                                                                                                                                                    1. Specialty Baby Stores
                                                                                                                                                                      1. Online Retail / E-commerce
                                                                                                                                                                        1. Hospital & Institutional Sales
                                                                                                                                                                        2. By Age Group
                                                                                                                                                                          1. 0–6 Months
                                                                                                                                                                            1. 6–12 Months
                                                                                                                                                                              1. 12–24 Months
                                                                                                                                                                                1. 24–36 Months
                                                                                                                                                                              2. Germany
                                                                                                                                                                              3. France
                                                                                                                                                                              4. Spain
                                                                                                                                                                              5. Italy
                                                                                                                                                                              6. Russia
                                                                                                                                                                              7. Nordic
                                                                                                                                                                              8. Benelux
                                                                                                                                                                              9. Rest of Europe
                                                                                                                                                                            2. APAC
                                                                                                                                                                              1. Market Size and Forecast
                                                                                                                                                                                1. By Product Type
                                                                                                                                                                                  1. Standard Infant Formula
                                                                                                                                                                                    1. Follow-on Formula 
                                                                                                                                                                                      1. Growing-Up Milk 
                                                                                                                                                                                        1. Specialty Infant Formula 
                                                                                                                                                                                        2. By Ingredient Type
                                                                                                                                                                                          1. Cow Milk-Based Formula
                                                                                                                                                                                            1. Soy Protein-Based Formula
                                                                                                                                                                                              1. Hydrolyzed Protein Formula
                                                                                                                                                                                                1. Goat Milk-Based Formula
                                                                                                                                                                                                  1. Organic & A2 Protein-Based Formula
                                                                                                                                                                                                  2. By Form
                                                                                                                                                                                                    1. Powder Formula
                                                                                                                                                                                                      1. Liquid Concentrate Formula
                                                                                                                                                                                                        1. Ready-to-Feed (RTF) Formula
                                                                                                                                                                                                        2. By Distribution Channel
                                                                                                                                                                                                          1. Supermarkets & Hypermarkets
                                                                                                                                                                                                            1. Pharmacies & Drug Stores
                                                                                                                                                                                                              1. Specialty Baby Stores
                                                                                                                                                                                                                1. Online Retail / E-commerce
                                                                                                                                                                                                                  1. Hospital & Institutional Sales
                                                                                                                                                                                                                  2. By Age Group
                                                                                                                                                                                                                    1. 0–6 Months
                                                                                                                                                                                                                      1. 6–12 Months
                                                                                                                                                                                                                        1. 12–24 Months
                                                                                                                                                                                                                          1. 24–36 Months
                                                                                                                                                                                                                        2. China
                                                                                                                                                                                                                          1. By Product Type
                                                                                                                                                                                                                            1. Standard Infant Formula
                                                                                                                                                                                                                              1. Follow-on Formula 
                                                                                                                                                                                                                                1. Growing-Up Milk 
                                                                                                                                                                                                                                  1. Specialty Infant Formula 
                                                                                                                                                                                                                                  2. By Ingredient Type
                                                                                                                                                                                                                                    1. Cow Milk-Based Formula
                                                                                                                                                                                                                                      1. Soy Protein-Based Formula
                                                                                                                                                                                                                                        1. Hydrolyzed Protein Formula
                                                                                                                                                                                                                                          1. Goat Milk-Based Formula
                                                                                                                                                                                                                                            1. Organic & A2 Protein-Based Formula
                                                                                                                                                                                                                                            2. By Form
                                                                                                                                                                                                                                              1. Powder Formula
                                                                                                                                                                                                                                                1. Liquid Concentrate Formula
                                                                                                                                                                                                                                                  1. Ready-to-Feed (RTF) Formula
                                                                                                                                                                                                                                                  2. By Distribution Channel
                                                                                                                                                                                                                                                    1. Supermarkets & Hypermarkets
                                                                                                                                                                                                                                                      1. Pharmacies & Drug Stores
                                                                                                                                                                                                                                                        1. Specialty Baby Stores
                                                                                                                                                                                                                                                          1. Online Retail / E-commerce
                                                                                                                                                                                                                                                            1. Hospital & Institutional Sales
                                                                                                                                                                                                                                                            2. By Age Group
                                                                                                                                                                                                                                                              1. 0–6 Months
                                                                                                                                                                                                                                                                1. 6–12 Months
                                                                                                                                                                                                                                                                  1. 12–24 Months
                                                                                                                                                                                                                                                                    1. 24–36 Months
                                                                                                                                                                                                                                                                  2. Korea
                                                                                                                                                                                                                                                                  3. Japan
                                                                                                                                                                                                                                                                  4. India
                                                                                                                                                                                                                                                                  5. Australia
                                                                                                                                                                                                                                                                  6. Singapore
                                                                                                                                                                                                                                                                  7. Taiwan
                                                                                                                                                                                                                                                                  8. South East Asia
                                                                                                                                                                                                                                                                  9. Rest of Asia-Pacific
                                                                                                                                                                                                                                                                2. Middle East and Africa
                                                                                                                                                                                                                                                                  1. Market Size and Forecast
                                                                                                                                                                                                                                                                    1. By Product Type
                                                                                                                                                                                                                                                                      1. Standard Infant Formula
                                                                                                                                                                                                                                                                        1. Follow-on Formula 
                                                                                                                                                                                                                                                                          1. Growing-Up Milk 
                                                                                                                                                                                                                                                                            1. Specialty Infant Formula 
                                                                                                                                                                                                                                                                            2. By Ingredient Type
                                                                                                                                                                                                                                                                              1. Cow Milk-Based Formula
                                                                                                                                                                                                                                                                                1. Soy Protein-Based Formula
                                                                                                                                                                                                                                                                                  1. Hydrolyzed Protein Formula
                                                                                                                                                                                                                                                                                    1. Goat Milk-Based Formula
                                                                                                                                                                                                                                                                                      1. Organic & A2 Protein-Based Formula
                                                                                                                                                                                                                                                                                      2. By Form
                                                                                                                                                                                                                                                                                        1. Powder Formula
                                                                                                                                                                                                                                                                                          1. Liquid Concentrate Formula
                                                                                                                                                                                                                                                                                            1. Ready-to-Feed (RTF) Formula
                                                                                                                                                                                                                                                                                            2. By Distribution Channel
                                                                                                                                                                                                                                                                                              1. Supermarkets & Hypermarkets
                                                                                                                                                                                                                                                                                                1. Pharmacies & Drug Stores
                                                                                                                                                                                                                                                                                                  1. Specialty Baby Stores
                                                                                                                                                                                                                                                                                                    1. Online Retail / E-commerce
                                                                                                                                                                                                                                                                                                      1. Hospital & Institutional Sales
                                                                                                                                                                                                                                                                                                      2. By Age Group
                                                                                                                                                                                                                                                                                                        1. 0–6 Months
                                                                                                                                                                                                                                                                                                          1. 6–12 Months
                                                                                                                                                                                                                                                                                                            1. 12–24 Months
                                                                                                                                                                                                                                                                                                              1. 24–36 Months
                                                                                                                                                                                                                                                                                                            2. UAE
                                                                                                                                                                                                                                                                                                              1. By Product Type
                                                                                                                                                                                                                                                                                                                1. Standard Infant Formula
                                                                                                                                                                                                                                                                                                                  1. Follow-on Formula 
                                                                                                                                                                                                                                                                                                                    1. Growing-Up Milk 
                                                                                                                                                                                                                                                                                                                      1. Specialty Infant Formula 
                                                                                                                                                                                                                                                                                                                      2. By Ingredient Type
                                                                                                                                                                                                                                                                                                                        1. Cow Milk-Based Formula
                                                                                                                                                                                                                                                                                                                          1. Soy Protein-Based Formula
                                                                                                                                                                                                                                                                                                                            1. Hydrolyzed Protein Formula
                                                                                                                                                                                                                                                                                                                              1. Goat Milk-Based Formula
                                                                                                                                                                                                                                                                                                                                1. Organic & A2 Protein-Based Formula
                                                                                                                                                                                                                                                                                                                                2. By Form
                                                                                                                                                                                                                                                                                                                                  1. Powder Formula
                                                                                                                                                                                                                                                                                                                                    1. Liquid Concentrate Formula
                                                                                                                                                                                                                                                                                                                                      1. Ready-to-Feed (RTF) Formula
                                                                                                                                                                                                                                                                                                                                      2. By Distribution Channel
                                                                                                                                                                                                                                                                                                                                        1. Supermarkets & Hypermarkets
                                                                                                                                                                                                                                                                                                                                          1. Pharmacies & Drug Stores
                                                                                                                                                                                                                                                                                                                                            1. Specialty Baby Stores
                                                                                                                                                                                                                                                                                                                                              1. Online Retail / E-commerce
                                                                                                                                                                                                                                                                                                                                                1. Hospital & Institutional Sales
                                                                                                                                                                                                                                                                                                                                                2. By Age Group
                                                                                                                                                                                                                                                                                                                                                  1. 0–6 Months
                                                                                                                                                                                                                                                                                                                                                    1. 6–12 Months
                                                                                                                                                                                                                                                                                                                                                      1. 12–24 Months
                                                                                                                                                                                                                                                                                                                                                        1. 24–36 Months
                                                                                                                                                                                                                                                                                                                                                      2. Turky
                                                                                                                                                                                                                                                                                                                                                      3. Saudi Arabia
                                                                                                                                                                                                                                                                                                                                                      4. South Africa
                                                                                                                                                                                                                                                                                                                                                      5. Egypt
                                                                                                                                                                                                                                                                                                                                                      6. Nigeria
                                                                                                                                                                                                                                                                                                                                                      7. Rest of MEA
                                                                                                                                                                                                                                                                                                                                                    2. LATAM
                                                                                                                                                                                                                                                                                                                                                      1. Market Size and Forecast
                                                                                                                                                                                                                                                                                                                                                        1. By Product Type
                                                                                                                                                                                                                                                                                                                                                          1. Standard Infant Formula
                                                                                                                                                                                                                                                                                                                                                            1. Follow-on Formula 
                                                                                                                                                                                                                                                                                                                                                              1. Growing-Up Milk 
                                                                                                                                                                                                                                                                                                                                                                1. Specialty Infant Formula 
                                                                                                                                                                                                                                                                                                                                                                2. By Ingredient Type
                                                                                                                                                                                                                                                                                                                                                                  1. Cow Milk-Based Formula
                                                                                                                                                                                                                                                                                                                                                                    1. Soy Protein-Based Formula
                                                                                                                                                                                                                                                                                                                                                                      1. Hydrolyzed Protein Formula
                                                                                                                                                                                                                                                                                                                                                                        1. Goat Milk-Based Formula
                                                                                                                                                                                                                                                                                                                                                                          1. Organic & A2 Protein-Based Formula
                                                                                                                                                                                                                                                                                                                                                                          2. By Form
                                                                                                                                                                                                                                                                                                                                                                            1. Powder Formula
                                                                                                                                                                                                                                                                                                                                                                              1. Liquid Concentrate Formula
                                                                                                                                                                                                                                                                                                                                                                                1. Ready-to-Feed (RTF) Formula
                                                                                                                                                                                                                                                                                                                                                                                2. By Distribution Channel
                                                                                                                                                                                                                                                                                                                                                                                  1. Supermarkets & Hypermarkets
                                                                                                                                                                                                                                                                                                                                                                                    1. Pharmacies & Drug Stores
                                                                                                                                                                                                                                                                                                                                                                                      1. Specialty Baby Stores
                                                                                                                                                                                                                                                                                                                                                                                        1. Online Retail / E-commerce
                                                                                                                                                                                                                                                                                                                                                                                          1. Hospital & Institutional Sales
                                                                                                                                                                                                                                                                                                                                                                                          2. By Age Group
                                                                                                                                                                                                                                                                                                                                                                                            1. 0–6 Months
                                                                                                                                                                                                                                                                                                                                                                                              1. 6–12 Months
                                                                                                                                                                                                                                                                                                                                                                                                1. 12–24 Months
                                                                                                                                                                                                                                                                                                                                                                                                  1. 24–36 Months
                                                                                                                                                                                                                                                                                                                                                                                                2. Brazil
                                                                                                                                                                                                                                                                                                                                                                                                  1. By Product Type
                                                                                                                                                                                                                                                                                                                                                                                                    1. Standard Infant Formula
                                                                                                                                                                                                                                                                                                                                                                                                      1. Follow-on Formula 
                                                                                                                                                                                                                                                                                                                                                                                                        1. Growing-Up Milk 
                                                                                                                                                                                                                                                                                                                                                                                                          1. Specialty Infant Formula 
                                                                                                                                                                                                                                                                                                                                                                                                          2. By Ingredient Type
                                                                                                                                                                                                                                                                                                                                                                                                            1. Cow Milk-Based Formula
                                                                                                                                                                                                                                                                                                                                                                                                              1. Soy Protein-Based Formula
                                                                                                                                                                                                                                                                                                                                                                                                                1. Hydrolyzed Protein Formula
                                                                                                                                                                                                                                                                                                                                                                                                                  1. Goat Milk-Based Formula
                                                                                                                                                                                                                                                                                                                                                                                                                    1. Organic & A2 Protein-Based Formula
                                                                                                                                                                                                                                                                                                                                                                                                                    2. By Form
                                                                                                                                                                                                                                                                                                                                                                                                                      1. Powder Formula
                                                                                                                                                                                                                                                                                                                                                                                                                        1. Liquid Concentrate Formula
                                                                                                                                                                                                                                                                                                                                                                                                                          1. Ready-to-Feed (RTF) Formula
                                                                                                                                                                                                                                                                                                                                                                                                                          2. By Distribution Channel
                                                                                                                                                                                                                                                                                                                                                                                                                            1. Supermarkets & Hypermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                              1. Pharmacies & Drug Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                1. Specialty Baby Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                  1. Online Retail / E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                    1. Hospital & Institutional Sales
                                                                                                                                                                                                                                                                                                                                                                                                                                    2. By Age Group
                                                                                                                                                                                                                                                                                                                                                                                                                                      1. 0–6 Months
                                                                                                                                                                                                                                                                                                                                                                                                                                        1. 6–12 Months
                                                                                                                                                                                                                                                                                                                                                                                                                                          1. 12–24 Months
                                                                                                                                                                                                                                                                                                                                                                                                                                            1. 24–36 Months
                                                                                                                                                                                                                                                                                                                                                                                                                                          2. Mexico
                                                                                                                                                                                                                                                                                                                                                                                                                                          3. Argentina
                                                                                                                                                                                                                                                                                                                                                                                                                                          4. Chile
                                                                                                                                                                                                                                                                                                                                                                                                                                          5. Colombia
                                                                                                                                                                                                                                                                                                                                                                                                                                          6. Rest of LATAM
                                                                                                                                                                                                                                                                                                                                                                                                                                      2. Competitive Landscape, 2025
                                                                                                                                                                                                                                                                                                                                                                                                                                        1. Introduction
                                                                                                                                                                                                                                                                                                                                                                                                                                        2. Infant Formula Market Share Analysis, 2025 (%)
                                                                                                                                                                                                                                                                                                                                                                                                                                          1. Market Share Analysis, 2025
                                                                                                                                                                                                                                                                                                                                                                                                                                          2. Competition Ranking, 2025
                                                                                                                                                                                                                                                                                                                                                                                                                                          3. Key Developments & Growth Strategies
                                                                                                                                                                                                                                                                                                                                                                                                                                            1. Merger & Acquisition
                                                                                                                                                                                                                                                                                                                                                                                                                                            2. Product Launch
                                                                                                                                                                                                                                                                                                                                                                                                                                            3. Expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                          4. Consolidated SWOT Analysis of Key Players
                                                                                                                                                                                                                                                                                                                                                                                                                                      3. Company Profile
                                                                                                                                                                                                                                                                                                                                                                                                                                        1. Nestlé S.A.
                                                                                                                                                                                                                                                                                                                                                                                                                                          1. Business Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                          2. Financial Data
                                                                                                                                                                                                                                                                                                                                                                                                                                          3. Key Product domains
                                                                                                                                                                                                                                                                                                                                                                                                                                          4. Recent Developments
                                                                                                                                                                                                                                                                                                                                                                                                                                        2. Danone S.A.
                                                                                                                                                                                                                                                                                                                                                                                                                                        3. Abbott Laboratories
                                                                                                                                                                                                                                                                                                                                                                                                                                        4. Reckitt Benckiser Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                        5. Meiji Holdings Co., Ltd.
                                                                                                                                                                                                                                                                                                                                                                                                                                        6. FrieslandCampina
                                                                                                                                                                                                                                                                                                                                                                                                                                        7. Yili Group
                                                                                                                                                                                                                                                                                                                                                                                                                                        8. China Mengniu Dairy Company Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                        9. Fonterra Co-operative Group
                                                                                                                                                                                                                                                                                                                                                                                                                                        10. Arla Foods