The Singapore infant formula market is estimated to be valued at USD 1,005.4 Mn in 2024 and is expected to reach USD 1,885.6 Mn by 2031, growing at a compound annual growth rate (CAGR) of 9.4% from 2024 to 2031.

The Singapore infant formula market has been witnessing notable growth over the past few years. Factors such as the rising women workforce, high disposable income levels, and increasing awareness regarding baby nutrition have been driving the demand for infant formula products in the country. 

Market Driver – Rising Female Workforce

The rising number of women joining the workforce in Singapore has significantly impacted the demand for infant formula. In the past decade, female labor force participation in Singapore has steadily increased. More women are pursuing careers and are less reliant on staying at home to care for infants. With both parents working long hours to support the family financially, infant formula has become a necessity for many Singaporean families. It allows mothers to continue their careers while ensuring their babies are well fed in their absence.

Working mothers no longer have the time during the day to exclusively breastfeed and choose formula as a convenient alternative to expressed breastmilk. Some find formula feeding more flexible as it allows others like grandparents or domestic help to also take part in feeding the baby. The long working hours also mean mothers have little time during the day to pump and store breastmilk, causing many to switch fully to formula early on. The increasing number of dual-income households in Singapore plays a major role in the rising demand for formula products in the country.

Market Driver – Rising Disposable Incomes

Another key driver for the Singapore infant formula market is the rising disposable incomes of residents over the past decade. Singapore has a high cost of living but incomes have risen consistently in the post-pandemic economic recovery. This has given parents greater spending power and flexibility when it comes to choices for their babies.

Premium and imported infant formula brands from Europe and Australia are becoming increasingly affordable for middle-income families. Parents see high quality imported formula as providing the best nutrition for their babies' development. They are willing to spend more on products from reputed brands for the perceived health benefits. The ability to afford an international standard of living has also boosted the demand for premium European formulas seen as the gold standard. Working parents with less time also appreciate convenience features like single-serve packaging of premium formulas. The financial ability of residents to spending more on baby products like imported infant formula without worrying as much over costs is a crucial element propelling the Singapore market upwards.

Market Challenge – Presence of Stringent Regulatory Norms Imposed by The Government

One of the key challenges in the Singapore infant formula market is the presence of stringent regulatory norms imposed by the government to ensure high quality and safety standards are followed by all brands. Manufacturers need to obtain licenses and certifications from local regulatory bodies like Health Sciences Authority (HSA) in order to launch and sell their products in Singapore. Obtaining such approvals is a lengthy and expensive process which small or startup brands may find difficult to navigate.

Moreover, the approval process does not guarantee success in the market as consumer preferences play an important role. With sophisticated local consumers who are highly aware of product qualities, new or unfamiliar brands need to invest significantly in building awareness and establishing trust to gain market share. This regulatory environment poses considerable compliance challenges for companies, especially international brands who may not be familiar with Singapore's rules and requirements.

Market Opportunity – Huge Population Base Willing to Pay Premium Prices

Despite the challenges, the Singapore infant formula market presents many lucrative opportunities for brands that are able to position themselves well. As one of the wealthiest nations in Southeast Asia with a high living standard, Singapore has a sizable population base that is willing to pay premium prices for high quality products. Further, with rising women workforce participation, there is an increased demand for nutritional yet convenient solutions for baby feeding. Most working mothers rely on infant formula as it allows fathers and caregivers to also partake in feeding duties. This represents a strong opportunity for brands that offer modern formulations tailored for busy lifestyles. Additionally, the presence of many foreign residents and tourists means a part of sales comes from visitors from regions like China and Malaysia where overseas purchases of infant products are common. Innovative brands can tap this segment through effective tourist marketing programs.

Insights, By Formula: Convenience and Affordability Drives the Powder Sub-segment Growth

Powder sub-segment contributes the highest market share of 42.6% in the market owing to convenience and affordability.

Powder formula is the most popular choice among Singaporean parents due to its convenience and affordability. Being in powder form makes it highly portable and easy to prepare anywhere with just water. This is ideal for busy parents who are always on the go. Unlike liquid concentrate which requires mixing with specific amounts of water, powder formula is simple to use correctly.

Powder formula can also be prepared in bulk and stored for later use. This allows parents to prepare large batches of formula in advance, saving them time spent mixing each bottle. The long shelf life of powder formula means prepared bottles can be stored safely for future feedings without worrying about spoilage. This flexibility addresses the unpredictable needs of babies.

With increasingly busy lifestyles and cost-conscious attitudes, the advantages of convenience and value for money have made powder formula the preferred choice. Its user-friendly nature and ability to cater to different parenting needs positively impact its market dominance in Singapore.

Insights, By Formulation: Cow’s Milk-based Formula is Widely Accepted and Familiar Type

Within the Singapore infant formula market, cow's milk-based formula sub-segment accounts for the largest share of 75.3% due to it being the most widely accepted and familiar type. Formulas made from cow's milk aim to mimic the nutritional profile of human breastmilk.

As cow's milk is a staple part of the local diet, its usage is well-understood and trusted by Singaporean consumers. Many view cow's milk as the 'standard' milk choice. The formulation is also designed to be easily digestible for most infants without causing intolerances, making it generally suitable for mainstream use from birth.

The formulation of cow's milk formula is continually refined to match evolving research on breastmilk composition. Major brands invest heavily in clinical studies and product innovation using cow's milk. This fosters confidence in parents that their babies' nutritional needs are comprehensively supported.

Being the incumbent formulation type, cow's milk formula has established distribution and retail visibility. Major supermarkets and pharmacies stock various local and foreign brands. This widespread availability alongside familiarity drives its popularity over niche formulations.

The major players operating in the Singapore infant formula market include Little Etoile, Bellamy's Organic, Nan Nestle, Similac, Enfamil, Friso Gold, Little Oak, Karihome, Hipp, and Dumex.

• In August 2021, Max Biocare launched new infant and toddler formula division under Little Étoile brand.
• In October 2023, Nestle launched a new proprietary blend for infant nutrition combination of probiotic strain with six human milk oligosaccharides (HMOs) for development of infant through its life stages.
• In March 2021, Herbert Smith Freehills advised LittleOak Organics Pte Ltd Series A capital raise. This partnership has helped in raising the capital of Little Oak.

• By Formula
  • Ready to Feed
  • Powder
  • Liquid Concentrate
• By Formulation
  • Cow's Milk Based
  • Soy Based
  • Hypoallergenic
  • Others
• By Distribution Channel
  • Online
  • Hypermarkets
  • Supermarkets
  • Specialty Stores
  • Others