The Human Milk Oligosaccharides (HMO) Market is estimated to be valued at USD 199 million in 2022. It is projected to reach USD 556 million by 2027, recording a CAGR of 22.7% during the forecast period.
The global HMO market has been influenced by some of the macroeconomic and microeconomic factors witnessed in some key countries. This would prove strong enough to drive the market significantly in terms of value sales during the forecast period. With the rise in number of infants across the globe, the demand and preference for HMO-based infant formula along with the trend of adopting healthy lifestyle by consuming functional food and beverages has significantly boosted the utilization of HMO in manufacturing.
Asia Pacific dominated the HMO market, with a value of USD 92.6 million in 2021; it is projected to reach USD 321.8 million by 2027, at a CAGR of 23.2% during the forecast period.
Asia Pacific consisting of countries like China, India, Japan, Australia & New Zealand and Others is found to dominate the HMO market with presence of large consumer base for HMO derivative products. The region is densely populated with countries like China and India, witnessing a rapid rise in infant population every year. This tendency of population rising is influencing the infant formula market where HMO is used as a vital ingredient for formulating infant foods and other supplements.
New Zealand is one of the major exporters of infant formulas to China, which generates high revenue for the country; hence, the market of HMO-based infant formulas in New Zealand is expected to witness substantial growth during the forecast period. Japan is expected to witness gradual growth in the HMO market, due to the decline in birth rates in recent years. According to an article published by the World Economic Forum in January 2022, the number of births recorded in Japan in 2020 stood at 840,832, which is 2.8% lower than in 2019 and the lowest since 1899.
The key players in this market include DSM (Netherlands), BASF SE (Germany), Chr. Hansen Holding A/S (Denmark), DUPONT ( US), and Royal FrieslandCampina N.V. (Netherlands).
