The global infant formula market will grow by more than 9% in 2016 to reach annual sales of close to $25bn (€22bn), according to a new report from research firm Future Market Insights. Demand growth is forecast to be strongest in the Asia-Pacific and Middle East-Africa region at almost 12% and 10% respectively.

In Europe and North America, the infant formula market is projected to grow at a rate of 6% and 7% this year. In terms of market share, Asia-Pacific will continue to account for the largest share of the global infant formula market representing 46%, or $11.3bn of annual infant formula sales. Of this, the Chinese market accounts for 90% or more than $10bn in infant formula sales.

The reports states that developing countries in the Asia Pacific region will be key to volume sales of infant formula, whereas the US, Canada, and the Western European market will continue to contribute to increases in value sales.

The global infant formula market is highly consolidated, with the top five players Nestle, Danone, Abbott Nutrition, Mead Johnson Nutrition and The Kraft Heinz Company accounting for around 60% share of the global market or a combined $14.7bn in annual sales. According to Bord Bia, more than 12% of global infant formula is produced in Ireland.