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<div style="font-weight: bold; margin-top: -10px; color:rgb(23,66,107); font-size: 22px; margin-bottom: 5px; font-family:font-family:'Open Sans', sans-serif !important; text-align: center ">Robust Growth Opportunities for Infant Formula Ingredients</div>
<div style="font-style: italic; margin: 10px 0px 0px 0px; font-size: 14px !important; text-align: center">New product development driven by the need to mimic breast milk profile to propel growth opportunities in the infant formula ingredients space</div>
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<p style=" font-family: Segoe, 'Segoe UI', 'DejaVu Sans', 'Trebuchet MS', Verdana, 'sans-serif'; font-size: 15px; font-weight: normal; padding-top: 0px; margin-top: 0px; padding-right: 3px; line-height: 1.8EM; text-align:justify">As per the U.S. Food, Drug, and Cosmetic Act (FFDCA), infant formula is defined as "a food which purports to be or is represented for special dietary use solely as a food for infants by reason of its simulation of human milk or its suitability as a complete or partial substitute for human milk.” Due to regulation and marketing purposes, infant formula is segmented into different stages to cater to different age groups. The types of infant formulas based on the age group include: stage-1 or standard infant formula, designed for infants below six months of age; stage-2 or follow-up formula designed for infants between 6 months and 1 year of age; and toddler or growing-up milk for children above 1 year of age.</p>
<p style=" font-family: Segoe, 'Segoe UI', 'DejaVu Sans', 'Trebuchet MS', Verdana, 'sans-serif'; font-size: 15px; font-weight: normal; padding-top: 0px; margin-top: 0px; padding-right: 3px; line-height: 1.8EM; text-align:justify">Globally, stage-1 and stage 2/follow-up formulas are highly regulated, with most authorities advising against marketing of infant formulas to boost breastfeeding. With increasing food safety concerns, authorities are taking a more stringent stance on the regulatory framework to ensure infant safety. Changing regulatory standards, especially across China and Europe, are expected to have a significant mid-to-long term impact on the infant formula ingredients market.</p>
<p style=" font-family: Segoe, 'Segoe UI', 'DejaVu Sans', 'Trebuchet MS', Verdana, 'sans-serif'; font-size: 15px; font-weight: normal; padding-top: 0px; margin-top: 0px; padding-right: 3px; line-height: 1.8EM; text-align:justify">The demand for high-quality infant formula products that can closely mimic the breast milk composition is expected to remain a key innovation driver. Further, clean-label and organic formula products are expected to create an opportunity for organic, non-GM ingredients. Fats and oils, and proteins are key macro ingredient segments holding a majority of market share in 2020. With the demand for plant-based infant formulas expanding, the opportunity across non-allergenic, non-GMO plant protein ingredients is expected to expand. On the other hand, the demand for specialized fats is expected to be key a growth driver across the fat and oil segment. Prebiotics, for example, Human Milk Oligosaccharides (HMO), and probiotics are expected to witness strong growth during the forecast period. The need to create product differentiation to cater to changing consumer demand is driving ingredient innovation. Further, the demand for premium infant formula products, especially in China, is boosting the adoption of highly specialized ingredients, such as HMOs and probiotics.</p>
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