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Powdered baby milk is most commonly produced by wet-mixing comprising three main stages such as preparation of the mix, evaporation and drying. After the ingredients mixing (adding milk protein), the liquid is hydrated and ready for evaporation. Homogenized concentrated milk mixture then follows to the spray drying.

Commonly available infant formulas contain purified whey and casein from cow's milk as a protein source, a blend of vegetable oils as a source of fat, lactose as a source of carbohydrates, a mixture of vitamins and minerals, and other materials depending upon the manufacturer.

In part, the lack of competition stems from simple math: Few companies or investors are eager to jump into the infant formula industry because its growth is tied to the nation's birth rate, which held steady for decades until it began dropping in 2007.

There are 14 Infant Formula Manufacturing businesses in the US as of 2023, a decline of -2.6% from 2022. Has the number of Infant Formula Manufacturing businesses in the US grown or declined over the past 5 years?