Widespread baby formula shortages have bolstered the profit margins of the product's manufacturers.
Why it matters: Families have been scrambling to find formula for their babies since a massive recall in February — and now they’re paying more for it, too.
Driving the news: The industry’s profit margin has jumped from 11.6% in 2021 to an estimated 14.2% in 2022, the highest point since 2015, according to new IBISWorld data provided to Axios.
