This Mother's Day, the IBISWorld podcast is exposing a long-overlooked portion of America's seedy criminal underworld: the black market for baby formula.

All jokes aside, there is big money in both the legal and illicit sale of infant formula both in the United States and overseas - but how did it get like this? On this episode, host Tanvi Kumar and IBISWorld analyst Jack Curran talk about where formula manufacturers are looking to improve their revenue and how the industry's regulatory environment enabled this void in the market in the first place. 

As always, you can send any questions, comments, or episode suggestions to podcasts(at)ibisworld.com.

Happy Mother's Day!!