Why is formula milk so expensive

Why is formula milk so expensive? I mean there are just 2 or 3 brands that are cheaper like dulac and Grow. The rest are in 50s and 60s dollars range. Is it true that the more expensive ones are better? Or is this just another consumerism or customers are just paying unnecessary cost factors for the company like their campaigns, marketing etc.

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there are many budget brands around. Fairprice has it's house brand, and Nature One is what my daughter prefers. they are both less than $30 per kg. my friend does food science research and says that they are generally the same. so just try and see if your kid can take it.