The goal of this paper was to document and describe sales and marketing of breast-milk substitutes (BMS) and their influence on World Health Organization-recommended breastfeeding behaviors, focusing on low- and middle-income countries. Global sales of breast-milk substitutes reached US$40 billion in 2013. Breast-milk substitutes are marketed directly to consumers via mass media and print advertisements and indirectly via incentives, free supplies, and promotions to and through health workers and facilities, retailers, and policy makers. Adoption of stricter regulatory frameworks coupled with independent, quantitative monitoring and compliance enforcement are needed to counter the impacts of formula marketing globally.