Today, breastfeeding is recommended for all newborns due to the health benefits for both the infant and the mother. In addition to health benefits, it is cheaper than formula feeding, and once established, is more convenient.
Most formula is made from cow's milk (per Wikipedia), and given the environmental impact of the dairy industry, it seems obvious that breastfeeding would be more sustainable. This is without considering the plastic bottles, formula packaging, etc.
I'd like to understand the magnitude of these benefits. What are the specific environmental benefits of breastfeeding compared to formula feeding? I am hoping for answers which provide research, data, or life cycle analyses.