If my memory from that short period of time long ago when my husband was
a farmer serves me right, what we gave to the calves we bought was
called "milk replacer".  I believe it was also based on powdered, skim
cow's milk with other types of fat and various ingredients added to it.
I always thought that was a good term because it did not, to me,
insinuate a positive comparison with what the calves would have gotten
right from their mothers.  In constrast to the one healthy calf we had
that was raised on its mothers milk, the poor little calves who had to
make do with the milk replacer were nearly always sick with diarrhea or
some type of infection.

I don't mind the term "formula" all that much.  I would be concerned
that "Artificial breast milk" or "Breast milk substitute" would
insinuate something closer to human milk than it actually is.

I also think that, for the masses, at least in the USA, "human milk" or
"mother's milk" may be preferable because many people are still shy
about the topic of women's breasts as producing milk.  I've known some
long-term nursers who were still uncomfortable with speaking such words
as "breast" and "nipple".  They "nursed" or "fed" their babies, rather
than breastfed.

Aloha,
Darillyn