Lactose-Free Products Market Competitive Analysis with Growth Forecast Till 2025
by Mit K. SEOThe global lactose-free
products market size is estimated to be valued at USD 12.1 billion in
2020 and is projected to reach USD 18.4 billion by 2025, recording a CAGR of
8.7% during the forecast period. The demand for lactose-free products is
increasing significantly due to the rise in lactose intolerant population
across the globe. Moreover, the rise in the consumption of clean label food
products is one of the major factors encouraging the growth of the lactose-free
organic products market globally.
Key players in this market include The Coca-Cola Company
(US), GCMMF (India), Nestle (Switzerland), Danone Company S.A (France), Valio
Ltd. (Finland), General Mills (US), Johnson & Johnson Services, Inc. (US),
Lifeway Foods Inc. (US), LALA U.S (US), Dean Foods (US), Organic Valley (US),
Dairy Farmers of America (US), Shamrock Foods (US), Saputo Inc. (Canada),
Prairie Farms Dairy (US), Agri-Mark, Inc. (US), Smith Foods, Inc. (US), Meggle
Group GMBH (Germany), Drums Food International Pvt Ltd. (India), and Granlatta
Societa Cooperative Agricola ARL (Italy).
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Asia Pacific
is projected to account for the largest market share during the forecast period
The Asia Pacific region is projected to be the
fastest-growing market during the forecast period. The significant growth of
the economy in countries, rapid urbanization, an increase in demand for
expensive and healthy food & beverage products, the increase in the
westernization of consumer diets are some of the major factors driving the
growth of lactose-free products in the region.
Market
Dynamics
Drivers
• Increase
in population of lactose-intolerant consumers, awareness, and self-diagnosis
• Availability
of various products and SKUs in the market
• Technological
advancements in product manufacturing and improved labeling protocols
Restraints
• High-price
of lactose-free products
• Undesirable
taste due to the presence of arylsulfatase in products
Opportunities
• Availability
of lactose-free dairy products with added health benefits
• Expected
rise in demand in the horeca industry
Challenges
• Stiff
competition from plant-based alternatives
• Impact of
COVID-19 on the supply chain of lactose-free products
By type, the
milk segment is projected to account for the largest share in the lactose-free
products market during the forecast period
Lactose- free milk is a rich source of protein, calcium,
phosphorus, vitamin B12, riboflavin, and vitamin D. Lactose-free milk is
produced by adding lactase to regular cow’s milk. The lactose-free milk tastes
sweeter than regular milk because during the process of production lactase is
added to lactose-free milk that helps in breaking down of lactose into two
sugar forms namely; glucose and galactose. This is the key factor driving the
growth of milk segment in market.
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By form, no
added sugar or reduced sugar claims segment is projected to be the fastest
growing segment in the lactose-free products market during the forecast period
By form, the no added sugar or reduced sugar claims segment
is projected to be the fastest-growing segment. Due to the increase in
awareness about health concerns, such as obesity and diabetes, consumers
witness a high demand for no added sugar or reduced sugar products. For
catering to the changing demands of consumers, many players in the dairy
industry are focusing on introducing lactose-free dairy products with reduced
added sugar or no added sugar claims. The trend of using reduced added sugar or
no added sugar drives the lactose-free products market.
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Created on Jun 22nd 2021 08:37. Viewed 280 times.