Market Highlights
Global lactose-free dairy products market is growing continually. Market growth attributes to the rising prevalence of lactose intolerance disorder worldwide. The lack of lactase triggers the inability to absorb lactose or lactose malabsorption, leading to symptoms of lactose intolerance, including diarrhea and bloating. Besides, the rising popularity of plant-based dairy worldwide drives market growth. Moreover, the growing consumption of lactose-free dairy products in food and beverage industries accelerates market growth.
Market Research Future (MRFR), in its recent COVID-19 analysis, asserts that the global lactose-free dairy products market is estimated to reach USD 19.49 BN by 2024. While assessing COVID-19 impact on various industries, MRFR mentions that the global lactose-free dairy products market would register around 6.17% CAGR during the forecast period (2019 -2024). Pervasively rising lactose intolerance disorder among people boosts the growth of the market predominantly.
Additionally, increasing health-conscious populaces and rising consumer inclination towards vegan diets creates enormous market demand. Furthermore, advances in manufacturing technologies are anticipated to foster the growth of the market. Increased shelf life of alternative dairy products compared to traditional low fat dairy products market is a crucial factor in increasing consumer preferences.
Besides, substantial RD investments drive market growth exponentially. Availability of convenient packaging and the expansion of distribution channels such as eCommerce platforms drive market sales further. Increasing consumption of frozen desserts like lactose-free yogurts and ice creams fuels the growth of the market.
On the other hand, the availability of various counterfeited, low-cost products is a key factor projected to impede the market growth. Nevertheless, increasing consumer inclination towards vegan diets would support the growth of the market throughout the review period, creating enormous market demand. Also, increasing consumption of lactose-free dairy in the burgeoning food industry, including bakery and confectionaries, provides impetus to the growth of the market.
Global Lactose-Free Dairy Products Market - Competitive Analysis
Highly competitive, the lactose-free dairy products market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players initiate strategies such as mergers acquisitions, expansions, and innovations/ product launch. They make substantial RD investments to drive product development activities and improve their existing portfolio.
Investments assigned for expansion plans are used to acquire or form partnerships with promising companies from emerging markets. To expand footprint, they are also looking to E-commerce, where they can not only sell their products but can also create awareness among consumers.
Major Players
Players leading the global lactose-free dairy products market include McNeil Nutritionals, LLC (US), Green Valley Creamery (US), Valio International (Finland), Arla Foods a.m.b.a (Denmark), Alpro (Belgium), Cabot Creamery Cooperative (US), The Danone Company Inc. (France), Saputo Dairy Products (Canda), Dean Foods (US), Granarolo Group (Italy), Smith Dairy Products Co.(US), Hiland Dairy (US), General Mills Inc. (US), Nestle SA (Switzerland), and Mondelez International (US), among others.
Global Lactose-Free Dairy Products Market Analysis by Segments
The report is segmented into four dynamics;
By Product Type : Milk, Yogurt, Ice Cream, and others.
By Category : Organic and Conventional.
By Distribution Channel : Store Based, Supermarket Hypermarket, Convenience Stores, Non-Store Based, and others.
By Regions : Americas, Europe, Asia Pacific, and Rest of the World.
Global Lactose-Free Dairy Products Market - Geographical Analysis
North America dominates the global lactose-free dairy products industry. The largest market share attributes to the increasing lactose intolerance occurrences among demographics. Besides, the presence of a large number of industry players and availability of innovative lactose-free dairy product lines in the region drive market growth. Moreover, increasing consumer inclination for a vegan diet and the rising popularity of plant-based milk is propelling the growth of the regional market.
Europe stands second in the global lactose-free dairy products market size. The region witnesses a rise in dairy alternative products consumers. Market growth is majorly driven by augmented demand for health drinks made with plant-based dairy products and increased exports of lesser calories drinks. Besides, advances in derivation technologies and the rising prevalence of lactose intolerance among demographics are estimated to increase the size of the regional market.
The lactose-free dairy products market share in Asia Pacific is growing rapidly. Lactose malabsorption that leads to lactose intolerance symptoms such as diarrhea and bloating is widespread in Asia. Furthermore, increasing consumption of lactose-free dairy and plant-based dairy products and changing consumer preference, drive the regional market growth.
Access Report @ https://www.marketresearchfuture.com/reports/lactose-free-dairy-products-market-6434
Industry/ Innovation/ Related News:
June 17, 2020 ---- Koita Foods (UAE), announced its plans to enter Asian markets with its lactose-free and plant-based dairy products. The company targets Asia’s large lactose intolerant population with its range of lactose-free and plant-based dairy products. Koita Foods will enter in South Korea and Singapore through e-commerce first, followed by retail.
In August 2020 would launch its lactose-free (dairy) products alongside its organic cow’s milk (dairy) and plant-based (non-dairy) products. The company is also planning to enter US markets soon. In addition to new market expansion, Koita Foods has recently launched new products, including an organic coconut beverage and lactose-free whole fat milk. An almond and oat blend beverage is also in the pipeline.
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