Lactose Free Foods Market Overview:
MRFR (Market Research Future) anticipates significant growth prospects for the lactose free foods market between 2022 and 2030 (evaluation period). We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
Lactose Free Foods Market Share is anticipated to reach USD 15.09 Billion by 2030, registering a CAGR of 7.5% during 2022-2030
Growth Inducers and Main Deterrents:
Lactose free foods market is significantly bolstered by the consistently expanding lactose intolerant populace worldwide and the high consumer awareness with regard to digestive wellness across the globe. Many of the well-known firms are increasingly taking up growth strategies to capture a higher share in the global market, some of which include new product launch, higher spending on research and development, mergers, agreements, acquisitions and clinical trials. A case in point, in May 2020, Univar Solutions B.V. entered an agreement with the Finnish dairy vendor, Valio. Under the agreement, Univar Solutions B.V. is now the distributor of Valio’s lactose free milk powder across Belgium, Austria, Switzerland, Greece, Sweden, the Netherlands, the UK, Luxembourg, Germany, Ireland and France.
Increased availability of a variety of lactose free foods, in light of the rising launches of different innovative products that aim to offer nourishment as well as taste to consumers, seems to be working in the market’s favor. Innovative lactose free products are increasingly being introduced in the market, with appealing flavor and taste being their USP. Increased disposable income and the expanding middle class population are some of the macroeconomic factors that can foster further market growth in the following years.
Rising concern among consumers about animal welfare, environment and human health has prompted the rapid emergence of the veganism trend across countries. Sweden, Israel, Poland, U.S., Japan, U.K. and Germany accommodate the highest numbers of vegans in the world. Vegans prefer alternatives to animal ingredients, which helps induce growth in the demand for lactose free foods. Organic and clean label are some of the top trends in the global industry, which is being leveraged by the players to boost their customer base. The demand for lactose free foods has been growing exponentially in developing countries like China, Brazil and India, which have significant growth potential. Lack of structural rigidity and the rapid economic growth across these countries are bound to encourage market growth in subsequent years.
Segmental Analysis:
Lactose free foods industry has been dissected with respect to type and source.
The types of lactose free foods available in the global market are desserts, bread, milk, soups & sauces, fats, and others. The demand among consumers for lactose free milk is quite significant and can therefore, lead the segment to the top position in the years to come. On the other hand, lactose free bread could be the fastest expanding segment in the near future.
The primary sources of lactose free foods are coconut, rice, almond, hemp milk and soy. It is anticipated that the soy segment can take the lead in the market owing to its high protein and calcium content. However, the almond milk category is set to amass a significant growth rate between 2022 and 2030.
Regional Study:
Lactose free foods market’s regional study has been conducted by MRFR experts, which covers Asia Pacific/APAC, Europe, North America, as well as RoW/Rest of the World.
Europe took the lead in 2018 and is growing further at a promising rate owing to the expanding lactose intolerant population and the popular trend of veganism among consumers. Apart from this, various renowned firms in the region keep introducing new and innovative food products that appeal to consumers who are lactose intolerant and do not want to compromise on taste. Given the escalating sales of these products, Germany has managed to secure the top spot in the European market.
In 2018, North America captured a robust share of 30% in the global market, with the majority of the sales observed in the US owing to the surge in self-diagnosed cases among consumers. Also, consumers in the region are more than willing to spend extra on foods that claim to have health features, which in turn benefits the Lactose Free Foods Market Trends.
APAC is set to witness growth at a substantial rate over the upcoming period, since consumers are growing concerned with regard to their health and are indulging in self-diagnosis. Rising availability of lactose-free products that are gluten-free and have low to no sugar also helps the consumer base blossom in the region. Plus, innovations in terms of products that boost digestive health, like lactose-free milk with probiotics and the rising uptake of the western culture with respect to diet foster major growth.
Renowned Industry Participants:
Renowned industry participants that have been extensively profiled in the MRFR study are Fonterra Co-operative Group Limited (New Zealand), Arla Foods (Denmark), WhiteWave Foods (U.S.), Dean Foods (U.S.), Daiya Foods (Canada), Galaxy Nutritional Foods Inc. (India), Amy's Kitchen (U.S.), General Mills Inc. (U.S.), Land O'Lakes, Inc. (U.S.), Barry Callebaut (Switzerland), and more.
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