PUNE, India, Aug. 6, 2021 /PRNewswire/ -- According to a recent market study published by Growth Market Reports titled, "Global Lactose-free Milk Market by Type (Plain Milk & Flavored Milk), By Processing (Ultra-high Temperature Milk & Fresh/Pasteurized Milk), Sales Channel (Online & Offline), and Regions: Size, Share, Trends and Opportunity Analysis, 2017-2027", the market was valued at USD 5,843.6 Million in 2019 and is expected to grow at a healthy growth rate of 10.6% by the year 2027. The global lactose-free milk market is anticipated to grow significantly during forecast period. Increasing awareness about lactose-intolerance, growing lactose intolerant population, and availability of lactose-free products with added health benefits are some of the factors contributing to market growth.
Key Market Players Profiled in the Report
Arla Foods amba
Borden Dairy Company
MARY ANNE CO. LTD.
PRAIRIE FARMS DAIRY
Procal Dairies Pty Ltd.
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
This report also includes a complete analysis of industry players that cover their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the Lactose-free Milk Market
In terms of Type, the global lactose-free milk market is segmented into plain milk and flavored milk. The plain milk segment accounted for a significant share of the market in 2019, owing to increasing popularity of lactose-free products among consumers. The plain milk segment accounted for the market a share of 74.9% in 2020. The flavored milk segment is anticipated to expand at a CAGR of 10.1% during the forecast period. New improvements in flavors and packaging are trending in the flavored milk segment, with companies introducing locally preferred flavors. This, in turn, is anticipated to fuel the flavored milk segment.
On the basis of Processing, the global lactose-free milk market is segmented into ultra-high temperature milk and fresh/pasteurized milk. The fresh/pasteurized milk segment accounted for 63.8% share of the market in 2020. Increased operational efficiency offered by this processing method is the primary driver for the substantial segment share. The ultra-high temperature milk processing segment is projected to expand at substantial CAGR of 10.9% during the forecast period. This growth is attributed to the extended shelf life offered by this method. In addition, the ultra-high temperature milk processing method has numerous advantages such as less processing time and high quality. This, in turn, is projected to fuel the growth of the ultra-high temperature milk segment during the forecast period.
Based on Sales Channel, the lactose-free milk market is categorized as online and offline. The offline segment accounted for 70.9% share of the market in 2019. The online segment is expected to gain traction in the future, as it offers a variety of products with specific features and product descriptions. This increases the flexibility for consumers to compare and choose the product. Moreover, online channels offer various discounts and offers that customer avail of at the time of purchase. Increasing internet penetration and growing popularity of the online shopping of dairy products is also anticipated to boost the growth of the online segment during the forecast period.
On the basis of Regions, the market is categorized as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America held a significant share of the market in 2019 owing to product innovation offered by manufacturers in this region. Moreover, increasing number of health-conscious people is anticipated to drive the market in this region. The market in Asia Pacific is expected to expand at a significant CAGR during the forecast period due to factors such as increasing disposable income, changing lifestyle standards, and growing demand for premium & health-benefiting products. The untapped market in Asia Pacific anticipated to create growth opportunities for manufacturers in the lactose-free milk market owing to increasing awareness about lactose intolerance.
The lactose-free milk market in the Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. Increasing lactose intolerance population and growing awareness regarding the same are some of the key factors driving the market growth. Changing consumption pattern and growing dairy industry is anticipated to boost the market growth during the forecast period. Adoption of lactose-free milk in the countries such as India, China, among others is projected to fuel the market growth during the forecast period.
The lactose-free milk market in the US accounted for a significant share of the market in 2019 owing to the wide lactose intolerant customer base in the country. Moreover, customers in the country are increasingly becoming health conscious and reducing the sugar intake in the diet. The lactose-free milk demand in Canada is anticipated to witness steady growth during the forecast period. The increasing awareness about the benefits of lactose-free milk and associated health benefits is projected to shape the market growth of Canada during the forecast period.
Read 213 Pages Research Report with Detailed ToC on "Global Lactose-free milk Market by Type (Plain Milk & Flavored Milk), By Processing (Ultra-high Temperature Milk & Fresh/Pasteurized Milk), Sales Channel (Online & Offline), and Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028"
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