New York, March 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Lactose-Free Infant Formula Global Market Report 2023" - https://www.reportlinker.com/p06310162/?utm_source=GNW
The global lactose-free infant formula market grew from $14.91 billion in 2022 to $16.66 billion in 2023 at a compound annual growth rate (CAGR) of 11.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The lactose-free infant formula market is expected to grow to $25.45 billion in 2027 at a CAGR of 11.2%.
The lactose-free infant formula market consists of sales of skimmed milk, plant-based soy protein.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The lactose-free infant formula are used for infants with lactose intolerance.Lactose-free infant formula is designed for babies having difficulty digesting lactose that naturally occurs in breast and cow’s milk.
Infants with lactose intolerance may not completely digest the lactose in milk which can cause them health problems like gas, stomach rumbling, cramping, bloating, and diarrhea.
Western Europe was the largest region in the lactose-free infant formula market in 2022. The regions covered in the lactose-free infant formula market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of lactose-free infant formula are milk infant formula and non-milk infant formula.Milk infant formula is made from cows’ milk which resembles breast milk.
The indications segment consists of starting formula, specialized formula and follow-on formula that are made according to the age of the baby.The application type consists of premature, babies with galactosemia, infants with cow’s milk protein allergies, and other applications.
The distribution channel has supermarkets or hypermarkets, specialty stores, online retail stores and other distribution channels.
The rising incidences of lactose intolerance are expected to propel the growth of the lactose-free infant formula market.Lactose intolerance occurs when people cannot fully digest the lactose present in the milk leading to various health problems such as bloating, gas, and diarrhea.
Lactose intolerant infants are required to take lactose-free infant formula to fulfill their nutrition requirements.For instance, according to an article published by The Times of India, an Indian daily newspaper and digital news media, as of May 2020, 60% of Indians were suffering from milk intolerance.
Therefore, the rising incidence of lactose intolerance among infants is driving the lactose-free infant formula market.
Product innovations are a key trend gaining popularity in the lactose-free infant formula market.Product innovation is the creation or introduction of a new good or launching the improved version of a previous good.
For instance, in September 2020, Else, an Israel-based start-up, announced the launch of plant-based milk for toddlers.The product is expected to be a game-changer for children having lactose intolerance and other food sensitivities.
It offers 30% of a child’s daily calcium requirement, five grams of protein, and three grams of sugar through one serving. The USDA-certified powdered organic formula features buckwheat flour, almond butter, tapioca, and 20 other vitamins and minerals.
In September 2021, Primavera Capital Group, a Chinese investment firm acquired Mead Johnson’s business in China from Reckitt Benckiser Group for an undisclosed amount.The acquisition strengthens Primavera Capital Group’s objective to enhance its growth prospects and position in China’s large infant nutrition market including innovation, operational improvement, channel optimization, and digital transformation.
Mead Johnson is a US-based infant and child nutrition company that provides lactose-free infant formula.
The countries covered in the lactose-free infant formula market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The lactose-free infant formula market research report is one of a series of new reports that provides lactose-free infant formula market statistics, including lactose-free infant formula industry global market size, regional shares, competitors with a lactose-free infant formula market share, detailed lactose-free infant formula market segments, market trends and opportunities, and any further data you may need to thrive in the lactose-free infant formula industry. This lactose-free infant formula market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06310162/?utm_source=GNW
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