LONDON, June 13, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Lactose-Free Dairy Market Report 2023, the market will grow from $10.9 billion in 2022 to $11.8 billion in 2023, at a compound annual growth rate (CAGR) of more than 8%. Further, the lactose-free dairy market will reach $16.1 billion by 2027, growing at a CAGR of 8%. Europe held the largest lactose-free dairy market share in 2022.
One of the significant drivers of lactose-free dairy industry growth is the increasing consumption of organic food and beverages. Organic food products are produced through farming methods that do not involve the use of chemicals or human-made additives. As lactose-free foods are harvested using organic methods, they are preferred by consumers who seek organic options. This preference for organic products has resulted in a surge in organic food and beverage consumption, as evidenced by the Organic Trade Association's data.
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Major lactose-free dairy companies are Dairy Farmers of Americas Inc., General Mills Inc., Lifeway Foods Inc., Nestle S.A., Saputo Inc., The Coca-Cola Company, Organic Valley, Johnson & Johnson, The Kroger Company, and Cabot Creamery Cooperative Inc.
Innovations in product offerings are a key trend in the lactose-free dairy market. Leading companies in the industry are introducing novel products, such as animal-free creams and easily digestible alternatives, to maintain their market position.
For example, in February 2022, Modern Kitchen, a US-based animal-free products company, launched the world's first animal-free cream cheese. This product is developed using precision fermentation technology, wherein DNA sequences of genuine dairy are encoded into microorganisms that produce proteins similar to real milk. The resulting product is both lactose-free and free from hormones and cholesterol.
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The global lactose-free dairy market is segmented as -
1) By Type: Milk, Cheese, Yogurt, Other Types
2) By Form: Solid, Liquid, Powder
3) By Distribution Channel: Hypermarkets Or Supermarkets, Convenience Stores, Online Channels, Other Distribution Channels
The lactose-free dairy market report serves as a valuable resource for industry stakeholders, investors, researchers, and decision-makers seeking a comprehensive understanding of the market. By providing insights into market trends, growth drivers, and key players, the report aids in making informed business decisions and capitalizing on the lucrative opportunities within the lactose-free dairy sector.
Lactose-Free Dairy Global Market Report 2023 by The Business Research Company provides insights on the lactose-free dairy market size, lactose-free dairy market segments, lactose-free dairy market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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