Market Overview:
The trend of fat-free foods has become popular at a dramatic pace. Individuals of this era concentrate a lot on what they eat and try their best to avoid food products that can cause allergies or increase their carbohydrate levels. And due to this many new industries that provide alternative food products have emerged. The global lactose free food market is an example of one such market. In the forthcoming projection period of 2017-2023, the market will witness tremendous progression.
At present, majority of the people have become health concerned and are switching to healthy diet patterns. And due to this reason, it can asserted that the worldwide market for lactose free food will grow by leaps and bounds during the forecast period. The CAGR and revenue turnover rates look encouraging and further confirm this fact.
Rising awareness regarding lactose intolerance on a global level and the higher number of people struggling with this condition happen to drive the growth of this market.
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Market Players & Key Strategies:
Some of the most famous and skillful brands in this market can be named as Simply Protein, Galaxy Nutritional Foods, Whitewave Foods, Murray Goulburn, Edlong Dairy Technologies, Dr. Praeger and Crowley Foods.
All of the above mentioned players and even the ones apart from them have to work constantly towards improving their services to ensure that their businesses are in good shape. Furthermore, they also need to employ certain growth strategies like acquisition, strategic expansion and partnership with other organizations.
Market Segmentation:
The worldwide market for lactose free food market has been segmented into four distinct categories. Each these has a sub-category each respectively and they have been listed below:
Applications – Dairy products, confectionery, bakery products and sauces.
By type – Desserts, milk, soups and sauces, breads and fats. Amongst these the lactose free milk section has an upper edge over the others. Even the dessert segment is expected to grow at an impressive rate during the forecast span.
By source – Hemp milks, soy, rice, almond and coconut.
Distribution channels – Convenience stores, online, pharmacies/drugstore, hypermarket/ and supermarket. Out of these pharmacies/ drugstore accounts for the largest share of the market as of right now. Convenience store sub-division is also anticipated to grow considerably during the projection span.
Industry News:
April 4, 2018 – Granarolo Group a dairy company from Italy has announced a strategic alliance with ENEA which is the Italian national agency for new and upcoming technologies. They have announced that they will be creating low-sugar lactose free milk and milk products. This joint venture has been received positively by the market and many benefits are expected to come towards it through this project.
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Regional Analysis:
The market for lactose free food has its hold on all the important corners of the world. Over the years it has been successful in establishing its hold across various areas of the world like Americas, Europe, Asia Pacific and Rest of the World.
From all the aforementioned regions, Europe is the one that tends to dominate this market in terms of geographies. It tallies for the largest portion of the market share and is all set to develop at a tremendous pace in the forthcoming years. The CAGR of this region looks promising and further confirms this fact.
After Europe, Americas comes second in line, it holds the second biggest chunk of the market share. By the end of the forecast period, this region will have successfully reached its full potential. The main reason behind this dramatic progress is that at present there is an all-time high demand for lactose free products in this region. Furthermore, there are many people in this particular region who have severe lactose intolerance which further aids in the expansion of the market.
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