Lactose Market 2023 Size, Share, Revenue Trends and Growth Drivers
The Lactose Market 2023 Size Forecast to 2030 research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data.
The global lactose market size was valued at USD 2.22 billion in 2021. The market is projected to grow from USD 2.32 billion in 2022 to USD 3.00 billion by 2029, exhibiting a CAGR of 3.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with lactose experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a higher growth of 22.9% in 2020 as compared to 2019.The growing pharmaceutical industry in developing countries, along with the increasing utilization of lactose in food processing and manufacturing of infant formula, is resulting in the growing demand in the global market. Additionally, major dairy-producing countries increasing demand for food and infant-grade lactose has been instrumental in propelling the lactose market growth. Lactose Market Size, Share & COVID-19 Impact Analysis, By Application (Food, Feed, Pharmaceuticals, and Infant Formula (Dry-blend Infant-grade Lactose, Wet-blend Infant-grade Lactose)), By Color (Yellow, Pale-Yellow to White, and White), By Purity (Crude, Edible, and Refined Edible), and Regional Forecast, 2022-2029
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Market Growth Drivers:
There has been a significant increase in demand for infant formula, especially from developed countries, including the U.S. and major European countries. China, which has been among the largest single consumers of infant formula, was historically dependent on the import of infant formula. There was a higher preference for imported infant formula brands owing to the melamine scandal in 2008. However, China has shifted its focus towards domestic brands which has promoted the major domestic manufacturers in the country.
However, despite the significant increase in demand and subsequent consumption of lactose globally, the production has not increased in that ratio. Moreover, the pharmaceutical industry has been experiencing significant growth in recent years, especially in developing countries such as Brazil, China, India, and other Asia Pacific countries. The rising prevalence of chronic diseases and increasing initiatives by the government for healthcare awareness are fueling the demand for advanced treatment options. As a result, the major market players are focusing on introducing blockbuster drug molecules to fulfill the demand, which is anticipated to foster the growth of the pharmaceutical market during the study period.
This high growth in the pharmaceutical industry is projected to fuel the demand for lactose, which assists in the compressibility and flowability of the drug molecules while formulating drugs.
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Who are the Major Lactose Market Vendors?
- Fonterra Co-operative Group (New Zealand)
- FrieslandCampina Ingredients (Netherlands)
- DFE Pharma (Germany)
- Arla Foods Ingredients P/S (Denmark)
- MEGGLE GmbH & Co. KG (Germany)
- MILEI GmbH (Germany)
- Lactose (India) Limited (India)
- Hilmar Cheese Company, Inc. (U.S.)
- Kerry (Ireland)
- Kaserei Champignon Hofmeister GmbH & Co. KG (ALPAVIT) (Germany)
- Armor Proteines (SAVENCIA SA) (France)
- Glanbia PLC (Ireland)
- Lactalis International (France)
Market Share Analysis:
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.
Competitive Strategic Window:
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favourable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period [2022 – 2029].
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