Global Lactose-Free Butter Market Analysis and Forecast, 2019-2028 - In-depth Market Report by RationalStat
Market Overview and Dynamics: Growing demand for healthier alternatives and the increasing number of lactose-intolerant people are driving the demand for lactose-free butter
The global lactose-free butter market is expected to grow at a CAGR of around 7.5% during the forecast period of 2022-2028. Growing demand for healthier alternatives and the rising prevalence of lactose intolerance among people is expected to propel the demand for lactose-free butter across the globe.
The global lactose-free butter market is set to observe considerable growth in the next six years. The increasing prevalence of lactose intolerance among the millennial population has been playing a key role in expanding the market scope. Moreover, age group and income level play an important role in influencing the purchase of lactose-free butter. The increasing population of baby boomers is also estimated to drive the market over the forecast period.
North America is expected to gain significant growth in the global lactose-free butter market during the forecast period; the increasing purchasing power of the consumers in this region drives the regional market. Europe presents striking opportunities for the consumer goods sector which is expected to provide a supportive platform for the growth of the lactose-free butter market. Moreover, the majority of consumers in Europe are lactose intolerant, which has driven the demand and consumption of lactose-free butter across European countries. Further, the Asia Pacific is expected to exhibit significant growth in the coming years, mainly driven by the growing awareness and increasing penetration of global brands in the region.
• Based on type, the unsalted butter segment held a significant market share on the back of health benefits, freshness in taste, and awareness among people to consume less salt.
• On the basis of the distribution channel, the e-commerce distribution channel followed by specialty stores is expected to grow at a faster pace due to the ease of availability and discounts offered on the platforms.
• Based on region, North America is dominating the global lactose-free butter market. The presence of key leading players coupled with the increased awareness and significant presence of lactose-intolerant people in the region are pivotal growth factors for the regional market growth.
The global lactose-free butter market is fragmented in nature with the presence of various players operating in the market. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Partnerships and collaborations, the introduction of new variants, and the development of existing products are some of the strategies followed by industry players. Some of the key developments in the global lactose-free butter market include,
• In May 2020, Valio announced its development of solutions to reduce sugar in bakery goods, dairy products, chocolate, and ice cream.
• In October 2019, Upfield launched a new Flora Plant™ in Austria with which it joined their plant-based food movement. Flora PlantTM is a dairy-free and Lactose-free butter that tastes and looks like dairy butter but is prepared from plant-based oils derived from sunflower, rapeseed, and responsibly harvested palm fruit seeds.
Some of the prominent players that contribute significantly to the global lactose-free butter market include Valio Ltd., Agropur Dairy Cooperative (Natrel), Kraft Heinz Company, Kellogg Company, Cargill Inc., Morrisons Ltd., California Dairies, Inc., Johnson & Johnson Services, Inc., Arla Foods amba, Upfield, Lactalis Canada, LACTAID (McNeil Nutritionals, LLC), Conagra Brands, Inc., Green Valley Creamery, Challenge Dairy Products, Inc., among others.
RationalStat has segmented the global lactose-free butter market on the basis of category, type, application, distribution channel, and region.
• By Category
• By Type
o Salted Butter
o Unsalted Butter
• By Application
• By Distribution Channel
o Retail Stores
o Specialty Stores
• By Region
o North America
o Latin America
Rest of Latin America
o Western Europe
Rest of Western Europe
o Eastern Europe
Rest of Eastern Europe
o Asia Pacific
ASEAN (Indonesia, Vietnam, Malaysia, etc.)
Rest of Asia Pacific
o Middle East & Africa
Rest of the Middle East & Africa
For more information about this report visit https://store.rationalstat.com/store/global-lactose-free-butter-market/
Kimberly Shaw, Content and Press Manager
Phone: +1 302 803 5429
RationalStat is an end-to-end US-based market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the clients' needs. Additional services offered by the company include consumer research, country reports, risk reports, procurement intelligence, data analytics, and analytical dashboards.
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