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Exploring the Dominance of Product Innovations in the Lactose-Free Infant Formula Market || Nestle S.A, Valio Ltd., Danone S.A, Abbott, Silverson, Gimme the Good Stuff, Mead Johnson & Company LLC
Lactose-Free Infant Formula Market
The Business Research Company's Lactose-Free Infant Formula Global Market Report 2023 the rising incidences of lactose intolerance is the major driver for the lactose-free infant formula market's growth in the forecast period. 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.
The global lactose-free infant formula market size 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 size is expected to grow to $25.45 billion in 2027 at a CAGR of 11.2%.
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Major competitors in the lactose-free infant formula market are Nestle S.A, Valio Ltd., Danone S.A, Abbott, Silverson, Gimme the Good Stuff, Mead Johnson & Company LLC, Gerber, HiPP International, Vermont Organics, Perrigo Company plc, Earth's Best, Nutricia, Dana Dairy Group, and Nurture Inc.
A key trend in the lactose-free infant formula market includes product innovations. 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.
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The Lactose-Free Infant Formula market is segmented -
• By Type: Milk Infant Formula, Non-Milk Infant Formula
• By Indications: Starting Formula, Specialized Formula, Follow-On Formula
• By Application: Premature, Babies With galactosemia, Infants With Cows Milk Protein Allergies, Other Applications
• By Distribution Channel: Supermarkets/Hypermarkets, Specialist Stores, Online Retail Stores, Other Distribution Channels
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Lactose-Free Infant Formula market.
The Business Research Company's "Global Lactose-Free Infant Formula Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Lactose-Free Infant Formula Market Include:
1. Executive Summary
2. Lactose-Free Infant Formula Market Characteristics
3. Lactose-Free Infant Formula Market Trends And Strategies
4. Lactose-Free Infant Formula Market - Macro Economic Scenario
5. Lactose-Free Infant Formula Market Size And Growth
……………
27. Lactose-Free Infant Formula Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Lactose-Free Infant Formula Market
29. Lactose-Free Infant Formula Market Future Outlook And Potential Analysis
30. Appendix
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