Lactose Global Market Report 2024: The Market Is Set To Grow At A CAGR Of 4.3%
Lactose Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What is the Expected Lactose Market Size in 2024 and its Growth Rate?
The lactose market size has grown steadily in recent years and will continue to do so, growing from $1.31 billion in 2023 to $1.36 billion in 2024, reflecting a compound annual growth rate CAGR of 3.8%. The growth in the historic period can be attributed to increased consumption of dairy products worldwide, growth in the global food and beverage industry, demand for infant formula and nutritional supplements, expansion in the pharmaceutical and pharmaceutical excipients industry, and a rise in health awareness and nutritional consciousness.
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How is the Lactose Market Forecasted to Grow?2
The lactose market size is anticipated to see steady growth in the coming years. It is expected to grow to $1.61 billion in 2028, with a compound annual growth rate CAGR of 4.3%. The increase in the forecast period can be attributed to the increasing use of lactose in pet food formulations, rising prevalence of lactose-free and dairy-free products, demand for low-fodmap and gut-friendly ingredients, emergence of niche applications in cosmetics and personal care, and expansion in lactose market in emerging economies. Major trends in the forecast period include the use of lactose in cosmetics and personal care products, high purity and pharmaceutical-grade lactose, lactose in animal feed formulations, instantized lactose for quick dissolution, and customized lactose blends.
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Which Factors are Driving the Growth of the Lactose Market?
The rising dairy production is expected to propel the growth of the lactose market going forward. Dairy production refers to the farming and processing of milk and milk-related products, typically from animals such as cows, goats, or sheep. Increased dairy production leads to a higher availability of raw milk, resulting in a greater supply of lactose as a byproduct. In addition, the boost in dairy production results in more lactose byproducts, making lactose more affordable, and stimulating its use in various industries, including food and non-food sectors. For instance, in November 2022, according to Eurostat, a Luxembourg-based government agency of the European Union, in 2021, raw milk production on farms in the European Union EU reached an estimated 161.0 million tonnes, indicating a year-on-year growth of 0.7 million tonnes. Therefore, the rising dairy production is driving the growth of the lactose market.
Which Companies are Leading in the Lactose Market?
Major companies operating in the lactose market include Kerry Group, Saputo Inc., Lactalis Ingredients, Leprino Foods Company, Glanbia PLC., Lactose India Ltd., Davisco Foods International Inc., DMK Deutsches Milchkontor GmbH, Molkerei MEGGLE Wasserburg GmbH & Co. KG, Royal FrieslandCampina NV, FrieslandCampina, Armor Proteines, Bayerische Milchindustrie eG, Milei GmbH, Fonterra Co-operative Group, Agropur Cooperative, Nestle SA, Danone SA, Dairy Farmers of America Inc., Arla Foods amba, Gujarat Co-operative Milk Marketing Federation Ltd., Inner Mongolia Yili Industrial Group Co Ltd., Ba'emek Advanced Technologies Ltd., Hilmar Cheese Company, Avantor Inc., Danone North America Inc., Kraft Heinz Company, Glanbia Plc, Foremost Farms USA, Erie Foods International Inc.
What are the Emerging Trends in the Lactose Market?
Strategic collaborations are a key trend gaining popularity in the lactose market. Major companies operating in the lactose sector are focused on strategic collaborations to expand their product portfolio. For instance, in Februaryurary 2022, Nestlé S.A., a Switzerland-based multinational food and drink processing conglomerate corporation collaborated with Valio Ltd., a Finland-based manufacturer of dairy products to enhance its portfolio in premium dairy products. Additionally, in October 2021, Lactalis Corporation, a France-based multinational dairy products company acquired Bel Group for an undisclosed amount. Through this acquisition, Lactalis plans to expand its capacity in dairy, fruit, and plant-based products. Bel Group is a France-based company operating in cheese making.
How is the Lactose Market Segmented?3
The lactose market covered in this report is segmented –
1 By Form: Powder, Granule
2 By Purity: Crude Lactose, Edible Lactose, Refined-Edible Grade Lactose
3 By Color: Yellow, Pale-Yellow To White, White
4 By End-Use: Food And Beverages, Confectionery, Animal Feed, Pharmaceutical, Cosmetics, Other End-Users
What is the Regional Breakdown of the Lactose Market?
North America was the largest region in the lactose market in 2023. The regions covered in this lactose market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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