Portland, OR, July 02, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research,the global lactose free butter market generated $222.9 million in 2018, and is estimated to reach $388.4 million by 2026, portraying a CAGR of 7.1% from 2019 to 2026.The report offers an extensive analysis of changing market dynamics, top winning strategies, business performance, top impacting factors, and competitive scenario.
Increase in lactose intolerant people across the globe and rise in demand for lactose free dairy products drive the growth of the global lactose free butter market. However, availability of alternative products by local players hinders the market growth. On the other hand, innovations in the flavors of lactose free butter and increase in the consumption in developed as well as emerging economies create new opportunities in the coming years.
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Covid-19 scenario:
- The dairy industry remained operational to much extent in producing, processing, transporting, and serving products.Lactose free butter demand might have taken a hit during months of lockdown, yet the governments have not disrupted supply as it comes under the essential goods category. The demand has been raised post-lockdown.
- However, the production activity has been slowed down and carried out with minimum number of workers due to the government guidelines.
The report offers a detailed segmentation of the global lactose free buttermarket based on application, distribution channel, and region.
Based on application, the household segment contributed to the largest share in 2019, accounting for more than four-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the same segment is expected to register the highest CAGR of 7.6% from 2019 to 2026.
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Based on distribution channel, the specialty stores segment accounted for the largest share in 2019, holding nearly half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the online retail stores segment is estimated to portray the highest CAGR of 11.5% during the forecast period.
Based on region, North America contributed the highest share, accounting for nearly two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 10.1% from 2019 to 2026.
Leading market players analyzed in the research include The Hain Celestial Group, Inc., Cargill Inc., General Mills, Inc., Corbion Inc., Ingredion Incorporated, Kraft Heinz Company, ChrHasen A/S, Kerry Group PLC, Dupont, and Kellogg Company.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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