New York, US, May 04, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Lactose-Free Butter Market Information by Distribution Channel, Product Type, Category, and Region - Forecast till 2028”, the market is estimated to acquire a size of over USD 445.5 million by the end of 2028. The report further predicts the market to thrive at a healthy CAGR of over 7.4% during the review timeframe.
Market Scope:
Lactose-free butter has only trace amounts of lactose, which differs from most other dairy products. Lactose-intolerant people can tolerate up to 12 grams of lactose at a time without any symptom, and one tablespoon (14 grams) of butter consists of over undetectable levels.
Competitive Analysis
The lactose-free butter market has prominent leaders such as:
- Upfield (Netherlands)
- California Dairies, Inc. (US)
- Arla Foods amba (Denmark)
- Prosperity Organic Foods, Inc. (US)
- Conagra Brands, Inc. (US)
- OMIRA GmbH (Germany)
- Green Valley Creamery (US)
- Lactalis Canada (Canada)
- Johnson & Johnson Services, Inc. (US)
- Valio Ltd (Finland)
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Market USP Covered
Market Drivers
The lactose-free butter market has registered impressive growth in the last few years. The market's brilliant performance is mainly credited to the increasing demand for healthier alternatives. Furthermore, the factors such as the growing occurrence of lactose intolerance and increasing demand for organic products are also estimated to catalyze the market's growth over the assessment era. In addition, the increasing craze of non-store-based channels and growing e-commerce sector are projected to propel the market’s growth over the coming years.
Market Restraints
On the other hand, the high prices of lactose-free butter are projected to obstruct the growth of the market globally.
COVID-19 Impact
The impact of COVID-19 has had an adverse impact on most of the industry sectors. The lactose-free butter market is no different than others. Several countries ended up imposing partial or complete shutdown to cut down the spread of the disease. The impact of COVID-19 on logistics has disturbed the supply of raw materials, which has further lowered the production capacity and, thus, led to product shortages. These factors are anticipated to lead to a price rise in lactose-free butter in the short run. In addition, lactose-free butter is usually bought to increase the nutritional benefits of milk by lactose-intolerant people. The present pandemic is promoting consumers to consume products with high nutritional benefits. These parameters are mainly affected the supply and demand curve for lactose-free butter. On the other hand, most of the customer's budget was moved to essential goods, and a substantial shortage in non-essential businesses was seen.
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Segment Analysis
The lactose-free butter market is divided into a number of segments c0onsidering region, distribution channel, type, and category.
The lactose-free butter market is divided into two main categories such as unsalted butter and salted butter based on type. The unsalted butter segment is projected to account for the highest revenue across the global market. it is anticipated to exhibit the highest CAGR over the coming years. Unsalted butter does not have any added salt. So, it has a shorter shelf life as compared to salted butter. Although, it is fresher in taste. Moreover, unsalted butter has a more pronounced mellow sweetness than salted butter in flavor terms.
Based on category, the global market is split into organic and conventional. In 2020, the conventional segment accounted for the highest share in the market globally. The segment's growth is mainly attributed to its low cost and traditional use. Although the consumers are getting more aware of health and fitness, factors such as lack of awareness regarding organic products and the low production cost are likely to boost the demand for conventional variants over the assessment era.
Based on the channel, the lactose-free butter market is split into non-store-based and store-based. The store-based segment is further categorized into hypermarkets & supermarkets, convenience stores, and others. The superstores & hypermarkets segment will likely generate the maximum revenue over the forecasted timeframe. Convenience store also plays a crucial part in distributing lactose-free butter.
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Regional Analysis
The lactose-free butter market is examined across five major regions: Asia-Pacific, Europe, Latin America, North America, and the Middle East & Africa.
As per the MRFR analysis report, the European region held the top position in the lactose-free butter market in 2020, with the largest market share of over 34.2%. The region is known to produce large amounts of milk. The suppliers acroiss the European market are working oin order to launch innovative and cost-effective products to meet the demands of the health-conscious population across the region, which in turn is boosting the growth of the regional market. Furthermore, a mass consumer shift towards organic food and beverages has been seen in the food & beverages sector in the last few years. The shift has mainly been caused by the increasing consumer awareness related to the health benefits provided by organic food and beverages products.
The North American region secured the second position in the lactose-free butter market in 2020 and is anticipated to register substantial growth over the assessment era.
The lactose-free butter market for the Asia-Pacific region is expected to register the maximum CAGR during the estimated period. The region is emerging as the next revenue pocket across the globe. The growth of the regional market is mainly accredited to the increasing consumer awareness regarding lactose intolerance across the region. It boosts the growth in demand for lactose-free butter. Furthermore, the factors such as the increasing demand for healthy food & beverage products, increasing westernization of consumer diets, and growing demand for rapid urbanization are also projected to catalyze the regional market's growth over the assessment era.
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