According to a new report published by Allied Market Research titled,”Global Lactose Free Butter Market by Application and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019–2026,” the global lactose free butter market size was valued at $ 222.9 million in 2018, and is projected to reach $388.4 million by 2026, growing at a CAGR of 7.1% from 2019 to 2026. In 2018, North America accounted for nearly 40.7% share of the lactose free butter market.
The growth in value sales for lactose free butter is attributable to surge in demand for different lactose free food products, which facilitates better taste. Thus, increase in willingness of customers to try different types of natural tastes in food & beverages is expected to fuel the demand for lactose free butter market.
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The food industry has been evolving in terms of innovations and demands. Manufacturers are focusing on key innovations that cater to the requirements of their target consumers. Increase in awareness toward health and wellness has been witnessed among people residing in developed as well as the developing countries. This has resulted in increased demand for various types of special lactose free butter made using dairy alternative products. Thus, lactose free butter market is gaining increased traction among food & beverage manufacturers, which significantly drives the lactose free butter market growth.
The market has witnessed higher rate of penetration in North America and Europe. However, low availability has been observed for this product in some major parts of Asia-Pacific and LAMEA, which is attributable to low performing macro-economic factors such as aggressive marketing strategies by manufacturers, and slower economic growths in the regions. Thus, lower penetration of such products limits the growth of the lactose free butter market.
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There has been an increase in number of users on various social media sites, with rise in internet penetration. Taking this into consideration, most of the key market players strategize on promoting their products on these social media platforms. Thus, through social media marketing strategy, the lactose free butter market sights critical opportunities to grow.
Key Findings of the Study:
Depending on lactose free butter market trends, the household segment garnered 82.0% of the lactose free butter market share in 2018 and is expected to grow at a CAGR of 7.6% from 2019 to 2026.
The commercial segment was valued at $39.9 million and is expected to reach $59.3 million by 2026, registering a CAGR of 5.0 %.
In 2018, by distribution channel, the specialty stores segment accounted for 50.3% share of the lactose free butter market, and is expected to grow at the CAGR of 6.3%.
The online retail stores segment was valued at $7.8million, and is expected to reach $14.6 million by 2026, registering the highest CAGR of 11.5%.
Region wise, North America accounted for a prominent market share in 2018, and is anticipated to grow at a CAGR of 5.9% throughout the forecast period.
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The key players operating in the global lactose free butter industry include The Kraft Heinz Company, The Hain Celestial Group, Inc., Cargill Inc., Corbion Inc., Kerry Group PLC, Ingredion Incorporated, Chr Hasen A/S, Dupont, Kellogg Company, and General Mills, Inc.
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About Allied Market Research:
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 domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.