With reference to the latest market forecast report published by Transparency Market Research, on the title ‘Lactose Market: Global Industry Analysis and Opportunity Assessment 2019-2029’, revenue generated from the global lactose market has been estimated to be valued around US$ 1,750.7 Mn in 2019, which is projected to increase at a CAGR of 4.4% to US$ 2,697.3 Mn in 2029, during the forecast period (2019-2029).
Target Segments for Lactose
The global lactose market is segmented on the basis of end use, form and region. On the basis of end use, the lactose market is segmented into food and beverage, pharmaceuticals, animal feed and cosmetic and personal care. The pharmaceuticals segment is anticipated to account for a value share of 45.5% in the year 2019 owing to functional and physiological characteristics. The food and beverage segment is further sub segmented into bakery, confectionary and functional food. The bakery segment is anticipated to account for a value share of 43.7% in the year 2019. On the basis of form, the lactose market is divided into powder, and granule. The powder segment is anticipated to account for more than 90% value share of the global lactose market
Target Geographies for Lactose
The report for the Lactose market has been segmented into North America, East Asia, South Asia, Europe, Latin America, and Middle East & Africa. North America constitutes 19.3% of the market share for Lactose market in the year 2019. The region is anticipated to register a CAGR of 3.2% over the forecast period. Lactose is gaining market traction in North America due to escalating demand among consumers and increasing use of lactose in medical and cosmetic industry.
Manufacturers of lactose products are expected to face an ease in the marketing their products in the region, owing to the mature consumer base present in this region for lactose induced products. The new offerings in the lactose product segment are expected to get easily adopted by consumers. This is aligned with the increasing demand for processed lactose dairy product offerings, and offerings other than milk and yogurt in the region over the last few years. Also, well-established supermarkets and other retail chains are expected to increase the penetration of lactose products in the region, which, with the mature market for lactose products, is attributed to be driving the lactose market in the region throughout the forecast period.
Global Lactose Market: Competition Dashboard
Key Activities by Major Players of Lactose Market:
- In December 2018, the Zeria Pharmaceutical Co., Ltd. through its subsidiary launched launch of TP05 Mesalazine in Europe.
- In April 2019, Hilmar Cheese Company, Inc. entered into an agreement to sell its milk powder facility located at Turlock, California to California Dairies, Inc.
- In March 2019, Meggle Group announced launching of lactose-based pharmaceutical excipient at an upcoming CPhI South East Asia expo.
- In 12 March, 2019, Tnuva Food Industries Ltd. announced the launch of a startup accelerator program. The program is focusing on retail technologies.
- In April 2018, General Mills Inc. completed acquisition of Blue Buffalo Pet Products, Inc. The acquisition has expanded company’s business in wholesome natural pet food category.