Lactose-Free Infant Formula Market Growth & Trends
The global lactose-freeinfant formula market size is expected to reach USD 24.0 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 10.6% over the forecast period. Growing population of lactose intolerant newborns at the global level is a key factor driving the market.
Increasing
working women population is also significantly affecting the market growth.
Companies are investing on research and development to increase their focus on
lactose-Free Infant Formula product offerings. For instance, Valio Oy has
introduced more than 100 lactose free products in 50 countries. In 2016, the
company invested around USD 28.0 million on new product development in order to
provide high quality assurance to the customers.
The
organic category held the largest market share in 2018. It is expected to
emerge as the fastest growing product segment with a CAGR of 10.7% from 2019 to
2025. The segment growth is attributed to rising demand for premium products in
the market. Increasing awareness about the side effects of chemically
synthesized products is also driving the consumers to purchase organic
products. The conventional category is anticipated to witness significant
growth due to its cost effectiveness and availability of the product in the
market. The product witnesses majority of its demand from the regions including
Asia Pacific and Central and South America.
The
supermarkets and hypermarkets category was the largest distribution channel
segment in 2018, accounting for 45.0% of the global revenue. Availability of a
wide product line is a major factor driving the consumers to purchase their
products from this channel. The online category is anticipated to emerge as the
fastest growing category. Consumers are shifting their preference toward online
purchase due to the convenience of doorstep delivery services.
Europe
is the largest consumer of lactose-Free Infant Formula. In 2018, the region
accounted for 37.5% share of the global revenue. Europeans prefer purchasing
these products as they help in preventing diseases like diarrhea among
newborns. In Finland, one out of 60,000 newborns are lactose intolerant, which,
in turn, is driving the market. Some of the key players operating in the Europe
market are GIMME THE GOOD STUFF and Abbott.
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The
lactose-Free Infant Formula market is competitive in nature due to the presence
of many small and large players. Some of the major companies operating in this
market are Nestlé; Nutricia; Valio Oy; Abbott; GIMME THE GOOD STUFF; Silverson;
Apta Advice; Danone; and Nurture, Inc.
Lactose-Free Infant Formula
Market Report Highlights
·
By
product, the organic category is projected to be the fastest growing segment
with a CAGR of 10.7% over the forecast period
·
On the
basis of distribution channel, the supermarkets and hypermarkets segment
dominated the global market, accounting for 45.0% share of the overall revenue
in 2018
·
Europe
dominated the lactose-Free Infant Formula market in 2018, accounting for 37.5%
share of the overall revenue. This trend is projected to continue in the coming
years due to growing lactose intolerant population and awareness about the
benefits of lactose-Free Infant Formula
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