The global lactose-free butter market is projected to exhibit a CAGR of 7.4% during the forecast period of 2021 to 2028.
the following companies as the key players in the global lactose-free butter market:Arla Foods amba (Denmark), Conagra Brands, Inc. (the US), Green Valley Creamery (US), California Dairies, Inc. (US), Valio Ltd (Finland), Upfield (Netherlands), Johnson & Johnson Services, Inc. (US), Lactalis Canada (Canada), OMIRA GmbH (Germany), and Prosperity Organic Foods, Inc. (US).
The global lactose-free butter market is projected to be valued at USD 445.5 million by 2028, recording a CAGR of 7.4% during the forecast period. In recent years, lactose-free products are becoming more mainstream among consumers due to their easy accessibility and availability of a wide variety of product ranges in all product segments such as butter, cheese, and yogurt. Consumers can choose from various products according to their tastes and choices. Moreover, lactose-free products provide a great opportunity for consumers suffering from lactose intolerance to take advantage of the wide-ranging palette of several nutritious and delicious products made from milk. Increasing consumer consciousness about the nutritional benefits of dairy products, the promotion of various lactose-free dairy possibilities, and their benefits of preventing sandiness and sugar reduction are some of the major reasons that will help drive the growth of the global lactose-free butter market. The lactose-free dairy segment is a highly profitable and expanding market for dairy manufacturers as consumers are increasingly inclining towards them. Owing to this, manufacturers are innovating new products and new variants of existing products for meeting the changing and increasing consumer demands, in turn resulting in the growth of the lactose-free butter market.
The advent of the global pandemic, COVID-19, has resulted in a global crisis. It has impacted over 220 countries and has already created an economic backdrop worldwide. More than 167 million confirmed cases of COVID-19 have been reported as of May 2021, affecting more than 220 countries. The global pandemic is believed to generate a chaotic environment, thereby resulting in the initiation of a global recession. Owing to the rapidly increasing cases, the global lactose-free butter market is affected in many different ways.
The COVID-19 pandemic has drastically changed consumer behavior.It has been noticed that consumers are shifting their budget towards essential goods, such as masks, sanitizers, and household goods. However, the demand for lactose-free butter surged in 2020 as consumers are inclining towards health-benefiting products due to the growing health consciousness among consumers.
The global lactose-free butter market has been segmented based on type, category, distribution channel, and region.
Based on type, the global lactose-free butter market has been divided into salted butter and unsalted butter. The salted butter segment held the largest market share in 2020, while the unsalted butter is expected to grow the fastest with a higher CAGR in the global lactose-free butter market during the period forecasted.
By category, the global lactose-free butter market has been segmented as conventional and organic.This conventional segment accounted for the maximum market share in 2020. In contrast, the organic segment is expected to grow fastest with a higher CAGR in the global lactose-free butter market during the period forecasted, owing to the increasing consumer inclination towards organic products due to the growing consumer awareness about numerous health benefits provided by organic products.
Based on distribution channel, the global lactose-free butter market has been classified as store-based and non-store-based. The store-based channel has been further segmented into supermarkets & hypermarkets, convenience stores, and others. The non-store-based segment is projected to exhibit a higher CAGR during the forecast period. Companies face difficulties in reaching consumers in different regions through brick-and-mortar stores. Thus, e-commerce channels enable companies to cater to the consumers’ needs and improve their brand presence.
Based on region, the global lactose-free butter market has been categorized into north America,Europe, Asia-Pacific,South America, and Middle East & Africa. As per CRI analysis, Europe constituted a dominant share of the lactose-free butter market in 2020.