The new report by Expert Market Research titled, 'Global Lactose Market Report and Forecast 2021-2026', gives an in-depth analysis of the Global Lactose Market, assessing the market based on its segments like source, product, industry, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter's Five Forces models.
The key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 5%
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The lactose industry is propelled by the rising demand for baby formula globally. Decreasing breastfeeding rates and raising understanding of child nutrition value are also boosting the need for infant formula. In addition, rising disposable incomes and better living conditions in developed countries are also substantially contributing to the sector's development. The demand for lactose is projected to increase significantly due to its strong demand as an excipient in the pharmaceutical industry. Supportive government policies, combined with medication suppliers' low prices, are likely to be critical factors affecting product demand in pharmaceutical applications over the forecast period. In addition, the growing pharmaceutical industry, along with the demand for baked goods, confectionery, creams, and others, is also boosting the growth of the market.
Industry Definition and Major Segments
Lactose is a disaccharide, which means it is made up of two sugar molecules. It has the chemical formula C12H22O11 and is made up of galactose and glucose subunits. Lactose is used in milk in amounts ranging from 2-8%. (by weight). Lactose is a sugar that can only be contained in milk. It can also be used in dairy and milk-based products, such as cheese and ice cream. It is used as a transporter and stabilizer of aromas and medicinal drugs due to its moderate taste and ease of handling. (5) Since lactose's solubility is lower than that of other sugars widely found in food, it is not added specifically to many items. The exception is infant formula, which requires the inclusion of lactose to balance human milk composition.
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Based on derivative, the market is divided into:
Based on form, the industry can be segmented into:
By end-use, the industry is categorised into:
- Food and Beverages
- Animal Feed
By region, the industry is categorised into:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
The industry is expected to gain traction in the coming years due to the rise in multi-source investment and the increasing growth of the dairy industry. Along with the thriving dairy sector, the abundance of milk has ensured a steady supply of whey permeates, which is an essential raw material for the manufacture of lactose. However, the rise in milk prices worldwide is likely to increase product prices and slightly hinder the growth of the market. However, an increasing emphasis on breastfeeding and demand for organic, clean-label dairy products is expected to fuel consumption growth. The industry has several growth opportunities, as customers are eager to purchase new and better-quality products. Increasing demand for the commodity as a drug vector is also expected to fuel the industry's growth over the projected period. Some other factors that drive the market growth include the demand for dry powder inhalers (DPI) drugs, compatibility with active ingredients and other excipients, and drug design coupled with nanotechnology that boosts the pharmaceutical grade lactose market. Over the forecast period, factors such as the rising regulatory uses of lactose and its availability as a generic medicine are projected to fuel market growth.
North America currently leads the lactose market, and its stronghold is expected to persist during the forecast period. The growth is attributed to the growing penetration of leading companies, the booming food and beverage industry, and the region's strict food and safety regulations. Europe is expected to the second-largest market owing to various government policies in support of lactose production. The Asia Pacific region is projected to see significant growth over the forecast period due to an increase in the birth rate in developing economies such as China and India, contributing to the rise in the market for baby formula.
The high prevalence of chronic diseases and steady government efforts to increase affordable drugs are expected to drive the demand in Central and South America over the forecast period. Furthermore, foreign market players' efforts to develop their companies in the Middle East are expected to significantly affect the development of the sector in the region.
Key Market Players
The major players in the market are Fonterra Co-Operative Group Limited, Lactalis Group, Royal Friesland Campina, Kerry Group plc, Agropur cooperative, Arla Foods amba, among Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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