The global lactose-free infant formula market is projected to reach USD 24.0 billion, growing with a CAGR of 10.6% by the end of 2025, according to a new report published by Million Insights. The increasing population of lactose intolerant babies across the globe majorly drives the market.
The rising lactose intolerance among infants and lack of time for working women to take care of their babies are encouraging manufacturers to invest in the development and research and to enhance the nutritional quality of the product. For example, Valio Oy has launched over 100 products of lactose-free infant formula in more than 50 countries across the globe.
Organic formula held the largest market share of over 60.0%, in 2018. The segment is projected to grow at a fastest CAGR of 10.7% over the forecast period. The product demand is growing, owing to the changing consumer shift towards premium category products. Moreover, the awareness about harmful effects of chemically synthesized products is increasing among the consumers. These are some of the key factors are expected to boost the organic products growth in the forecast period. The conventional product category is expected to grow at a significant rate due its cost effectiveness in the global market.
In 2018, the supermarket & hypermarket segment held the largest market share of 45.0%. The availability of different products under one roof is attracting consumers to purchase the product with benefits such as authenticity, visibility, and scanning of product. Additionally, the increasing promotional and advertisement campaigns have surged the sales of this segment. The online channel is projected to grow at the highest CAGR of 11.3% during the forecast period. The consumers show more inclination towards online service because to the offering such as doorstep delivery, coupons, and others.
The Europe region held the largest market share of over 37.0%, in 2018, in the overall market. The presence of high population of lactose intolerant individuals is a major factor driving the lactose-free infant formula market growth. Major players operating in the region are Abbott, and GIMME THE GOOD STUFF.The global market is highly competitive, owing to the presence of large and small manufacturers. Several key players in the market are Nestle, Valio Oy, Danone, Abbott and Silverson.
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Further key findings from the report suggest:
• The organic product is anticipated to grow at the fastest CAGR of 10.7% between 2019 to 2025.
• In 2018, supermarkets & hypermarkets channel held the highest market share of 45.0% in the global market.
• Europe held the largest market share of over 37.0% in 2018. Furthermore, the region is estimated to maintain steady growth over the forecast period, 2019 to 2025.
• The industry is heavily competitive because of the top players such as Nestle, Danone, Abbott, Nutricia, Valio Oy and some other regional players.
Million Insights has segmented the global lactose-free infant formula market based on product, distribution channel, and region:
Lactose-Free Infant Formula Product Outlook (Revenue, USD Billion, 2015 - 2025)
Lactose-Free Infant Formula Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
• Hypermarkets & Supermarkets
• Convenience Stores
Lactose-Free Infant Formula Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa