FELTON, Calif., May 12, 2021 /PRNewswire/ -- The global Lactose-Free Butter Market size is expected to reach USD 984.3 million by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 6.8% from 2021 to 2028.
What are Key Factors Driving the Lactose-Free Butter Market?
The market is estimated to witness significant growth over the forecast period owing to the increased consumption of lactose-free butter, growth of the global processed food industry, and growing urbanization. Moreover, the increasing prevalence of lactose intolerance, the rise in the need for energy with weight management, and consumers' growing preference for such salt-free products are major factors responsible for driving the industry over the forecast period.
Consumer's preference for organic and natural food has been increasing due to rising health consciousness among people. Additionally, increased health expenditure, a surge in disposable income, and improved living standards are responsible for the market growth. The high cost and the lack of awareness regarding the benefits of lactose-free dairy products are expected to hamper the market growth over the forecast period.
The convenience and specialty stores segment held the largest share of more than 49.0% in 2020 due to the increasing lactose-free butter sales from the convenience and specialty stores. The preference for such premium products is growing among customers due to more sustainability offered by these convenience and specialty stores than other distribution channels. Hence, the segment is projected to witness considerable growth during the assessment period.
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Lactose-Free Butter Market Report Highlights:
- Asia Pacific is expected to register the fastest CAGR of 7.9% from 2021 to 2028 owing to shifting preference toward health consciousness among the millennials in countries, including China and India.
- Based on distribution channel, the convenience and specialty stores segment held the largest share of over 49.0% in 2020 owing to the increasing sales of these products from convenience and specialty stores.
- By product, the spreadable segment held the largest share of more than 79.0% in 2020 due to its increasing demand. This butter remains softer even at cold temperatures, and it can spread easily, which gives it a significant advantage over non-spreadable butter. Due to its increasing demand, manufacturers are implementing new technologies in their products globally. It consists of vegetable oil and blends of butter.
- The establishment of partnerships to undergo sustainable developments and new product launches are some of the strategies utilized by the industry participants for gaining a competitive edge in the market.
Browse 85 page research report with TOC on "Global Lactose-Free Butter Market" at: https://www.millioninsights.com/industry-reports/global-lactose-free-butter-market
Million Insights has segmented the global lactose-free butter market on the basis of product, distribution channel, and region:
- Lactose-Free Butter Product Outlook (Revenue, USD Million, 2017 - 2028)
- Lactose-Free Butter Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
- Supermarkets & Hypermarkets
- Convenience & Specialty Stores
- Lactose-Free Butter Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- South Africa
- List of Key Players of Lactose-Free Butter Market
- The Kraft Heinz Company
- Challenge Dairy Products, Inc.
- Green Valley Creamery
- Agropur Dairy Cooperative
- Conagra Brands
- Ingredion Incorporated
- Kellogg Company
- General Mills, Inc.
- LACTAID (McNeil Nutritionals, LLC)
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