Global Lactose Market to Reach USD 1.53 Billion by 2026
Posted: Apr 09, 2020
The global lactose market size is projected to reach USD 1.53 billion by 2026, thereby exhibiting a CAGR of 3.7% during the forecast period. The market was valued at USD 1.19 billion in 2018. This information is published in a report by Fortune Business Insights, titled, "Lactose Market Size, Share Trends & Industry Analysis, By Purity (Crude Lactose, Edible Lactose, and Refined-edible Grade Lactose), By Color (Yellow Lactose, Pale-yellow to White Lactose, and White Lactose), By Applications (Food, Feed, Infant Formula, and Pharmaceuticals), and Regional Forecast, 2019-2026." The report further mentions that the market is likely to gain momentum from the rising application of lactose in various industries, namely, food and beverages and feed. It is also used in the making confectioneries, bakery products, and creams.
Usage of Lactose in Making Sports Drinks Will Drive Market Growth
The sports and dietary supplements industry is growing at a size ablerate all over the world. It is occurring because of the rising participation of the populaces in active and recreational sports. Also, increasing number of organized sports is contributing to the growth of this industry. The regional governments as well as non-profit organizations are also taking various initiatives to increase the awareness about health, fitness, and personal well-being amongst the masses. This is resulting in the rising demand for clinical and sports nutrition products. In the food industry, lactose is experiencing high demand owing to itsclinically proven health benefits and other physical properties that are making it the perfect ingredient for making sports drinks. It is expected to boost the lactose market growth during the forecast period.
Refined-edible Grade Lactose Segment to Exhibit Immense Growth Backed by Demand from Infant Formula Industry
In terms of purity, the market is fragmented into refined-edible grade lactose, edible lactose, and crude lactose. Out of these, the edible grade lactose segment had acquired 27.1% lactose market share in 2018. However, the refined-edible grade lactose segment had generated the highest revenue in 2018 and had lead the market. It is widely used in the infant formula and pharmaceutical industries. Several prominent players are offering novel products, such as dry-blend infant-grade lactose. It is, in turn, increasing demand for refined-ediblegrade lactose. Additionally, these industries have set up a few strict specification requirements for this type of lactose that requires additional steps for purification. All these factors are likely to propel this segment in the coming years.
North America to Showcase Astonishing Growth Stoked by High Demand for Confectionery
The market is geographically segregated into Europe, Asia Pacific, the Middle East and Africa, North America, and Latin America. Amongst these, North America had generated USD 183.7 million lactose market revenue in 2018. The American Dairy Association mentioned that in 2018, the U.S. consumed around 150,000 tons of infant formula out of the total consumption of 2.5 million tons. In the U.S., there is also a rising demand for refined-edible grade lactose from the pharmaceutical industry. Moreover, increasing demand for confectionery and other food products would also drive the lactose market value in this region.
Asia Pacific was in the dominant position in the consumption of lactose in 2018. As per numerous national and regional estimates, Japan, India, and China accounted for approximately 30% to 40% of the feed production globally in the same year. China and other countries situated in this region were the leading producers of infant formula.
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Saurabh is a part of the very talented content team at Fortune Business Insights™. He is a highly-driven writer with extensive experience in market research.