NEWARK, DE / ACCESSWIRE / June 1, 2023 / The net worth of worldwide sales of lactose-free butter in the year 2022 was figured out to be around US$ 299.52 million. The market analysis report by FMI projects that the lactose-free butter market is projected to thrive at a strong CAGR of 7% over the study period. By the end of the year 2033, the overall market is anticipated by FMI to reach a value of about US$ 603 million.
The growing percentage of the lactose intolerant population presents a chance for product development in areas with strong demand for butter. Additionally, the product offers a range of diversification options to meet the demands in areas where supply is still limited.
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Key Takeaways from this Market Study Report:
- The worldwide consumption of lactose-free butter worldwide could create an absolute growth opportunity of US$ 392 million over the next ten years.
- Almost one-third of the population in the United States, suffer from lactose intolerance and here butter is considered an ingredient of cultural importance. So the consumption of lactose-free butter in the United States was higher in comparison to any other country. As per the FMI market survey report of 2022, the country captured a global market share of nearly 17.9%.
- European countries are also known to have had a strong consumer base for both traditional and lactose-free butter for a very long time. Germany is the leading supplier of lactose-free butter in Europe and held a 5.3% global market share in 2022.
- The demand for lactose-free butter in the United Kingdom is poised to exhibit a growth rate of 7.9% between 2023 and 2033.
- Japan is a prominent market for lactose-free butter in the Asia Pacific region that held a global revenue share of 4.8% in 2022.
- Owing to having an extensive food & beverages export industry, China is anticipated to grow at an annual growth rate of 5.2% through 2033.
- India is a notably growing market for the production and supply of all types of dairy products in recent years. FMI predicts the sales of lactose-free butter to grow at an astounding 12.4% during the years 2023 to 2033.
Competitive Landscape for this Market:
Leading lactose-free butter market participants such as Kraft Heinz, Hain Celestial Group, Cargill, Corbion., Kerry Group, Ingredion, Dupont, Kellogg, and others. To build a sizable client base, leading lactose-free butter providers are concentrating on the regional expansion of their manufacturing facilities.
In order to appeal to environment-conscious consumers, several market players are now choosing practical and ecological packaging alternatives with extensive labeling. To increase their profitability, key market participants are likewise concentrating on e-commerce presence and are improving their social media marketing strategies.
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Recent Developments:
A new lactose-free butter was brought on the market in June 2022 by Cavin, which is a brand of the well-known FMCG firm, CavinKare, with headquarters in Chennai, India. This new product line of lactose-free butter is now offered in two varieties including frying butter as well as table butter.
An organic carbon zero-certified lactose-free butter was introduced by the New Zealand Dairy Cooperative and Anchor Fonterra in April 2022. It was independently certified by ToitEnvirocare to minimize and offset carbon emissions in light of the growing concerns to reduce carbon footprint.
Market Categorization:
By Product Type:
- Spreadable Butter
- Non-spreadable Butter
By Nature:
- Organic Butter
- Conventional Butter
By Source:
- Cream
- Milk
- Skimmed
- Whole
By End-use Verticals:
- Hotel, Restaurant, & Café (HoReCa) or Foodservice Sector
- Household or Retail Sector
- Food Industry
- Bakery and Confectionery Industry
- Meat Products Industry
- Infant Formula Industry
- Dessert Making
By Distribution Channel:
- Direct Sales Channels
- Indirect Sales Channels
- Hypermarkets or Supermarkets
- Convenience Stores
- Specialty Stores
- Independent Retailers
- Online Retailers
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Table of Content (ToC);
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and Their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter's Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (MT) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (MT) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Product Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Product Type, 2023 to 2033
5.3.1. Spreadable
5.3.2. Non-Spreadable
5.4. Y-o-Y Growth Trend Analysis By Product Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Product Type, 2023 to 2033
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