The global Lactose Free Butter market is projected to grow at a CAGR of 4.43% during the forecast period (2021-2026).
- The gaining popularity of vegan diet and incidences of lactose intolerance have driven the market and continue to do so in thenear future. However, the comparatively high prices of lactose-free butter pose a challenge to the market. The presence of nutritionally equivalent alternatives such as fruit jam and margarine for a lower price affects the consumer behavior and refrains the purchase of lactose-free butter.
- Increased product launches in the market studied is an optimistic development for the market and holds promise to drive the market in future, as most of the manufactures are making developments in the sector.
- Consequently, it is creating an opportunity to capitalize on the consumer preference as the non-dairy or lactose-free butter is safe to consume and contains low amount of saturated fat.
- After, the onset of COVID-19, many countries implied a strict lockdown measures in their respective countries, which contributed to panic purchase of lactose-free butter by the consumer group leading to its increased demand.
Key Market Trends
Lactose-Intolerant Consumers are the Major Boon to the Market
Lactose intolerance is a prevalent and distressing condition that affects an estimated 75% of individuals, across the globe. Consequently, the consumers opt out dairy products for it is difficult for them to digest lactose. Presently, lactose intolerance affects around 40 million Americans or 1/3 of the population, in various degrees of severity. It is most prevalent among the adults of East Asian descent, by affecting more than 90% of adults in some of these communities. Additionally, lactose intolerance is also very common in people of West African, Arab, Jewish, Greek, and Italian descent. Thus, indicating a huge growth opportunity for lactose-free butter in the global market. However, various studies have shown that a consumer with lactose-intolerance can easily consume butter in a minimal quantity for it contains very low amounts of lactose. Nonetheless, with the introduction of lactose-free butter in the market, it created an opportunity for the lactose-intolerant consumer to consumer butter in the desired quantity.
North America is the Largest Market
The surging number of North American population who suffer from lactose intolerance are creating the demand for lactose-free butter. The consumers of the region, especially United States and Canada are highly aware of the lactose intolerant condition unlike the consumers of Asia-Pacific and other parts of the globe that are unaware of the condition they are suffering from. Therefore, the demand for lactose-free butter is higher in North America. Additionally, due to the growing health-consciousness among the native consumers of Guatemala, a trend of shifting from dairy to lactose-free butter and other alternatives is observed as a precautionary step by the consumers themselves. This is attributed to the fact that a significant portion of the country's population already suffers from lactose-intolerance.
The global lactose-free butter market is fragmented with key players dominating the market share such as Arla Foods amba, Challenge Dairy Products, Inc., Redwood Hill Farm & Creamery (Green Valley), Agropur cooperative and Upfield Canada Inc. The market is witnessing new entrants at a fast pace due to the higher market potential and low market entry barriers. The surging demand of lactose-free butter by the lactose intolerant consumers offers an opportunity for product development in the regions of high demand and for market development in the region where the availability is still restricted. Also, in the competitive market the product offers a scope of diversification in order to cope up with the competition.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
- 4.3 Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Type
- 5.1.1 Salted Butter
- 5.1.2 Unsalted Butter
- 5.2 By Distribution Channel
- 5.2.1 Supermarkets/Hypermarkets
- 5.2.2 Specialty Stores
- 5.2.3 Convenience Store
- 5.2.4 Online Retail Stores
- 5.2.5 Others
- 5.3 Geography
- 5.3.1 North America
- 18.104.22.168 United States
- 22.214.171.124 Canada
- 126.96.36.199 Mexico
- 188.8.131.52 Rest of North America
- 5.3.2 Europe
- 184.108.40.206 Spain
- 220.127.116.11 United Kingdom
- 18.104.22.168 Germany
- 22.214.171.124 France
- 126.96.36.199 Italy
- 188.8.131.52 Russia
- 184.108.40.206 Rest of Europe
- 5.3.3 Asia Pacific
- 220.127.116.11 China
- 18.104.22.168 Japan
- 22.214.171.124 India
- 126.96.36.199 Australia
- 188.8.131.52 Rest of Asia-Pacific
- 5.3.4 South America
- 184.108.40.206 Brazil
- 220.127.116.11 Argentina
- 18.104.22.168 Rest of South America
- 5.3.5 Middle East and Africa
- 22.214.171.124 South Africa
- 126.96.36.199 Saudi Arabia
- 188.8.131.52 Rest of Middle East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Most Active Companies
- 6.2 Market Share Analysis
- 6.3 Company Profiles
- 6.3.1 Arla Foods amba
- 6.3.2 Challenge Dairy Products, Inc.
- 6.3.3 Redwood Hill Farm & Creamery (Green Valley)
- 6.3.4 Agropur cooperative
- 6.3.5 Upfield Canada Inc.
- 6.3.6 OMIRA GmbH (minusL)
- 6.3.7 Butterfelds Butter, LLC
- 6.3.8 Prosperity Organic Foods, Inc. (MELT Organic)
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET