The global market for lactose-free dairy products will reach $17.8 billion by 2017, according to a new report from Valley Cottage, N.Y.-based Future Market Insights. The report, titled "Lactose Free Dairy Products Market: Global Industry Analysis (2012–2016) and Opportunity Assessment (2017–2027)," estimates that the market reached $10.6 billion by the end of 2017. Sales revenue is expected to increase at a compound annual growth rate (CAGR) of 5.3% during the forecast period (2017–2027).
The expected growth can be attributed to a number of drivers, the market research firm said, including:
- A rise in organic food and beverage consumption.
- New lactose-free dairy product offerings.
- The prevalence of lactose intolerance in the Latino population.
- Improving global economics, which are triggering consumer preference for premium products such as lactose free dairy products.
- Higher lactose-intolerant populations in certain regions
- A growing global urban population.
The global market for lactose-free dairy products is expected to be dominated by the conventional segment over the forecast period, owing to its competitive price point, Future Market Insights said. However, in terms of value, the organic segment is anticipated to witness high CAGR growth over the forecast period as a result of increasing demand for organic products across the globe.
To learn more or to order the report, visit https://www.futuremarketinsights.com/reports/lactose-free-dairy-products-market.