Lactose Market
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Lactose Market size was valued at around USD 2.3 billion in 2023 and is estimated to grow at a CAGR of 7.3% between 2024 and 2032. This robust market growth can be attributed to various factors, including ongoing advancements in lactose production, increasing consumption of dairy product, and growing demand for functional foods and nutraceuticals, among other contributing factors.
Moreover, lactose is widely used in the pharmaceutical industry as an excipient in tablet formulations and dry powder inhalers. The growing pharmaceutical industry, driven by factors such as aging populations, increasing healthcare expenditure, and the prevalence of chronic diseases, contributes to the demand for lactose. With advancements in novel drug delivery systems and the development of new pharmaceutical products, the demand for lactose as a pharmaceutical ingredients continues to grow.
For instance, according to a recent United Nations (UN) research report, the number of people aged 65 and over globally is predicted to treble over the next three decades. The senior population is expected to reach 1.6 billion by 2050, accounting for more than 16% of the worldwide population.
Furthermore, technological advancements in dairy processing and lactose production have led to increased efficiency, higher yields, and improved product quality. Advanced manufacturing processes enable manufacturers to produce lactose more cost-effectively and sustainably, meeting the growing demand from various industries, thereby contributing to the market expansion.
Lactose serves as an important source of energy and nutrients, particularly for infants and young children. It also plays a crucial role in the flavor, texture, and nutritional profile of dairy products.
Report Attribute | Details |
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Base Year: | 2023 |
Lactose Market size in 2023: | USD 2.3 Billion |
Forecast Period: | 2024 to 2032 |
Forecast Period 2023 - 2032 CAGR: | 7.3 |
2023 Value Projection: | USD 4.5 Billion |
Historical Data for: | 2018 – 2023 |
No of Pages: | 120 |
Tables, Charts & Figures: | 267 |
Segments Covered: | Type, Form, Application, End-use, and Region |
Growth Drivers: |
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Pitfalls Challenges: |
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The market is experiencing several notable trends that are shaping its growth and development. Factors such as continuous technological advancements in purification methods, expanding applications in pharmaceutical and nutraceutical industries, rising focus on clean label and natural ingredients, and growing demand for dairy ingredients and products, among other factors are propelling the industry growth.
The market by type is categorized into lactose monohydrate, lactose anhydrous, galactose, lactulose, and tagatose. The lactose monohydrate segment garnered USD 1 billion revenue in 2023.
Based on form, the lactose market is segmented into powder, granule, and liquid. The powder segment dominated the market and accounted for over 63% business share in 2023 and is anticipated to witness significant growth during the forecast period.
Based on application, the lactose market is segmented into food, feed, pharmaceuticals, and infant formula. The food segment accounted for over 46.7% business share in 2023.
The lactose market by end-use is categorized into food and beverage industry, pharmaceutical industry, animal feed industry, and other end-users. The food and beverage industry segment accounted for around USD 1.1 billion revenue size in 2023.
North America lactose market accounted for USD 930.1 million revenue in 2023 and is predicted to witness substantial market growth.
The lactose industry is competitive in nature, with several large multinationals and small and mid-sized companies competing in the industry. The development and launch of novel advanced types based on different technologies is among a key market strategy. Some of the leading industry players including BASF SE, Armor Pharma, Hilmar Cheese Company, Inc., Merck & Co., Inc., MILEI GmbH, among others have a notable presence in the market.
Some of the eminent market participants operating in the lactose industry include:
Market, By Type
Market, By Form
Market, By Application
Market, By End-use
The above information is provided for the following regions and countries:
Lactose market size was USD 2.3 billion in 2023 and is estimated to reach over USD 4.5 billion by 2032, attributed to the ongoing advancements in lactose production and increasing consumption of dairy product.
The powder form segment accounted for over 63% of the market share in 2023 and is anticipated to witness significant growth by 2032, due to its excellent flow properties, compressibility, and compatibility with active pharmaceutical ingredients (APIs).
North America lactose market size was USD 930.1 million in 2023, driven by the continued preference for dairy-based foods.
Armor Pharma, Ba'emek Advanced Technologies Ltd., BASF SE, Davisco Foods International, Inc., Hilmar Cheese Company, Inc., Hoogwegt, Kerry Group plc., Lactose India Limited, Merck & Co., Inc are some of the major industry contenders.