Date: 24.04.2023Source: Future Market Insights

The global lactose market is expected to be valued at US$ 2,312.50 million in 2022 and is projected to reach US$ 4,169.8 million in 2033. A robust CAGR worth 6% is expected for the market during the 2023 to 2033 forecast period.

The market’s expansion is largely driven by the sharply increasing demand for lactose in several sectors around the globe. For instance, consumer demand for lactose has grown dramatically over the past ten years as of 2022, and the sector has grown in tandem, especially in North America and Europe.

With a continuously rising trend, the expected total production is 510 000 tons. In addition, the pharmaceutical industry’s rapid expansion is another important element that will likely contribute significantly to the lactose market’s growth throughout the forecast period.

Lactose is an important element in the manufacturing of baby formula. Therefore, a key factor in the growth of the lactose market during the forecast period is the increased demand for baby formula globally. For instance, in 2022, 8.55 million people in the United States consumed liquid or powdery infant formula.

It is anticipated that throughout the projection period, the leading competitors’ increased R&D efforts and the introduction of new products, together with consumers’ rising health consciousness, would open up new potential for the lactose market. Such varied advantages of lactose have ben thus propelling the demand of lactose market from 2023 to 2033. For more on the Global Lactose Market Historical Analysis (2018 to 2022) Vs. Forecast Outlook (2023 to 2033) visit futuremarketinsights.com

David Cox / IDM

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