Growing demand in infant formulation, due to its brilliant characteristics including immune cell activation, iron absorption, and production of the cytokines, is likely to drive the market growth in the coming years.
Demand for the pharmaceutical grade lactose is anticipated to grow at significant rate due to its high demand as excipient in drug manufacturing industry. Furthermore, supportive government regulations, with low prices offered by the manufacturers, are anticipated to be the key factors prompting product demand in the pharmaceutical applications during the forecast period. The Environmental Protection Agency (EPA) in the U.S. is encouraging the sustainable and the cost-effective setup of various manufacturing facilities. Agency regulates discharges and effluents of such industrial holdings and has given standards for the same. However, stringent regulations are estimated to pose challenge for the industry players in coming years.Segment Overview
Growing demand for product as drug carrier is anticipated to boost the industry growth over projected period. Increasing consumer disposable income, with growing consumer awareness concerning health and safety, is projected to have positive impact on the industry growth.Regional Overview
Europe accounted for largest market share 2019 and is projected to reach considerable amount by 2026. This can be credited to the increased trend of outsourcing the pharmaceutical products in region, with presence of well-established healthcare sector in the region. Many initiatives by regional governments for the innovation and development of the product is likely to aid the market growth.
The North America market is benefitted primarily by presence of recognised players. In addition, growing demand for the infant formula in region is likely to boost the industry growth over the estimated period. Favourable government policies and growing investments by the regional players to develop competent products is projected to boost market growth.
Asia Pacific is anticipated to exhibit considerable growth over the estimate period, owing to the swelling birth rate in the developing economies such as India and China, leading to the growth in product demand for the infant formulation. Region is likely to witness rise in production ability owing to the lack of severe government regulations and low costs of labour.Competitor overview
Major players in the market have been adopting numerous strategies, such as new product development, agreements, partnerships, collaborations, and the joint ventures, in order to cater to the changing technological necessities for diverse end-use applications.
Companies across the world are focusing on new strategies in order to gain competitive edge in the industry. Small-scale as well as established players are capitalising in R&D for the new cost-efficient methods to gain the market share. Participants are involved in establishing of new amenities to expand manufacturing capabilities.Key Players
- Kerry Group
- Hilmar Ingredients
- FrieslandCampina Domo
- Meggle Excipients & Technology
- Milei GmbH
- Fresenius Kabi Product Partnering
- Fonterra Co-Operative Group Ltd.
- Lactose (India) Limited
- Charotar Casein Company
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- Rest of LAMEA