XploreMR’s recent research reveals a healthy growth outlook for the global galactose market over the course of coming years. The report forecasts that the galactose market is likely to be valued at ~US$ 26 Bn by 2019 end, and is estimated to record ~ 6% Y-o-Y growth in 2019 over 2018.
The report on galactose market, includes global industry analysis and opportunity assessment for the decade-old assessment period, 2019-2029, and estimates ~5% CAGR for the market through 2029.
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Plant-based Sources of Galactose Gaining Momentum in Response to Flourishing Demand from Vegans and Vegetarians
Galactose is one of the most beneficial and important food ingredients. It is used in almost every food product to enhance its palatability and organoleptic properties. Flourishing food and beverage industry with a lucrative growth rate over the years, has significantly increased the demand for galactose in various industries such as pharmaceuticals, feed industry, biofuel, cosmetics, and personal care.
For vegans (vegetarians who eat foods derived only from plant sources) and vegetarians it is a boon as without the use of any dairy and meat products they can benefit themselves with the richness of nutrients that galactose provides. Many manufacturers are spending significant amount of money for galactose research, as that they can find more plant-based alternatives such as peas, flaxseeds, more grains, and other fruits that provide substantial quantity of galactose and are cost-effective as well.
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Growing Need for Reliable Alternative to Sugar Complementing Galactose Market Growth
There are various alternatives to sugar such as sucrose, rhamnose, fructose, and lactose, but the health benefits that galactose provides can’t be beaten by these. Galactose provides 30% as same sweetness as that of sucrose with unimaginably less calories than that of sucrose and supports the body by providing strong immunity.
Galactose is preferred for diabetic patients, among other sugars as research has shown that galactose has no or little impact in the insulin production of diabetic patients due to its low-glycemic index. It is also suggested as a sugar alternative for pregnant diabetic mothers, as it is equally beneficial for neonates. Galactose provides neonates instant energy, which is more easily absorbed in their bodies than adults.
Key Players’ Strategies: XploreMR’s Analysis
Enhancing production capacity
Expanding distribution network
Product positioning around health benefits
Major players in the galactose market are focusing on enhancing their production capacity by building new plants or acquiring the existing plants of other players. These players are also trying to expand their distribution network in order to establish a strong hold in the galactose market. Increasing health awareness and growing preference for processed food/diet with low fat, sugar, and salt content among consumers are factors expected to prompt manufacturers of food and beverages to review current marketing practices and adopt new techniques to increase their revenue share in the market.
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In 2014, WHO (World Health Organization) lowered its sugar recommendation from 10% to 5% to decrease the risk of obesity, heart diseases, and cancer. Galactose helps to fight against all the above mentioned problems, which will drive the growth of the galactose market during the forecast period.
Increasing FDA Challenges Hampering the Galactose Market Growth
Increasing consumption of packaged food products, collectively with growing health-consciousness among consumers is expected to trigger the need for flavored food and beverages. However, government organizations in the U.S. such as the Flavor and Extract Manufacturers Association (FEMA) and the U.S. Food and Drug Administration (FDA), impose strict regulations on ingredients and labeling of food ingredients distributed in the region.
Key players operating in the Galactose market, as profiled in the study, include Thermo Fisher Scientific Inc.,Merck KGaA,Kyowa Hakko Kirin Co., Ltd.,Suven Life Sciences Ltd,Nacalai Tesque Inc.,Cayman Chemical Company, Inc,The FCAD Chemical Company,Tereos Starch and Sweeteners s.a.s.,Cambridge Isotope Laboratories, Inc,Anhui HeGeng Biotech Engineering Co., LTD.
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