Dairy Enzymes Market Overview
The global dairy enzymes market is poised to reach a CAGR of 6.70% substantial growth of USD 0.98 Billion by 2032 over the review period.
Over the last few years, global dairy enzymes have experienced massive growth. The main drivers for the increasing consumption of dairy products are mass urbanization and rising middle-income demographic classes, which in turn would increase the dairy enzymes market share. Thanks to their health advantages, dairy products are well placed by customers.
Different variables are responsible for the development of the Dairy Enzymes market. One of the main factors in the increasing growth of milk enzymes in Europe is projected to be the elimination of milk quotas in the European Union. Dairy enzymes find use in the production of cheese. In developing countries, the intake of cheese is high and there is an unprecedented rise in consumption, which in turn increases the growth of milk enzymes during the projected period. Growing customer demand for low lactose milk products is also projected to stimulate the development of the demand for milk enzymes in Europe and North America.
Some of the key players profiled in the global dairy enzymes market are DSM N.V. (Netherlands), Chr. Hansen Holding A/S (Denmark), Danisco A/S (U.S.), Kerry Group PLC. (Republic of Ireland), Novozymes A/S (Denmark), Advanced Enzyme Technologies Limited (India), Biocatalysts Limited (U.K.), Connell Bros. Co. LLC (U.S), SternEnzym GmbH Company KG (Germany), Amano Enzyme Inc. (Japan)
The global dairy enzymes market research is segmented on the basis of type, application, and source.
The market is segmented into lactase, proteases, lipases and others on the basis of form. Of all forms, due to its greater use of cheese and other dairy products, the protease segment dominates the market. At CAGR, this segment is expected to grow by 7.78 percent during the forecast period. In addition, a fast growth rate is experienced by lactase under the form segment.
The market is classified into milk , yoghurt, frozen sweets, baby formula, cheese, and others on the basis of use. Because of the increased demand for milk enzymes in the preparation of cheese, the cheese category dominates the market. During the forecast period, this segment is expected to increase at the fastest growth rate. The key reasons for growing cheese development are the increasing intake of packaged food and the pattern of dining out.
It is segmented into plants and animals microorganisms on the basis of the source. Due to the simple extraction process and cost-effective research development compared to plant sources, the animal micro-organism segment dominates the industry. At CAGR, this segment is expected to rise by 7.50 percent during the forecast period.
The global dairy enzymes market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Thanks to the growing demand for food and dairy products, the North American region leads the market for dairy enzymes, followed by Europe. In industrialised regions such as North America and Europe, the use of dairy enzymes has been dominant because of the involvement of a developed food processing industry. The significant involvement of a major dairy industry creates an influential customer base as well as growth opportunities for the North American dairy enzyme market.
During the forecast era, the Asia Pacific region is expected to be the fastest-growing market for milk enzymes, as its economic importance has increased in the last decade. The major countries contributing to the high demand for milk enzymes in this area are India and China. Over the years, the region's increased industrial expansion, followed by developments in the food beverage sector, has opened up new opportunities for the dairy enzyme market. The region's economic growth, combined with the rising demand for nutritious milk products, is expected to boost growth in the coming years.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street,5Th Floor, New York, New York 10013, United States of America