Market Overview
Dairy enzymes are used to produce cheese and yogurt as well as other dairy products. These enzymes function as a coagulant, which is required to make cheese. Also, bio-protective enzymes enhance the shelf life and safety of dairy products. Moreover, they are also used to improve texture and flavor. Dairy enzymes are widely used in the production of several functional dairy beverages.
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Market Forecast
The global market for dairy enzymes has been experiencing high demand in the last few years and is projected to reach USD 829.6 million by 2023. Rising high growth of dairy products is anticipated to be the key factors for the rising growth of dairy enzymes market at a global level.
There has been increasing incidences of lactose intolerance across the globe. People who are lactose intolerant lack enzyme (lactase) in their small intestine to break down all of the lactose consumed. Lactose intolerance encompass dairy products allergy, disaccharide deficiency, lactase deficiency or milk intolerance and the partially digested or undigested lactose leads to pain, abdominal bloating, diarrhea, skin problems, sleep disturbances, tiredness and other health problems. Lactose intolerants cannot ingest dairy products as it leads to nausea, abdominal pain, abdominal gas & flatulence, vomiting, perianal redness, acidic diarrhea, and various other health issues. Lactase enzymes are used widely by the dairy products manufacturers in order to cuts lactose into its constituent sugars, galactose, and glucose. So, increasing lactose intolerance among the consumers is expected to fuel the growth of dairy enzymes market at a global level.
All the factors are anticipated to boost the global dairy enzymes market to expand at the CAGR of 7.4% during the forecast period of 2018-2023.
Competitive analysis
This report includes a study of strategies used in the market, mergers, and acquisitions and multiple product launch by dairy enzymes market players. It further includes product portfolios and developments of leading players, which includes
- Hansen Holding A/S (Denmark)
- Danisco A/S (U.S.)
- DSM N.V. (Netherlands)
- Kerry Group PLC. (Republic of Ireland)
- Novozymes A/S (Denmark)
- Biocatalysts Limited (U.K.)
- Advanced Enzyme Technologies Limited (India)
- SternEnzym GmbH & Company KG (Germany)
- Connell Bros. Co. LLC (U.S)
- Amano Enzyme Inc. (Japan)
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Downstream Analysis
The Dairy Enzymes Market is segmented on the basis of type, application, and source.
Among the type, proteases segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 7.78% during the forecast period due to the massive usage of the products in the processing of cheese.
Among application of dairy enzymes, cheese segment is accounting for approximately 67% market share followed by milk accounting for 15.7% of the global dairy enzymes market. Among the source, animal & microorganism segment is anticipated to retain its dominance throughout the forecast period. The segment is projected to expand at CAGR of 7.50% during the review period.
Region Analysis
The global dairy enzymes market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Among these, North America region is dominating the market over the forecast period. The North America region is projected to grow at a CAGR of 7.50% during the review period. This is attributed to high consumption of dairy enzymes in this region. Furthermore, Asia Pacific is projected to witness the highest growth rate during the forecast period 2018-2023. In Asia Pacific, China has been dominating the market with market share of 27.8% since 2017.
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