Worldwide Dairy Enzymes Market Projected to Witness a Rapid Growth by 2023

Market Overview:
Global dairy enzymes have witnessed massive growth over the last few years. Mass urbanization and growing middle-income population group are the key factors for the rising consumption of dairy products, which in turn accelerates the demand of dairy enzymes in the near future. Dairy products are well positioned among the consumers due to its nutritional benefits.

The growth of the dairy enzymes market is attributed to various factors. Abolition of milk quotas in the European Union is anticipated to be one of the key factors for the rising growth of dairy enzymes in Europe. Dairy enzymes find use in cheese processing. The consumption of cheese is high in developed countries and the consumption is observing an extraordinary growth, which in turn escalates the growth of dairy enzymes during the forecast period. Also, increasing consumer inclination towards the low lactose milk products is expected to stimulate the growth of dairy enzymes market in Europe & North America.

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Global Key Players:
Some of the key players profiled in the global dairy enzymes market: Chr. 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)

Regional Analysis:
The global Dairy Enzymes Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Among these, North America is projected to retain its dominance throughout the forecast period. North America is estimated to reach to USD 307.4 million by the end of 2023 with a CAGR of 7.50% during the forecast period of 2018-2023. The growth of the North America region is anticipated to be driven by various factors. One of the significant factors for the rising growth of dairy enzymes is the technological advancement in the North America region. Also, the presence of key manufacturers in the North America region is considered to be one of the main drivers. However, Asia Pacific region is projected to expand at a high pace during the forecast period.

Segments:
The global dairy enzymes market is segmented on the basis of type, application, and source.

On the basis of type, it is segmented into lactase, proteases, lipases and others. Among all the types, the proteases segment is dominating the market owing to its higher use in the cheese and other dairy products. This segment is projected to expand at CAGR of 7.78% during the forecast period of 2018-2023. Additionally, lactase under the type segment is experiencing a high growth rate.

On the basis of application, it is segmented into milk, cheese, yogurt, frozen desserts, infant formula, and others. The cheese segment is dominating the market due to increased demand for dairy enzymes in the preparation cheese. This segment is projected to expand at the highest growth rate during the forecast period of 2018-2023. Increasing consumption of processed food, and the trend of eating out, are considered to be the main factors for the rising growth of cheese.

On the basis of source, it is segmented into plant and animal & microorganism. The animal & microorganism segment is dominating the market owing to the easy process of extraction and cost-effective research & development as compared to the plant sources. This segment is projected to expand at CAGR of 7.50% during the forecast period.

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Key Findings:
Global dairy enzymes market is projected to reach USD 829.6 million by 2023 at a growth rate of 7.44%
North America region is estimated to retain its dominance throughout the forecast period and will expand at substantial CAGR of 7.56%. Furthermore, among the North American countries, the U.S. is projected to witness a substantial growth of 7.42% during the forecast period of 2018-2023.
Application of dairy enzymes in cheese is witnessed to be the fastest growing segment over the forecast period.

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This release was published on openPR.