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Dairy Enzymes Market size to cross USD 1 bn by 2030
- Published Date: August 29, 2022
Dairy Enzymes Market size is estimated to surpass USD 1billion by 2030, according to a new market report by Global Market Insights, Inc.
The report identifies the rising use of dairy enzymes in cheddar cheese production and soaring demand for lactose-free dairy products as the chief dairy enzymes industry drivers. Additionally, according to dairy products production statistics by USDA, the United States witnessed a hike of 4.3% in demand for Mozzarella cheese, an increase of 3.5% for Italian cheese types, and 5.6% for lactose (human, animal) from June 2021 to June 2022. This has impelled the production of dairy products, further bolstering the market growth.
Changing lifestyle to increase lactase dairy enzymes industry share
With respect to product, the study classifies the dairy enzymes market into lipases, carbohydrases (amylase, lactase, others), proteases, esterase, catalase, transglutaminase, and others. The lactase segment is primed to expand at a CAGR of around 6% between 2022 and 2030 as a result of shifting preferences, changing lifestyles, and increasing consumption of lactase in several regions around the world. Additionally, lactase is primarily used in the form of food and beverages, which will fuel product demand in the forthcoming years.
Growing consumption in developing nations to augment milk application segment growth
The utilization of dairy enzymes for milk enrichment will remain high in the coming years. The dairy enzymes market size from the milk application segment was valued at USD 160 million in 2021 and is primed to attain USD 250 million in revenue by the end of 2030. The soaring adoption of dairy enzymes in milk can be attributed to escalating milk consumption in developing countries owing to its high protein and calcium content. The segment growth will further be driven by rising awareness of enzymes as an enhancer of milk properties.
Browse key industry insights spread across 250 pages with 194 market data tables & 21 figures & charts from the report, “Dairy Enzymes Market size, By Product [Lipases, Carbohydrases (Amylase, Lactase, and Others), Proteases, Esterase, Catalase, Transglutaminase, and Other], By Application [Milk, Cheese, Butter, Yogurt, Whey Protein, Desserts and Ice cream, Infant Formula, and Other Applications], Industry Analysis, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
North America emerges as a prominent revenue pocket for business expansion
North America dairy enzymes market is slated to witness steady growth at over 5.5% CAGR through 2030. The region may emerge as a major hub for this industry owing to new applications of dairy enzymes in sectors such as protein fortification, which will drive market expansion in North America and create massive growth potential for industry participants. Moreover, the escalating consumption of dairy products and penetration of milk in the food & beverage industry will accelerate dairy product uptake, thereby pushing the regional market growth.
Strategic acquisitions to remain a key growth strategy
The strategic landscape of the dairy enzymes market is expected to showcase a series of research initiatives, product innovation, and acquisition plans by industry players. For instance, in December 2020, Advanced Enzyme Technologies acquired a 51% stake in SSPL. A contract manufacturing company with niche technology, SSPL specializes in effervescent granules and tablets. It primarily focuses on pharma, animal health, and nutraceuticals, and has two manufacturing plants for pharmaceuticals and nutraceuticals. This acquisition was set to aid the companies in expanding their customer bases and enhancing their product portfolios.
In April 2021, Novozymes, a biotechnological company, announced its plan to extend its partnership with Univar Solutions Inc., a chemical and ingredient distributor. The new partnership agreement proposed expansion in the United States and Canadian food, beverages, home care, and industrial cleaning markets. Some of the key dairy enzymes market players profiled in the report include Novozymes, STernEnzym, Kerry Group, Dow DuPont, Molekula Gmbh, DSM, Biocatalysts, Amano Enzyme, CHR. Hansen, Advanced Enzyme Technologies, Specialty Enzymes & Probiotics, and Enzyme Innovation.