Pune, India -- (SBWIRE) -- 10/12/2018 -- Market Overview:
Market Research Future (MRFR) has revealed in its latest report that the global dairy enzymes market will grow at 7.44% CAGR with a market valuation of USD 829.6 Mn by 2023. The role of dairy enzymes in production and processing of dairy products such as cheese, yogurt, milk, etc. is quintessential, and, the boom in dairy sector is, therefore, fueling the market growth for dairy enzymes.
The increasing awareness about adverse effects of unhealthy dairy products is fueling the demand for innovative dairy enzymes that avoid the use of preservatives. Other factors responsible for the growth of the market are increased per capita income, rapid urbanization, rising demand for nutritional food and flavor enhancement, high demand for cheese products, increasing inclination towards lactose milk products, bullish trend in food & beverage sector, etc.
The greatest restraint that will hamper the market growth is high initial investment related to expensive equipment, skilled human resource, etc.
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Leading Key Players:
Some of the top-notch market players profiled by MRFR are SternEnzym GmbH & Company KG (Germany), Danisco A/S (U.S.), Kerry Group PLC. (Republic of Ireland), Biocatalysts Limited (U.K.), Amano Enzyme Inc. (Japan), Chr. Hansen Holding A/S (Denmark), DSM N.V. (Netherlands), Novozymes A/S (Denmark), Advanced Enzyme Technologies Limited (India), Connell Bros. Co. LLC (U.S). The initiatives undertaken by the key players to strengthen their market foothold include research & developments, mergers & acquisitions, product portfolio expansion, collaboration, etc.
DSM has added Accelerzyme CPG to its line of benzoate-free enzymes for accelerated cheese ripening. It facilitates the response of cheesemakers to growing demand for dairy products with clear and clean labels. DSM is reforming its core cheese enzyme portfolio in response to this need by changing the formulation matrices of these products and employing innovative production technology to eliminate the need for Benzoate-based preservation.
By type, the global dairy enzymes market has been segmented into lactase, proteases, lipases, and, others. The proteases segment will account for majority share in the market owing to its wide range of applications in manufacturing cheese and other dairy products. The lactase segment will exhibit high potential for market expansion during the projection period.
By application, the market is segmented into cheese, milk, yogurt, frozen desserts, infant formula, and, others. The cheese segment will demonstrate the steepest rise in terms of market share owing to factors such as high demand for enzymes to prepare cheese, growing rate of processed food consumption, etc.
By source, it has been segmented into plant, and, animal & microorganism. The animal & microorganism segment will grow at a record level CAGR of 7.50%. This segment will dominate the market owing to factors such as easy process of extraction, convenient to perform research & development on animals & microorganisms, cost-effective compared to plants, etc.
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By region, the global dairy enzymes market is segmented into North America, Europe, Asia Pacific, Latin America, and, Middle East & Africa. The North America segment is set to grow at a CAGR of above 7% during the assessment period with a significant market share of 36.9%. The market valuation of this segment will reach USD 307.4 Mn by the end of 2023. The factors responsible for the growth of the market in this segment are technological advancements, the presence of established market players, increasing awareness about dairy enzymes, booming food & beverage sector, growing demand for dairy enzymes, etc. The primary contributor of this segment, the U.S., is projected to grow at a robust CAGR of 7.42% during the projection period.
The Asia Pacific segment will exhibit the highest pace of growth at a CAGR of 8.05%. The factors responsible for the growth of the market in this segment are increased disposable income, raising awareness about nutrient supplemented food, booming dairy sector, etc. The Europe segment will also see moderate growth and abolition of milk quotas is one of the prominent drivers of market growth in this segment. The Middle East & Africa segment will witness stable growth owing to factors such as technological advancements in food & beverage sector, widening application range of dairy enzymes, etc.