Yahoo Finance Dairy Enzymes Market Size to Reach USD 999.8 Million by 2027 Growing at a CAGR of 7.2% | Emergen Research
The global dairy enzymes market size was USD 593.2 Million in 2019 and it is anticipated to reach USD 999.8 Million by 2027, at a CAGR of 7.2% during the forecast period.
Vancouver, British Columbia, Jan. 18, 2021 (GLOBE NEWSWIRE) -- The global dairy enzymes market is projected to reach a market size of USD 999.8 Million by 2027 and register a CAGR of 7.2% during the forecast period, according to latest analysis by Emergen Research. High growth of the market can be attributed to increasing demand for cheese products with refined texture and flavor. Increasing urbanization and rising purchasing power of consumers in developing economies is driving demand for processed dairy products. Development of the dairy industry globally is another factors expected to drive the dairy enzymes market during the forecast period. Increasing investments in research and development activities by major market players for development of innovative dairy enzymes is also expected to propel market growth in the near future.
Issues related to allergies due to consumption of dairy products among lactose intolerant consumers is projected to restrain demand for dairy products and in turn restrain market growth to a certain extent. Lactose is broken down into simple sugars, and such products are not advised for consumption by diabetics as it can increase blood glucose levels, and hence demand from this consumer base is expected to be limited. These are some factors expected to hamper demand for such products, and in turn impact market growth during the forecast period.
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Companies Profiled in this Report are:
DuPont, Kerry Group, Chr Hansen Holding A/S, DSM, Advanced Enzymes Technologies, Connell Bros., Novozymes A/S, Biocatalysts Ltd., Amano Enzyme, and SternEnzym
Key Highlights of Report
In November 2019, DuPont Nutrition & Biosciences launched its new flagship dairy enzyme i.e. DuPont Danisco Nurica. This flexible enzyme enables dairy product manufacturers fermented dairy products that are high in fiber, low in sugar, and lactose-free.
The cheese segment held the largest market share of 33.7% in 2019. Rising demand for processed dairy products among consumers with increased purchasing power is expected to drive demand for dairy enzymes to produce enhanced flavored cheese over the next few years.
The microbial rennet segment is revenue is expected to expand at the highest CAGR of 8.1% during the forecast period. Cheese-manufacturing companies widely utilize microbial milk-clotting enzymes produced by Rhizomucor pusillus and Rhizomucor miehei. This factor is expected to drive revenue growth of this segment during the forecast period.
The Asia Pacific market is expected to expand at the most rapid rate during the forecast period. Growing urbanization in developing economies and rising purchasing power of consumers in the region is driving demand for processed dairy products the market in Asia Pacific.
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Emergen Research has segmented the global dairy enzymes market in terms of application, type, and region:
Application Outlook (Revenue, USD Million; 2017–2027)
Cheese
Milk
Yoghurt
Infant Formula
Ice Cream & Desserts
Others
Type Outlook (Revenue, USD Million; 2017–2027)
Chymosin
Lipase
Lactase
Microbial Rennet
Others (Catalases and Proteases)
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Regional Outlook (Revenue, USD Million; 2017–2027)
North America
U.S.
Canada
Europe
Germany
U.K.
France
BENELUX
Rest of Europe
Asia Pacific
China
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
Rest of MEA
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