The global dairy enzymes market size is estimated to be $565.4M in 2018 with an estimated CAGR of 7% during the forecast period 2019-2024. The growth of the market can be primarily attributed to the increase in consumption of dairy products that are associated with healthy eating. Changes in the lifestyles of the people can also affect the market significantly as an increasing number of people worldwide are choosing to have a healthy diet over their typical meals.
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Type – Segment Analysis
In 2018, the Microbial Rennet Product type dominated the dairy enzymes industry in terms of revenue. The product is primarily used as a coagulating agent in the preparation of cheese. They are popular owing to the increasing popularity of cheese as well as vegan cheese that uses a vegan rennet in the preparation.
Source – Segment Analysis
In the sources segment, the dairy enzymes market is dominated by the animal and microorganism segment. This is owing to its easy process of extraction as well its cost efficient research as compared to plant sources. However, the shift in the consumption styles of the people have resulted in an increase in the demand for plant based dairy enzymes as well. The increase in the consumption of such dairy products will drive the market for the forecast period 2019-2024.
Application – Segment Analysis
The Cheese Application is the dominating application segment of the dairy enzyme market in 2018. This is owing to the increase in the consumption of cheese and cheese products by way of processed convenience foods as well as the rise in consumption of cheese products as a whole due to the introduction of vegetarian cheese that has no traces of animal products used in its preparation.
Geography – Segment Analysis
In 2018, North America is estimated to hold the largest share of the global dairy enzymes market in terms of revenue with an estimated region share of 32% in 2018. Growth of the North America dairy enzymes market can be mainly attributed to the strong awareness of the people regarding diets as well as dietary supplements. There is also a significant demand for dairy enzymes for the people with specific food requirements. However, the APAC region is projected to grow the maximum during this forecast period. This growth is mainly from the educated masses that are increasingly becoming aware of such products and its benefits.
Drivers – Dairy Enzymes Market
The increase in the consumption of dairy products worldwide has resulted in the overall growth of the dairy enzymes market. This is owing to the rising awareness of the people regarding the benefits of the consumption of dairy products. The introduction of new varieties of dairy products that can be used by consumers having a wide range of requirements will also result in market growth. The rising disposable income of the people has also resulted in the overall market growth. For instance, the rising health awareness of the people have resulted in the increased consumption of products with high protein content. This has resulted in the increased usage of products such as organic whey protein.
Dairy enzymes can be used in the creation of low lactose products. This can help people with mild lactose intolerance to enjoy dairy products. As the prevalence of lactose intolerance in increasing, people are turning to such products since the consumption of lactose intolerant pills every time one wishes to consume a product that contains lactose could be considered as inconvenient.
Challenges – Dairy Enzymes Market
The current significant challenge faced by the dairy enzyme market is its high investment costs into skilled labor as well as other facilities for the safe and efficient production of such production. The research and development investments are also very steep.
Dairy Enzymes Industry Outlook
Product launches and expansions are the key strategies of the players in the Dairy Enzymes market. The dairy enzymes top 10 companies include: DowDuPont, DSM, Kerry Group, Ingredion Incorporated, Advanced Enzymes Technologies, Amano Enzyme Inc., Connell Bros. Co. LLC, ENMEX, National Enzyme Company, Enzyme Supplies Limited.
Dairy Enzymes Market Research Scope:
The base year of the study is 2018, with forecast done up to 2024. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the dairy enzymes market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of products, their source and their specific applications.
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