DUBAI, United Arab Emirates, March 15, 2023 (GLOBE NEWSWIRE) -- The dairy enzymes market size is projected to be valued at US$ 877.5 million in 2023 and is expected to rise to US$ 1,812.8 million by 2033. The sales of dairy enzymes are expected to grow at a significant CAGR of 7.4% during the forecast period.
Westernization, growing urbanization, rising demand for lactose-free dairy products among developing-economy consumers, and surging lactose intolerance among the population are some of the market growth determinants.
Rising availability and popularity of various types of flavored dairy products, improved distribution channels, high degree of investment into the market combined with a changing consumer tastes and preferences is likely to spur market's growth.
However, the negative health effects associated with high consumption, such as allergic reactions can possibly pose a significant challenge to the market's growth.
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Consumers' progressive inclination towards digestive wellness products has experienced a drastic shift in the decade, and probiotic food products have remained a requisite.
- According to the ITC Trade Map, the imported volume of yoghurt in the United Kingdom in 2021 is expected to be around 282980 tons, up from 219085 tons in 2019.
Recent advancements in food enzyme discovery technology, such as extracting microbial sources for the dairy market, are expected to spur business growth.
Key Takeaways from the Dairy Enzymes Market
- According to FMI's projections, North America is going to be a significant revenue contributor to the global dairy enzymes market through 2033, growing at a value CAGR of around 7.0% due to factors such as an increasing number of people suffering from lactose intolerance and an increase in digestive disorders, the region presents enormous opportunities for market participants.
- When compared to other sources of dairy enzymes, the animal & microorganism segment is estimated to account for the major share. FMI forecasts a 55.23% market share for this segment over the forecast period because of the simpler extraction process. Furthermore, conducting R&D on microorganisms is easier and more affordable than using plant-sourced dairy enzymes.
- Japan is a center of research and development for a variety of food enzymes, including dairy enzymes. The revenue is expected to rise soon. During the forecasted period, it is expected to contribute nearly 3.3% CAGR.
- By 2030, the dairy enzymes market from the whey protein application segment is expected to be worth more than $100 million. Dairy enzymes, such as protease, primarily work to cleave the peptide bonds of various proteins, resulting in smaller, more easily digestible pieces that propels whey protein uptake, resulting in a significant increase in demand for dairy enzymes.
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Competitive Landscape
SternEnzym, Novozymes, Kerry Group, DSM, Dow DuPont, Danisco A/S, Biocatalysts, Amano Enzyme, Advanced Enzymes Technologies, and CHR. Hansen are prominent players in this sector. In September 2021, Novozymes launched five powerful biological solutions to address key challenges for North American farmers seeking to improve yield and fertility while increasing biocontrol application.
Latest Developments
- Nurica, a dairy enzyme that naturally harnesses the lactose present in milk in the United States, was launched in June 2021 by International Flavors & Fragrances, Inc. The enzyme aids in the natural production of a higher yield of prebiotic galacto-oligosaccharides (GOS) fibres, which aid in the management of lactose intolerance and the optimization of fibre intake.
- Biocatalysts Ltd. announced the release of a new dairy enzyme, PromodTM 517MDP (P517MDP), in April 2021, in order to expand its Kosher and Halal certified dairy protein enzymes.
- International Flavors & Fragrances, Inc. announced the launch of Enovera 3001 enzyme as the newest addition to its bakery industry ingredients range in March 2021. The new enzyme provides a label-friendly formulation for strengthening bakery dough without sacrificing texture or taste.
Key Segments Covered in the Dairy Enzymes Market Report
By Product:
- Carbohydrate Dairy Enzymes
- Protease Dairy Enzymes
- Polymerase & Nuclease Dairy Enzymes
- Lipase Dairy Enzymes
- Phytase Dairy Enzymes
- Other Dairy Enzymes
By Source:
- Plant-Based
- Animal and Micro-organisms based
By Application:
- Dairy Enzymes for Milk
- Dairy Enzymes for Cheese
- Dairy Enzymes for Ice Creams & Desserts
- Dairy Enzymes for Yogurt
- Dairy Enzymes for Whey
- Dairy Enzymes for Infant formula
- Dairy Enzymes for Other Applications
By Distribution Channel:
- E-Commerce
- Speciality Retailers
- Supermarket/Hypermarket
- Others
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Table of Content
1. Executive Summary | Dairy Enzymes Market
1.1. Global Market Outlook
1.2. Market Analysis
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Definition
2.2. Market Taxonomy
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation Trends
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Lactose Free Dairy Products Market Size: The Global Lactose Free Dairy Products Market Is Expected to Reach Market Valuation of USD 13.5 Billion By the Year 2022, Accelerating with A CAGR Of 5.5% By 2022-2032.
Spicy Dairy Products Market Forecast: The Spicy Dairy Products Market Is Anticipated to Expand at A CAGR Of 3.4% And Would Be Worth US$ 966.4 Million By 2032
Functional Dairy Products Market Demand: The Global Functional Dairy Products Market Is Projected to Exhibit Growth at A CAGR Of 4.3% During 2022-2032. It Is Likely to Reach US$ 64.3 Billion by The End Of 2032.
Fermented Dairy Products Market Share: The Global Fermented Dairy Products Market Is Expected to Accumulate US$ 4,920.5 Million In Value By 2022-End. During The Forecast Period Ranging From 2022 To 2032, A CAGR Worth 8.5%
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