Lactase Market Size Worth $276.4 Million By 2027 | CAGR 5.1%: Grand View Research, Inc.
SAN FRANCISCO, Oct. 6, 2020 /PRNewswire/ -- The global lactase market size is projected to reach USD 276.4 million by 2027 registering a CAGR of 5.1%, according to a new report by Grand View Research, Inc. Increasing awareness among individuals regarding health and wellness has led to a rise in consumption of enzyme-based foods, such as milk powder, butter, infant milk formula, and sour cream; which not only adds useful nutrients to the diet but also improves digestion. The ability of the lactase enzymes to maintain freshness and increase the shelf-life of dairy products is projected to further augment the market growth.
Key suggestions from the report:
- In terms of revenue, the yeast segment accounted for the largest market share of over 44% in 2019 and will expand further at a steady CAGR from 2020 to 2027 due to the high demand for yeast-based lactase in dairy processing and dietary supplements industries
- Food & beverages was the largest application segment in 2019 owing to extensive product usage in milk, condensed milk, ice-cream, cheese, milk powder, and yogurt
- North America is anticipated to exhibit steady growth over the coming years on account of rising cases of lactose-intolerance in the region
- In addition, factors, such as nutritional benefits and easy digestibility, have resulted in the growing adoption of lactose-free products in North America
- Key companies are adopting various strategies, such as clinical trials, new product launches, M&A, and R&D investments to increase their market share
- However, the lack of technical expertise and high processing cost of lactase extraction is projected to inhibit the industry growth
- In May 2019, Chr. Hansen Holding A/S launched LACTOSENS R, a lactose biosensor test kit to document lactose concentrations across all dairy applications
Read 145 page research report with ToC on "Lactase Market Size, Share & Trends Analysis Report By Source (Yeast, Bacteria), By Application (Food & Beverages, Pharmaceuticals), By Form (Powder, Liquid), By Region (APAC, Europe), And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/lactase-market