The global lactase enzyme market is expected to post a CAGR of nearly 4% during the period 2019-2023, according to the latest market research report by Technavio
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Technavio has released a new market research report on the global lactase enzyme market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the growing collaborations increasing the availability of lactose-free products. The increasing prevalence of lactose intolerance and preference of consumers for natural and enzyme-based dairy products have encouraged vendors to improve their product portfolio and production volume of lactose-free products. The primary focus of vendors is on improving the production of lactose-free products through strategic alliances.
This market research report on the global lactase enzyme market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the rising awareness about lactose-free products as one of the key emerging trends in the global lactase enzyme market:
Global lactase enzyme market: Rising awareness about lactose-free products
The number of awareness programs about lactose intolerance is increasing owing to the need to educate individuals about this condition, which is often misunderstood to be other diseases. To spread awareness that individuals with lactose intolerance do not need to completely avoid dairy, every year, February is celebrated as the Lactose Intolerance Awareness Month. Awareness programs on lactose intolerance encourage people to ensure that they receive the essential nutrients provided by milk, cheese, and yogurt using lactose-free products.
"Awareness programs help in guiding individuals with lactose intolerance in suitable ways to consume dairy products. Increased knowledge about the diagnosis of lactose intolerance will increase the preference of consumers toward natural and enzyme-based foods and beverages. Thus, dairy producers are encouraged to increase the use of lactase to boost the production of lactose-free products, which, in turn, will drive the growth of the market," says a senior analyst at Technavio for research on additives, adhesives, and sealants.
Global lactase enzyme market: Segmentation analysis
This market research report segments the global lactase enzyme market by application (F&B, dietary supplements, and pharmaceuticals) and geographical regions (APAC, EMEA, and the Americas).
The F&B segment held the largest market share in 2018, accounting for over 46% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2018 with a market share of over 45%. This region is expected to dominate the market through 2023, however, there will be a decrease in its market share.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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