Microbial Lipases Market Worth 590.2 Million USD by 2023
PUNE, India, April 6, 2018 /PRNewswire/ --
The report "Microbial Lipase Market by Application (Cleaning Agents, Animal Feed, Dairy Products, Bakery Products, and Confectionery Products), Form (Powder and Liquid), Source (Fungi and Bacteria), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market in terms of value, is estimated to be USD 425.0 Million in 2018, and is projected to reach USD 590.2 Million by 2023, at a CAGR of 6.8%.
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Browse 113 market data Tables and 49 Figures spread through 162 Pages and in-depth TOC on "Microbial Lipase Market"
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The increase in awareness about animal health and quality of animal produce, growth in consumption of enzyme-modified cheese (EMC) and enzyme-modified dairy ingredients (EMDI), and advantages of microbial lipases over animal and plant lipases are expected to drive the demand for microbial lipases in various applications. Microbial lipases are highly diversified in their enzymatic properties and substrate specificity, which are useful for industrial applications. They play a vital role in the fermentation of cheese and yogurt. They are used in the bakery, dairy, laundry detergent, and animal feed industries. They are also used to convert vegetable oils into biofuel.
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The cleaning agents segment is expected to dominate the Microbial Lipase Market through 2023.
In 2017, the cleaning agents segment accounted for a larger share, by application, in the Microbial Lipase Market, in terms of value. The use of microbial lipase in cleaning agents is growing with their increasing use in industrial laundry, households, and household dishwashers. Due to its low substrate specificity and its ability to withstand relatively harsh washing conditions and damaging surfactant properties, microbial lipase is widely used in this segment. These enzymes possess powerful stain removing properties and help in cleaning stains that consist of compounds such as fats, and carbohydrates.
The powdered form is to dominate the Microbial Lipase Market through 2023.
The powder segment is projected to dominate the market throughout the studied period. The powdered form of microbial lipase is more widely used in a majority of applications, owing to its better handling, stability, and packaging. They are widely used in various application industries such as food & beverage, animal feed, cleaning, and biofuel.
Asia Pacific is projected to be the fastest-growing regional market for microbial lipases.
The Asia Pacific region is projected to be the fastest-growing market for microbial lipases over the next five years, owing to an increase in overall economic growth, with diversity in income levels, technology, and demands of end consumers for better quality feed for livestock, leading to enhanced scope for future growth. Increased consumption of dairy products by the population in the region, which has fueled the growth of the processed dairy product and nutritional dairy food industries in the region. These factors influence the use of microbial lipase in the food products segment.
In this region, countries such as China and India are estimated to account for a major share of more than 50% of the Asia Pacific Microbial Lipase Market. India is one of the fastest-growing markets for microbial lipases in the Asia Pacific region.
This report studies the marketing and development strategies, along with the product portfolios of leading companies such as Novozymes (Denmark), DSM (Netherlands), Chr. Hansen (Denmark), Amano Enzymes (Japan), Associated British Foods (UK), and DowDuPont (US). Other significant players include Advanced Enzymes (India), Enzyme Development Corporation (US), Aumgene Biosciences (India), Biocatalysts (UK), Meito Sangyo Co., Ltd (Japan), and Creative Enzymes (US).
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