In the world of dairy enzymes, which are substances that help process dairy products, North America is currently the leader. Experts predict that by 2023, this region will reach a value of USD 307.4 million in the dairy enzymes market, growing at a rate of 7.50%. This means that North America is currently using and needing a lot of these enzymes, but other regions are also catching up. One of these regions is Asia Pacific, which is becoming an attractive market for dairy enzymes. It is expected to grow at a rate of 8.05%, holding a market share of 20.2% in 2018.
Globally, the dairy enzymes market is on the rise and is estimated to have a growth rate of 7.44%, reaching a whopping USD 829.6 million by 2023. Within the types of dairy enzymes, proteases are expected to have the biggest market share, reaching around USD 568.5 million by 2023, growing at a rate of 7.78%. However, another type, lipases, is projected to grow significantly faster at a rate of 7.09% during the period from 2018 to 2023.
To break it down, North America is currently the leader in using dairy enzymes, but Asia Pacific is quickly catching up. The global market for these enzymes is growing, and proteases are currently the most used type, while lipases are growing at a fast rate. This tells us that the need for these enzymes is increasing not only in traditional markets but also in regions that are rapidly adopting these technologies.