Microbial Lipase Market, Future Trends, On-going Demand, Opportunities, Segmentation, and Forecast till 2030
Market Insights
As per the MRFR reports, the global microbial lipase market is projected to attain a market size of over USD 615.2 million while registering a CAGR of approximately 6.90% by the end of 2024.
The global market for microbial lipase has witnessed massive growth over recent years. The market's growth is mainly being driven by increasing consumer awareness related to the advantages of microbial lipase market. Furthermore, the factors such as growing use across the dairy industry, growing demand for the confectionery industry, and the rising consumer shift towards the ready to eat food products. However, the market growth is anticipated to be impeded by the lack of clarity in the patent protection law.
Segmental Analysis
The global microbial lipase market is divided into several segments based on application, form, source, and region.
The microbial lipase market is bifurcated on application into confectionery, bakery products, dairy products, animal feed, cleaning agents, and others.
Considering the source, the market is divided into bacteria and fungi.
Based on form, the global market is split into powder and liquid.
Regional Analysis
The global market for microbial lipase is studied across five major regions: North America, South America, Asia-Pacific, Europe, and the Middle East & Africa.
The North American regional market for microbial lipase dominated globally in 2018 with a total contribution of over 35%. The regional market will likely maintain the top position over the review timeframe. The regional market's growth is mainly being driven by the increasing use of the product in dairy products. Furthermore, the growing adoption from manufacturers of toiletries and cleaning agents is another vital parameter contributing to the regional market's growth. The US is the prime growth contributor across the North American region.
The European regional market for microbial lipase held the second position globally in 2018 with a contribution of 30%. The regional market is projected to register substantial growth during the forecast period.
The microbial lipase market for the Asia-Pacific region is likely to grow rapidly over the assessment timeframe. The regional market's growth is attributed mainly to technological advancement in developing nations. Countries such as Japan and China are the major growth contributors.
Competitive Analysis
The global market for microbial lipase is flooded with a wide number of players spread worldwide. The players across the market are investing heavily in the research & development of new products to lead the market globally. The list of prominent players in the microbial lipase market includes Biocatalysts Ltd (UK), Aumgene Biosciences (India), Creative Enzymes (US), Advanced Enzymes (India), Associated British Foods Limited (UK), Chr. Hansen A/S (Denmark), Novozymes AS (Denmark), Meito Sangyo Co., Ltd. (Japan), Enzyme Development Corporation (US), DowDupont Inc. (US), Amano Enzyme USA Co., Ltd. (US), Koninklijke DSM N.V. (Netherlands), and several others.
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