(I-BusinessNews.Com, February 04, 2020 ) The global microbial lipase market is projected to reach USD 590.2 million by 2023, at a CAGR of 6.8% from 2018. The microbial lipase market, over the past few years, has been largely driven by the increasing awareness about animal health and quality of animal produce and the increasing consumption of enzyme-modified cheese (EMC) & enzyme-modified dairy ingredients (EMDI). The advantages of microbial lipases over animal and plant lipases are also driving the market growth.
On the basis of application, the microbial lipase market is segmented into cleaning agents, animal feed, dairy products, bakery products, confectionery products, and others (biofuel and pulp & paper). The confectionery products segment is projected to be the fastest-growing from 2018 to 2013. As confectionery manufacturers are extensively using microbial lipases in the production of confections, as they help in breaking down fats and in rendering a creamy and cheesy flavor to the products. This has led to an increase in demand for microbial lipases in the confectionery products segment.
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On the basis of form, the liquid form of microbial lipases is projected to be the faster-growing in the microbial lipase market over the next five years. The powdered segment is estimated to dominate the market; this growth can be attributed as it is more widely used in a majority of applications owing to its better handling, stability, and packaging. It is widely used in various applications in industries such as food & beverage, animal feed, cleaning, and biofuel. The powder and liquid segments are projected to register a CAGRs of 6.7% and 7.0%, respectively, during the forecast period.
Regionally, Asia Pacific is estimated to dominate the global microbial lipase market, due to agricultural economies in this region, which demand healthy livestock for farming and other agricultural practices. This drives the demand for lipase-based animal feed to enhance the immunity and health of livestock. Further, the rise in construction activities is augmenting the growth of the cleaning services segment, which drives the use of microbial lipase in the cleaning agent segment. The market for microbial lipases in the Asia Pacific region is likely to grow at the highest CAGR, owing to the opportunities offered by developing countries in the region. Growth in awareness about the advantages of microbial lipases over plant and animal sources has been driving the demand for microbial lipases, globally.
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The market is concentrated with key players adopting investments and strategic alliances, expansions, mergers & acquisitions, new product launches, partnerships, and agreements with other players to strengthen their business, explore new and untapped markets, expand in local areas of emerging markets, and develop a new customer base for long-term client relationships. Several companies focus on expanding their business in the Asia Pacific microbial lipase market, owing to the numerous growth opportunities present in the region. In November 2016, Novozymes (Denmark) opened a new production facility in India. This helped the company to expand its industrial enzyme business in Southeast Asia.
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