Lactase Enzyme Market to grow at a CAGR of 5.57% during 2024-2028
The Lactase Enzyme Market is expected to grow at a CAGR of 5.57% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 201.7 million. In the business realm, the significance of lactose intolerance awareness is gaining traction due to the increasing need to enlighten individuals about this condition, which is frequently misconstrued as other health issues. Every year, February is designated as Lactose Intolerance Awareness Month to disseminate knowledge that those affected do not necessarily need to forgo dairy products entirely. Corporate initiatives promoting lactose intolerance awareness advocate the utilization of lactose-free alternatives to ensure adequate consumption of milk, cheese, and yogurt's essential nutrients. The National Institutes of Health (NIH) in the US advocates against the elimination of dairy foods, as it may result in nutrient deficiencies and potential health complications.
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Technavio analysts predict that the Food and beverage subsegment will lead the Application segment during 2024 and 2028 The Lactase Enzyme Market represents a significant business opportunity for players in the food and beverage industry. This enzyme, which breaks down lactose into simpler sugars, enables lactose intolerant individuals to consume dairy products. Market growth is driven by increasing lactose intolerance prevalence, rising consumer awareness, and expanding applications in various food and beverage sectors. Companies can capitalize on this trend by offering innovative, high-quality lactase enzyme solutions to meet the evolving needs of their customers.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rising consumer focus on enzyme-based foods
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Title: Lactase Enzyme Market: Catering to the Health-Focused, Vegan, and Lactose-Intolerant Population The Lactase Enzyme Market is witnessing significant growth due to the increasing health focus on easy-digestible foods and the rising prevalence of lactose intolerance. With a growing vegan and lactose-intolerant population, the demand for cruelty-free, plant-based, lactose-free products is on the rise. Lactase enzyme, a key ingredient in producing lactose-free dairy alternatives, is in high demand. Lactose intolerance, a condition where the body lacks the ability to digest lactose, affects a significant portion of the population. Primary lactose intolerance is often seen in infants and young children, while secondary lactose intolerance can occur at any age due to various factors. Pharmaceutical companies are leveraging enzyme technology to produce lactase tablets, capsules, and pills to help those with lactose intolerance consume dairy products. Milk alternatives like soy milk, almond milk, and oat milk are gaining popularity, and lactose-free versions of traditional dairy products like ice cream, yogurt, cream, and infant nutrition are becoming increasingly common. The market for lactase enzyme is expected to grow further as consumers seek out galactose and glucose-rich foods and dietary supplements to maintain a healthy lifestyle. The market includes various applications such as pharmaceutical, food and beverage, and infant nutrition industries. Overall, the Lactase Enzyme Market is poised for continued growth as it caters to the evolving needs of health-conscious consumers and those with lactose intolerance.
The global specialty chemicals market encompasses businesses specializing in high-value-add chemicals utilized in the production of a diverse range of products, such as fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. According to Technavio's market analysis, the market size is determined by the consolidated revenue generated by these manufacturers. Key growth drivers for the specialty chemicals market include the increasing preference for specialty adhesives and sealants, driven by the expanding demand for these products across various industries.
The Lactase Enzyme Market is experiencing significant growth, fueled by the rising consumer focus on enzyme-based foods. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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