Lipase Market size to exceed 550 million by 2024

Global Lipase Market size may surpass 550 million by 2024, with gains at 6.3% CAGR. Increase in processed dairy products and meat consumption may fuel product demand. Increase lipase usage in various feeds for livestock may drive industry growth.

Global animal feed application is dominant and should witness gains at over 4.5% CAGR. Animal feed is rich in vitamins, fiber content and mineral which are used for livestock metabolism regulation. Increase in livestock production due to increase in meat consumption may fuel lipase demand as valuable enzymes. Feed enzymes market is gaining importance owing to better animal feed conversion, rise in biochemical reaction rate, improvement in animal health and feed quality. Necessity for animal nutritional intake coupled with high quality animal products yield for better meat should favor lipase market size growth.

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Global dairy application may generate revenues worth over USD 130 billion by 2024. Rising disposable income coupled with changing consumer lifestyle may positively influence dairy application in lipase market size growth. APAC, led by India dairy production growth, was dominant in 2015 owing to strong outlook for product usage in dairy applications. Global dairy product may generate over 14 million tons of annual demand. China imports approximately 1.5 million tons of dairy products annually while Russia around 1.4 million tons. Japan and Mexico annually produce approximately 490 kilotons each. Rising animal health awareness among consumer owing to outbreak of diseases should favor high quality animal feed demand and drive lipase market size growth.

Increasing food consumption coupled with food quality improvement and flavor enhancements which further improves texture, improve product shelf life and increase in food product softness is likely to have a positive influence in food application for lipase market It helps in fats digestion by breaking them down into glycerol and fatty acids. It also helps in controlling appetite and regulates body cholesterol levels. Lipases are used as cleaning agents, flavoring agent and shelf life enhancers in food industry.

Microbial lipase was dominant product segment in 2015 and should continue its dominance up to 2024. Increase in microbial production such as fungi, yeast and bacteria owing to high yield, catalytic behavior and convenient genetic modification coupled with rise in microbe rate is likely to fuel microbial lipases market. Key microbial applications include detergent, food, oil and fat, pulp and paper, leather, textile industries along with cosmetics and biodiesel production.

Rise in healthcare industry owing to diagnostic and medical usage coupled with pancreatitis detection and other disorders may have a positive influence in lipase market growth size.  Global Healthcare industry was worth over 7.5 trillion in 2015 may witness significant gains by 2024. Technological innovations such as portable analysis instruments, medical imaging, computer assisted surgery and medical robotics may drive healthcare industry.

Increase in consumer health consciousness owing to change in food habits coupled with rise in technological innovation may fuel lipase market in food & beverage industry. Global food & beverage industry was over USD 16 trillion in 2015 and should show significant growth up to 2024.Bakery application in Japan is estimated to surpass USD 30 billion by 2024. Increasing consumer health awareness owing to shift towards gluten free organic product, convenient and processed foods should drive bakery industry Change in food consumption owing to rise in ready-to-eat and bakery products may drive lipase market size growth.

Cosmetic include products related to hair care, skin care, perfume, personal hygiene and oral. Global cosmetic market share may surpass USD 680 billion by 2024. Increasing demand for advanced cosmetic products may drive industry growth. Lack of regulatory policies may hinder supply dynamics and put pressure on lipase market price trend.

Global lipase market share is competitive and oligopolistic with presence of few small players catering to local and regional industries. Key manufacturers include DuPont, Novozymes, Chr. Hansen Holdings and DSM. These players possess a significant product development along with production facilities expansion which may propel industry profitability.

Other industrial participants include Amano Enzymes, Associated British food, Advanced Enzymes, Enzyme Development Corporation, Clerici-Sacco Group and Renco.