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    Home > Chemial News > Food Industry News > Global lactase market will reach 1.0298 billion US dollars

    Global lactase market will reach 1.0298 billion US dollars

    Echemi 2020-10-16

    According to a report released by the market research organization Polaris, by 2027, the global lactase market is expected to reach US$1.0298 billion, with a compound annual growth rate of 7.25% during the forecast period.

    The main factors driving the growth of the market include increased consumption of dairy products and lactose-free and low-lactose products, the environmental benefits of lactase, and so on.

    The global dairy market will continue to grow, supplying more than 7 billion consumers worldwide. By 2040, there may be a shortage of nearly 12 million tons of milk supply. Insufficient supply will push up global milk prices, stimulate production, and ultimately lead to oversupply.

    During the COVID-19 lockdown period, the consumption of dairy products in India has increased. Gujarat Cooperative Milk Marketing Federation Co., Ltd. (GCMMF) in India said that in April this year, the sales of dairy products such as cheese, ghee and butter increased by 20-25%.

    During the forecast period, North America will occupy the largest share of the global lactase market, followed by Europe, followed by Asia Pacific, Latin America, Zhongding and the Americas.

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