Global Rennet Market Grows Steadily at a CAGR of 5.19%

Introduction

Rennet is typically extracted from the lining of the fourth intestine of young ruminant animals such as goats, lambs, and calves. It is only found in young mammals that obtain their initial nutrition from milk. Complex enzymes are the cause of curdling in milk. Thus, it is widely utilized in the dairy industry to produce a variety of cheeses.

Rennet is also present in plants, such as artichokes, nettles, cardoon thistles, and animals. Chymosin, a protease, is one of the principal enzymes in the rennet mixture of enzymes that causes milk to curdle by causing casein coagulation.

Market Dynamics

Growing Cheese Market Drives the Global Market

The increasing number of quick-service restaurants (QSRs) in developing regions and the proliferation of QSRs in developed regions are boosting the growth of the global cheese market. In 2020, the per capita cheese consumption in the United States was 40.2 pounds, a slight increase from prior years. The widespread adoption of ethnic cuisines, such as Italian and Mexican, which incorporate a disproportionate quantity of cheese, has also contributed to cheese's global popularity.

Factors such as a longer shelf life for cheese products, an increase in disposable income, and an increase in the demand for protein-rich foods have contributed to the market's growth over the forecast period. Moreover, the developing market for low-fat cheese and numerous innovations to enhance the flavor and quality of the products provide new growth opportunities for the market-studied manufacturers. Due to this factor, market leaders have been focusing on product launches and innovations to meet the growing demand in the studied market.

Advancements in the Packaging Industry Creates Tremendous Opportunities

Packaging industry innovations and the development of consumer-friendly packaging in various sizes and shapes will aid the growth of the rennet market. Manufacturers are also modifying the origins of rennet production to boost efficacy. These variables are anticipated to accelerate the market's growth over the next few years.

In addition, the availability of rennet in various forms, including powder, tablet, paste, liquid, and numerous others, gives manufacturers several options for meeting the requirements of various applications. These factors are anticipated to generate market expansion opportunities during the forecast period.

Regional Analysis

Europe is the most significant global rennet market shareholder and is anticipated to exhibit a CAGR of 4.38% during the forecast period. A rise in private-label cheese brands is expected to boost demand for rennet over the forecast period. Increasing investment in the plant-based dairy industry encourages the regional development of vegetable rennet. For instance, in Germany, the Grocery Retailers Association's 2021 study identified approximately 40 labels that offer plant-based cheese products. In order to advance the cause of animal welfare, it is anticipated that mainstream consumers will increasingly adopt vegetarian diets throughout the predicted timeframe. In addition, the development of vegetarian rennet to produce ideal cheese products for the vegan population is the market trend, and players are exploring ingredients to fulfill the demand. Gran Natura and Tanelli are two Italian cheese brands produced with vegetarian rennet and lactose-free by nature.

North America is estimated to exhibit a CAGR of 4.65% over the forecast period. Rising consumer health consciousness has increased the demand for dairy products such as cheese in the region, thereby increasing the demand for coagulation and cheese production enzymes such as rennet. The United States is one of the largest cheese producers in the globe in the North American region. Moreover, the strengthening food service market in the country increases the demand for cheese, further positively affecting the market expansion. In addition, the market leaders in this region are introducing new products to maintain their market position. For instance, in June 2020, the DuPont brand Danisco introduced Aspartic protease Chymostar, a new milk-coagulating preparation for dairy products. It will produce firm, semi-hard, soft, and mold-ripened varieties of cheese, promoting market expansion.

Key Highlights

• The global rennet market was valued at USD 55 million in 2022. It is estimated to reach USD 1,132.99 million by 2031, growing at a CAGR of 5.19% during the forecast period (2023–2031).
• Based on type, the global rennet market is segmented into animal-derived rennet, microbial rennet, FPC (fermentation-produced chymosin rennet), and vegetable rennet.The FPC (fermentation-produced chymosin rennet) segment dominates the global market and is predicted to exhibit a CAGR of 5.18% over the forecast period.
• Based on form, the global rennet market is segmented into liquid, powder, and paste.The liquid segment owns the highest market share and is estimated to exhibit a CAGR of 5.09% during the forecast period.
• Europe is the most significant global rennet market shareholder and is anticipated to exhibit a CAGR of 4.38% during the forecast period.

Competitive Players

Competitive Players

The key players in the global rennet market are Chr. Hansen Holding AS, International Flavors & Fragrances Inc. (IFF), Intermak Inc., Sacco SRL, Koninklijke DSM NV, MAYASAN Food Industries AS, Calza Clemente SRL, Iran Industrial Enzymes Company, AFFCO, and others.

Recent Developments

Market News

• In January 2023, Atalanta's Exclusive Partner, Coombe Castle International, announced that they would introduce the world's only Official GUINNESSTM CHEDDAR at the 2023 Winter Fancy Food Show in Las Vegas. The cheddar curds are combined with Guinness TM Stout to assimilate the complex flavor notes and impart a distinctive flavor profile.
• In July 2022, Katharos, a Mumbai-based startup, introduced a range of vegan cheeses made from watermelon seeds, including cheddar and mozzarella. According to the manufacturer, they are the first cheese blocks made with watermelon seeds in the globe.

Segmentation

Global Rennet Market: Segmentation

By Type

• Animal-Derived Rennet
• Microbial Rennet
• FPC-Fermentation Produced Chymosin Rennet
• Vegetable Rennet

By Form

• Liquid
• Powder
• Paste

By Regions

• North America
• Europe
• Asia-Pacific
• Rest of the World