Chewing Gum Market

Global Rennet Market Size (2024 to 2029)

Rennet Market share value in 2024 was 790.99 million, and it is expected to grow at a CAGR of 6.35 % during the forecast period 2024-2029 to reach USD 1076.12 million by 2029.

Rennet is a naturally occurring substance. Rennet is made of an enzyme called renin. This is taken from the stomach lining of an unweaned mammal. Commonly cow, sheep, or goat is used. The rennet should come from unweaned animals. This is because once these animals switch from dairy to grass, the enzyme fades away. Rennet is used in the manufacturing of classic cheese. This is to help convert milk into cheese. Rennet helps in converting liquid form into solid form. Hence almost in every cheese, there is an ingredient called Rennet. The rennet can be found in plants as well. Plants like cardoon thistle, artichokes, and nettles. This plant-based rennet is mostly used during the manufacturing of vegetarian cheese. The animal-based rennet is mainly used for aged cheese, as it lasts longer. Animal-based rennet, there also contains pepsin that helps in breaking down the protein. Plant-based rennet is used to add an extra element of bitterness to the final product. If cheese is using plant-based rennet during manufacturing, then if aged for too long, the taste becomes more bitter. Vegetable rennet is used during the manufacturing of soft cheese. There are various forms of rennet that are used in cheese manufacturing, such as rennet tablets, rennet powder, or liquid rennet. The liquid form is mostly used in rennet form.

The increase in development in the industry is resulting in technological advancement. This is creating opportunities for the growth of the Rennet Market. Additionally, the increase in awareness among the population about the environment and modified manufacturing processes. This helps to boost demand for the plant-based rennet. Manufacturing of rennet is an inexpensive method. This helps to create more opportunities in the market. Rennet has some nutritional properties that are expected to create opportunities in the Rennet Market over the forecasting period.

Global Rennet Market Drivers:

The rise in cheese consumption among the population across the world is one of the major driving factors in the Rennet Market. The main reason for the increase in the consumption of cheese is that the major population is eating protein-rich food. The millennial population prefers to eat cheese-based products. The major of the population is adapting the modern food habits this changed the consumer preference towards cheese consumption. The increase in the availability of rennet-based cheese is available in supermarkets, hypermarkets, online sales channels, etc. The increase in the consumption of fast food among the population also helps to drive market growth. In almost every fast-food dish, cheese is the main ingredient, hence increasing the demand for rennet in the market.

The increase in the number of the population preferring to eat vegetarian cheese drives the rennet market growth. For instance, according to a 2021 global poll by the American Organization for product testing, inspection, and Certification- NSF International- 88% of food industry professionals anticipate a growth in the demand for plant-based goods in the years to come. Numerous fast-food industries are benefiting from the growth of the processed food industry. The cheese is used in various dishes like pizza, sandwiches, burgers, etc. Cheese is also given to children as cheese is used as food with high protein content. These are the driving factors that increase the rennet market growth.

Rennet Market Restraints:

The increase in the availability of other substitute products is the major restraining factor to the rennet market growth. Additionally, the increase in the population that prefers vegetarian food hinders market growth in the coming years. Major of the population is unaware of the existence of rennet hence hindering market growth. Additionally, the major amount people do not prefer animal-based rennet. This is due to religious convention. In addition, the increase in the danger associated with improper handling of goods and materials. Additionally, the vegetarian rennet has a disadvantage. The disadvantage includes when it is stored for a long time then, it tastes bitter. These are the factors that hinder the Rennet Market growth over the forecasting period.

Impact of COVID-19 on Rennet Market:

Many industries were badly affected by COVID-19. Many food and beverage industries were closed because the government imposed lockdown and travel restrictions. The rennet market was badly impacted by COVID-19. Many businesses based on rennet were closed down. The rules imposed by the government were a restraining factor to the growth of rennet market growth. Because of these, there was a disruption in supply chain procedures. Rennet is used mainly in the manufacturing of cheese. Cheese is mainly used in fast food. The major population that consumes cheese is the millennials when they visit restaurants and cafes. During the pandemic, the demand for cheese decreased due to the closure of cafes and restaurants that serve pizza, sandwiches, wraps, etc, as these dishes are mostly composed of cheese. Hence this decreased the demand for rennet. Because of travel restrictions imposed by government authorities, there was a decrease in demand for rennet as the import and export were stopped during the pandemic. These dishes decrease the demand for rennet market growth. Post-pandemic, the Rennet Market was supposed to increase this is due to all the cancelation of lockdowns and other restrictions, boosting the market growth after the COVID-19 era.

REPORT COVERAGE: 

This research report on the global rennet market has been segmented and sub-segmented based on type, form and region. 

Rennet Market - By Type:

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

Among these, the Animal-derived rennet segment dominates the Rennet Market. The Animal-derived rennet segment is expected to show its dominance over the forecasting period. This is due to the benefits the animal-based rennet offers. Animal-based rennet is cultivated from the inner lining of unweaving mammals like calves, etc., as rennet is used during the manufacturing of cheese. The animal-derived rennet is used by most of the cheese manufacturing industries. Animal-derived rennet, when used during the manufacturing of cheese, can be stored for a longer time. This is the advantage given by this segment, as when plant-derived rennet is used during cheese manufacturing, then it can not be stored for a longer time. This is due to plant-derived rennet-based cheese turning bitter after a particular period. The vegetable rennet is expected to show the fastest CAGR growth over the forecasting period. This is due to an increase in demand for vegetarian cheese preferred by the majority of people.

Rennet Market - By Form:

• Liquid
• Paste
• Powder

Among these, the liquid segment dominates the Rennet Market. The liquid form segment is expected to show its dominance over the forecasting period. This is due to an increase in demand for rennet in liquid form. While manufacturing a huge amount of cheese, it is convenient if the liquid form of rennet is used. As the liquid form is easy to mix with the milk, this increases the coagulation. The liquid form of rennet also contains extra preservatives that help in extending the shelf life of the end product. The powder form segment is expected to show the fastest CAGR growth over the forecasting period. This is due to the powder form is easy to store when compared to the liquid form.

Rennet Market – By Region:

• APAC
• MEA
• Latin America
• North America
• MEA

Regionally, the North American region dominates the Rennet Market. The North American region is expected to show dominance in the rennet market over the forecasting period. This is due to the huge demand for cheese in the region. Per capita, Americans ate 15.64 pounds of Italian cheese and 15.6 pounds of American cheese. Based on a 2020 survey. Additionally, the major key market players are in this region, such as Wisconsin and California. Various market players are increasing their investment to grow their business in the region. The increase in development in this region leads to technological advancement, which helps to boost regional growth. The United States is the main country contributing to the regional growth of the Rennet Market. In addition, the increase in the number of cafes and restaurants that serves food based on cheese, such as pizza, sandwich, wraps, etc. This increases the demand for cheese increasing in demand for rennet.

The European region is expected to show significant growth in the Rennet Market over the forecasting period. This is due to an increase in demand for rennet in the region to produce a high amount of cheese. For instance, the United Kingdom Dairy Trade Association estimates that in 2021, the nation produced over 504 thousand metric tonnes of cheese, up from 471 metric tonnes in 2019. This is due to an increase in technological advancement in the industry. The Asia Pacific region is anticipated to show the fastest CAGR growth in the Rennet Market. This is due to the increase in the adoption of Western culture. People are consuming cheese-based products in almost every meal. Additionally, technological advancement in the industry also helps to boost market growth. The increase in disposal income also helps to fuel market growth.

KEY MARKET PLAYERS:

Key market players of Rennet Market are AFFCO, Punature Food Ingredient Co. Ltd, Hebei Yoko Biotech Co. Ltd, Wolcovit Inc, Mayasan Food IndustriesAS, Calza Clemente SRL, Chr. Hansen Holding AS, Koninklijke DSM NV, International Flavors & Fragrances Inc. (IFF), Sacco SRL.

RECENT HAPPENINGS IN THE MARKET:

In August 2020, Renco at AFFCO made multi-million-dollar investments to increase their ability to produce rennet. The Cheese Connection, a supplier of Renco's rennet in the US, has collaborated with the business. The company's rennet production capacity had doubled as a result of the development, which improved its partnership with The Cheese Connection.