The Rennet Market size is forecast to reach $781.45 Million by 2026, growing at a CAGR of 4.19%% during the forecast period 2021-2026. Rennet is a coagulant, consisting of enzyme rennin which is also known as chymosin. It is used in cheese making process as an essential component for separating milk into solid curd and liquid whey. Rennet’s are available in various types such as animal rennet, vegetable rennet, FPC Rennet and microbial rennet. The surge in demand for rennet as a main component for cheese making process by cheese manufacturers is driving the growth of the rennet market. The growing demand for cheese by consumers as part of their healthy diet is also propelling the market towards growth. Moreover, presence of advanced technology for cheese production in U.S. is also set to further enhance the growth of overall market for the Rennet Market during the forecast period 2021-2026.
Rennet Market Segment Analysis – By Type
The FPC Rennet held the largest share in the Rennet Market in 2020 and is estimated to grow at a CAGR of 4.85% during the forecast period 2021-2026. FPC rennet is an alternate source of extracting chymosin enzyme. In this process the animal rennet microbes are incorporated with chymosin enzyme through genetic engineering tool into moulds of fungus such as Aspergillus and Kluyveromyces for extracting chymosin.The FPC produced rennet consists of chymosin B which provides high protein content. It also provides benefits in comparison to the other forms of rennet such as high production yield, better curd texture and reduced bitterness. It is a cost effective method of producing the enzyme in large quantities through fermentation tanks and increasing demand of rennet by cheese manufacturers is increasing the market growth for FPC rennet. FPC Rennet is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2021-2026.
Rennet Market Segment Analysis – By Form
The Liquid form held the largest share in the Rennet Market in 2020. The liquid form is widely used in the factories for manufacturing of cheese in large quantities. Also, they come along with added preservatives which keeps the cheese fresh for longer time. Liquid form is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2021-2026.
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Rennet Market Segment Analysis – By Geography
North America is anticipated to dominate the Rennet Market in 2020 with a share of 40.11% followed by Asia- Pacific, owing to various factors which includes growing vegan population and presence of advanced technology in U.S. for cheese production along with Wisconsin and California are termed as leaders in international cheese production are major factors driving the market in this region. Increasing per person cheese consumption in U.S. is propelling the rennet market towards growth in this region. Moreover, manufacturers present outside this region are increasing their investment to establish themselves in this market which is further driving the growth of rennet market in this region.
However, Asia-Pacific is set to grow at the highest CAGR during the forecast period 2021-2026 owing to the several factors which has resulted into surge in demand for cheese products such as growing urbanisation, rapid adoption of western culture and rising disposable income is driving the market towards growth. Moreover, increasing western consumption of cheese such as cheddar, mozzarella and spread in non-cheese Asian countries such as Japan, China and India are also accelerating the growth of the rennet in different varieties of cheese production.
Rennet Market Drivers
The increasing consumer preference towards healthy diet such as cheese
The growing urbanization, and rising disposable income is driving the market for Rennet. The rising health concern along with changing consumer preference towards the consumption of healthy diet is making cheese the integral part of daily intake. The manufacturing of cheese by using FPC rennet is also increasing the nutritional level and of cheese which is also boosting the market for rennet. Thus, increasing the growth of the Rennet Market during the forecast period 2021-2026.
Technological advancement in cheese manufacturing industry
The advancement in technology is further driving the demand for Rennet market. According to Agriculture Marketing Resource Center, USA produces 300 varieties of cheese every year and is known to be the leading producer of cheese by using their advanced technologies. The manufacturers are largely increasing their dependence on FPC rennet for cheese production which requires large enzymatic production of chymosin through the upcoming of new technologies. Moreover, FPC rennet technology production results into faster and cost-effective means of producing cheese in bulk in also further contributing towards the growth of the market. Thus, increasing the growth of the Rennet Market during the forecast period 2021-2026.
Rennet Market Challenges
The increasing animal welfare and presence of rennet alternatives
Some of the factors that are set to impede the growth of the Rennet Market includes the use of animal -based rennet have negatively impacted the demand for cheese made from them and also utilization of citric acid as an alternative form of rennet hinders the market growth for the Rennet market.
Rennet Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Rennet Market. In 2020, the Rennet Market share is consolidated by the top ten players present in the market. Rennet Market, the top 10 companies are WalcoRen, Iran Industrial Enzyme Co., Yangzhou Chemical Co. Ltd. Chr. Hansen Holdings, Vahgan EV. Tigra Co. Ltd., Bioactive Yeast Co. Ltd., DuPont Nutrition & Health, Sudershan Biotech Ltd., MAYASAN Food Industries A.S.,Renco.
In Jun. 2020, DuPont brand Danisco launched aspartic protease Chymostar, a new milk coagulating preparation for dairy products. It will be used to produce cheese of any types such as hard, semi-hard, soft and mold ripened. And it will also speed up the maturation process of cheese with enhanced taste.
North America is anticipated to dominate the Rennet Market in 2020 owing to several factors such as growing vegan population and presence of advanced technology majorly in U.S. for cheese production which in turn is driving the growth of the Rennet Market. The Rennet Market scope for different regions will be provided in the final report.
Increasing demand of rennet by cheese manufacturers and growing consumer preference for cheese as a dietary component is likely to aid in the market growth of the Rennet.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Rennet Market report.
The increasing animal welfare and availability of rennet alternatives is poised to create hurdles for the Rennet Market.
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B. Cheese Market
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