Rennet market expansion is anticipated to be aided by the cheese market's expansion as a result of rising cheese consumption. For instance, the amount of cheese consumed per person in the United States in 2020 was 40.2 pounds, slightly more than in prior years. The most widely consumed cheeses are still cheddar and mozzarella (US Department of Agriculture). Another important element driving the expansion of the cheese business is the rising popularity of ethnic cuisines like Italian and Mexican, which call for more cheese. Globally expanding vegetarian populations are fueling demand for plant-based food items, which is also projected to boost market growth.
The global Rennet Market was valued at US$ 683.1 Mn in 2021 and is forecast to reach a value of US$ 1080 Mn by 2030 at a CAGR of 5.39% between 2022 and 2030.
Key Competitors in the Rennet Industry:
Chr. Hansen
Chr. Hansen Holding A/S, a bioscience company, develops natural ingredient solutions for the food, nutritional, pharmaceutical, and agricultural industries in Europe, the Middle East, Africa, North America, Latin America, and the Asia Pacific. The company operates through Food Cultures & Enzymes, and Health & Nutrition segments. The company was founded in 1843 and is headquartered in Hørsholm, Denmark. In April 2020, Chr. Hansen acquired HSO Health Care to grow probiotics offering for women’s health. In June 2022: Danone launched the new drinkable yogurt Activa+. Activa+ is a multi-benefit drinkable yogurt made with active probiotic vitamins A, D, and zinc. The product is available in different flavors like raspberry, peach, and strawberry.
International Flavors & Fragrances Inc.
International Flavors & Fragrances is the largest specialty ingredients producer globally. The company sells ingredients for the food, beverage, health, household goods, personal care, and pharmaceutical industries. The company is headquartered in NewYork, U.S. founded in 1833.