Rennet is an enzyme complex produced in the stomach of ruminant mammals. Its main component is chymosin, a protease enzyme that curdles the casein in milk. There are also other enzymes in rennet. Together, they help make milk more palatable.
Market Statistics:
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.
Europe held dominant position in the global rennet market in 2021, accounting for 46% share in terms of volume, followed by North America and Asia Pacific, respectively.
Figure 1. Global Rennet Market Value Share (%), By Region, 2021
Recent Developments:
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 683.1 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 5.39% | 2030 Value Projection: | US$ 1080 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Chr. Hansen Holding AS, AFFCO, International Flavors & Fragrances Inc., Intermak Inc., Punature Food Ingredient Co. Ltd, Walcovit Inc., Hebei Yoko Biotech Co. Ltd, Koninklijke DSM NV, MAYASAN Food Industries AS, Calza Clemente SRL, Iran Industrial Enzymes Company, and Sacco SRL |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Drivers:
Expanding cheese market due to increasing consumption of cheese is expected to foster growth of the rennet market. For instance, in the United States, the per person cheese consumption was 40.2 pounds in 2020, a slight increase from previous years. Cheddar cheese and mozzarella cheese remain the most popular varieties of cheese (US Department of Agriculture). Moreover, increasing acceptance of ethnic cooking, such as Italian and Mexican, which use require more cheese is another key factor contributing to the cheese market growth.
Growing number of vegetarian around the globe is driving demand for plant-based food products which also anticipated to augment market growth. As per the 2021 global survey conducted by the American product testing, inspection and certification organization- NSF International, about 88% of food industry practitioners expect the demand for plant-based products to increase, in coming years.
Figure 2. Global Rennet Market Value Share (%), By Form, 2021
Market Restraints:
The consumption of rennet is limited to high cheese producing regions such as North America and Europe. This restrict the scope of rennet. Thus, hampering growth of the market.
Rennet is being replacing with pepsin in the production of cheese as pepsin is much cheaper. This factor is again projected to hinder the market growth.
Market Opportunities:
Growing demand for plant-based cheese due increasing number of health conscious consumers around the globe and dietary restriction is expected to offer significant growth opportunities over the forecast period. Also, vegan cheeses using plant-based rennet is mostly certified by Kosher, Halal, Vegetarian and GMO free, depending on the other ingredients used.
Advent of improved production process of rennet is expected to create new market opportunities over the forecast period. The new technology is expected to fulfil the demand for non-animal rennet market. Additionally, with the rise in number food &beverage companies the adoption of rennet is expected to witness high demand, thus fostering market growth.
Market Trends/Key Takeaways:
Growing popularity of low-fat cheese due to increasing adoption of healthy lifestyle among consumers is expected to uplift the market growth over the forecast period.
Increasing innovation in improving the taste and quality is again contributing to market growth. For instance, in June 2020, DuPont Nutrition & Biosciences (DuPont N&B) has launched Chymostar, a new milk coagulating preparation for the dairy industry that is positioned to offer “optimal coagulation and ripening kinetics.” The ingredient is being introduced by Danisco, DuPont’s brand for a range of bioprotection and nutritional products.
Competitive Landscape:
Chr. Hansen Holding AS, AFFCO, International Flavors & Fragrances Inc., Intermak Inc., Punature Food Ingredient Co. Ltd, Walcovit Inc., Hebei Yoko Biotech Co. Ltd, Koninklijke DSM NV, MAYASAN Food Industries AS, Calza Clemente SRL, Iran Industrial Enzymes Company, and Sacco SRL
Rennet is a collection of enzymes produced by ruminant mammals in their stomachs. Its key component is chymosin, a protease enzyme that helps curdle casein in milk. Other enzymes are present in rennet as well. The term rennet refers to an enzymatic extract extracted from the stomachs of young ruminants. Young ruminants produce enzymes to help break down milk in order to maximize the nutrition in it. They use these enzymes to make food. In cheese-making, they activate coagulation. It is used in cheese-making. In addition to plant rennet, there are microbial rennets. These use molds as sources for enzymes similar to chymosin, but don't contain mold in the finished product. Other types of microbial rennet are made from animal stomach cells implanted in yeast cultures. They are genetically engineered to be useful in cheesemaking.
Market Dynamics:
Growing production of cheese is a prime factor driving growth of the rennet market. According to the United States Department of Agriculture, in the United States, more than 300 varieties of cheese are produced, largely from cow's milk. Total U.S. cheese production in 2020 was 13.25 billion pounds, up 2 percent from 2016. Moreover, increasing demand for plant-based cheese is another key factor fostering market growth. Growing focus of key players to improve taste and quality products is further projected to accelerate market growth.
Consumption of rennet is limited to high cheese producing regions such as Europe and North America. This limit the scope of rennet, thus hampering market growth.
Key features of the study:
Detailed Segmentation:
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