Rennet has two main uses. It helps separate curds from the liquid whey, a process known as coagulation. It helps make the cheese's texture smooth and creamy. Many popular cheeses, such as parmesan, gruyere, burrata, and Manchego, require rennet to be produced. Until recently, all cheeses were made with mammalian rennet. However, the popularity of cheese led to the development of alternative rennets. Today, about one-third of the world's cheese is made using microbial rennets. The difference between natural rennet and genetic rennet lies in the amino acid sequences of these enzymes. These rennets have been developed by using genetic recombinant technology.
Market Statistics:
The global Rennet market is estimated to account for US$ 683.1 Mn in terms of value by the end of 2021.
Global Rennet Market: Drivers
Expanding supermarket and hypermarket across the globe is projected to foster the market growth. Growing disposable income of consumers and changing eating habits are other major factors augmenting growth of the market.
Global Rennet Market: Opportunities
Increasing adoption of business strategic alliance such as merger and acquisition among key players for expansion of geographical presence is expected to bring significant growth opportunities. For instance, in October 2018, Chr Hansen acquired Austrian rennet supplier. Through the acquisition of the assets of Austrian-based ingredient supplier Österreichische Laberzeugung Hundsbichler, Chr Hansen has further expanded its animal rennet enzyme production and presence into the traditional segments of speciality cheeses.
Global Rennet Market: Restraints
Lack of strict labelling regulations is a key factor hindering market growth. For instance, food labelling laws in the U.K does not always mandate processing agents to be listed on the ingredient list, which also includes animal rennet. This remains a major concern among consumers seeking vegan or vegetarian diets, hence, often putting rennet-based end-products under heavy scrutiny.
Global Rennet Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of coronavirus disease (COVID-19) rapidly spread across the world, leaving no country behind in being affected by the global pandemic in 2019-20. Across the world, countries initiated the policies of social distancing and lockdowns within months of the commencement of the pandemic. Despite government regulations that allowed the regular functioning of grocery and other retail outlets, which were deemed essential, consumers in countries, such as the United States, the Netherlands, Germany, Spain, the United Kingdom, and India, among others, showed skepticism towards leaving home regularly to purchase grocery items, including cheese. However, the foodservice market was one of the worst-hit industries in the initial months of the government-mandated lockdown that was imposed early in 2020. Due to these factors, the demand for cheese among consumers witnessed a steep decline in the initial months of the pandemic.
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Key Takeaways:
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.
Liquid form segment held dominant position in the global Rennet market in 2021, accounting for 65% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Rennet Market: Trends
Rise in awareness regarding rennet nutritional properties is playing significant in the development of market. Additionally, increasing use of rennet in various products is again augmenting growth of the market.
Rapid urbanization and industrialization is another key trend expected to shape the market growth positively. According to the United Nation, all over the world, a growing proportion of the population lives in cities. In 2010, 51.6 per cent lived in urban areas. By 2020, the share of urban population increased to 56.2 per cent. It is generally higher in the developed (79.2 per cent in 2020) than in the developing world (51.6 per cent).
Global Rennet Market: 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
Global Rennet Market: Recent Developments
- In January 2020, Punature Food Ingredient Co. Ltd started the production of Chymosin, also known as rennin in their China manufacturing unit.
- In November 2019, KONINKLIJKE DSM NV announced its acquisition of specialty dairy solutions provider Koninklijke CSK Food Enrichment CV in a deal worth around EUR 150 million. CSK's modernized dairy application center in Food Valley, Wageningen, will be included in the deal. In addition, it will join DSM's worldwide production network with its high-tech fermentation facility in Leeuwarden.
