The market size of the Global Rennet Market in the year 2021 is valued at 668.72 million and is predicted to reach 1112.53 million by the year 2030 at an 6.03% CAGR during the forecast period.
Rennet is a proteolytic enzyme usually taken from the stomach lining of calves. The primary substance that makes up rennet is chymosin. Rennet is employed in the cheesemaking process to facilitate milk coagulation and remove whey from the initial curdling stage. Making rennet involves heating raw milk to 32–37 °C for 40–60 minutes while adding rennet derived from the calf's stomach lining. Rennet market expansion is anticipated to be aided by the cheese market's expansion due to rising cheese consumption. Globally expanding vegetarian populations are fueling demand for plant-based food items, which is also accounted to boost the market growth. Growing consumer demand for plant-based cheese due to dietary restrictions and an increase in health-conscious consumers worldwide is anticipated to present significant growth opportunities over the forecast period. Pepsin makes cheese instead of rennet since it is substantially less expensive. Once more, it is predicted that this issue will slow market expansion. The market is anticipated that introducing an enhanced rennet production technique will open up new market prospects. The new technology should satisfy the market's demand for non-animal rennet.
Additionally, the adoption of rennet is anticipated to have strong demand due to the increase in food and beverage firms, supporting market expansion. The availability of many solutions, such as natural and synthetic rennet, depending on the needs and financial situation of the manufacturer, is now promoting the overall expansion of the rennet market. The main restraint to the growth of the rennet market is religious convictions and rising danger threats brought on by incorrect handling of materials and goods.
The rennet market is segmented on type and form. Based on type, the market is segmented into animal-derived rennet, microbial rennet, vegetable rennet, and fermentation-produced chymosin rennet. Based on form, the rennet market is segmented into liquid, powder and paste.
Based on product, the drugs segment is a major contributor to the rennet market.
The market's leading segment was drugs. Some of the main drivers of the expansion include an expanding patient population for monkeypox disease, an increase in the use of antiviral drugs, and high treatment costs for the symptomatic management of the illness. However, the vaccine segment is anticipated to grow significantly. Increased use of vaccines against monkeypox infection, greater public awareness of vaccination, and intensive R&D efforts to create novel medicines are all predicted to boost category expansion. Additionally, several government measures to increase vaccine accessibility are projected to support category growth.
The liquid form segment witnessed growth at a rapid rate
Liquid form grabbed the highest revenue share, and it is anticipated that it will continue to hold that position during the anticipated time. In factories, the liquid form is widely used to make huge amounts of cheese. They also contain extra preservatives, which prolong the cheese's freshness.
The Europe rennet market holds a significant revenue share in the region.
The Europe Rennet market is expected to register the highest market share in revenue shortly. This results from several variables, including an increase in the number of vegans and advanced technology used in cheese manufacturing. It is anticipated that the expanding cheesemaking industry, which employs cutting-edge technologies and creative manufacturing techniques, will be the primary driver of the demand for rennet in European countries like Germany, France, Italy, and Russia. Besides, the Asia-Pacific is anticipated to have rapid expansion. Interest in non-cheese dishes and rising consumption of cheeses like cheddar and mozzarella in the West Rennet is increasingly being used to produce several varieties of cheese in Asian nations like Japan, China, and India.
Some major key players in the Rennet market are 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.