Rennet Market - Growth, Trends, and Forecasts (2023 - 2028)

The Rennet market is segmented by Type (Animal-derived Rennet, Microbial Rennet, FPC- Fermentation Produced Chymosin Rennet, and Vegetable Rennet); by Form (Liquid, Powder, and Paste); and by Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers market size and values in (USD million) during the forecasted years for the above segments.

Rennet Industry Overview

Rennet Market Summary
Study Period: 2017-2027
Fastest Growing Market: Asia-Pacific
Largest Market: Europe
CAGR: 5.39 %

Major Players

Rennet Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Rennet Market Analysis

The Rennet market was valued at USD 683.1 million in the current year and is projected to record a CAGR of 5.39% in the forecasted period.

The demand for rennet is expected to increase, owing to its use as the main ingredient in cheese making. The United States is one of the world's largest cheese producers, and most of it is produced with rennet. The growing preference among consumers for cheese as an integral part of their diets is expected to boost the market for rennet. Rennet enzymes are increasingly being adopted for milk coagulation, owing to their ability to coagulate milk at a normal pH even if their activity increases with decreasing pH. One of the main things driving the growth of the rennet market is the rise in demand for stable chymosin rennet made through fermentation, which is used to coagulate milk.

Over the medium term, the increased environmental awareness and improved production methods of inexpensive rennet have created a new opportunity in the rennet market. It will cause an increase in the non-animal rennet market. In addition to this, a growing number of companies in the fast food and beverage product segment are expected to employ rennets in their manufacturing processes, thereby augmenting demand. The nutritional properties of rennets are expected to positively impact the rennet market.

Rennet Industry Segments

Rennet is a set of enzymes produced from a number of sources, including animal, plant, microbial, and fermentation-derived sources. It is predominantly used as a coagulant in industrial cheese-making. The report on the global rennet market (henceforth referred to as the market studied) offers an in-depth analysis pertaining to types and forms of rennet across the globe. The global rennet market is segmented by type into animal-derived rennet, microbial rennet, FPC (fermentation-produced chymosin rennet), and vegetable rennet. Based on the form of rennet, the market studied has been segmented into liquid, powder, and paste. In terms of geography, the market studied has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. The rest of the world is further bifurcated into the South America, Middle East, and Africa regions. For each segment, the market sizing and forecasts have been done on the basis of value (USD million).

Type
Animal-Derived Rennet
Microbial Rennet
FPC-Fermentation Produced Chymosin Rennet
Vegetable Rennet
Form
Liquid
Powder
Paste
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
Spain
France
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
Rest of the World
South America
Middle-East
Africa

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Rennet Market Trends

Growing Cheese Market Boosting Demand for Rennet

Rennet is used for about 70% of the cheese in the United States and 33% of the cheese production across the globe. Presently, the growth of the global cheese market is being driven by a rise in the number of quick service restaurants (QSRs) in the developing regions and already established QSR outlets in the developed regions. In the United States, 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). Another contributing factor to cheese's popularity around the world has been the mainstream acceptance of ethnic cuisines, such as Italian and Mexican, which use substantially more cheese. The popularity of Latino foods and Hispanic cheeses is at an all-time high. In addition, factors such as the longer shelf life of cheese products, the rise in disposable income, and the increase in demand for protein-rich foods have been propelling market growth over the review period. The growing demand for cheese has led to a growing demand for rennet, which is used in the curdling of milk, which is one of the primary steps involved in the manufacture of cheese. Due to this factor, the key players in the market studied have been focused on product innovations and launches to cater to the growing demand in the market studied.

Rennet Market : Rennet Ripening Cheese Production, in Metric Tons, Poland, 2016-2021

Europe Holds a Major Market Share

Europe accounts for the largest market share, followed by North America. Also, the flexitarian and vegan populations are increasing at a high rate in North America and Europe, which is driving the demand for rennet in these regions. Thus, the manufacturers of rennet have an opportunity to establish themselves in these regions. Furthermore, the increasing vegan population and the demand for cheese are anticipated to drive the sales of microbial rennet. Increased cheese production accompanied by high consumption drives the demand for rennet in the United Kingdom’s cheese-making industry. For instance, according to the United Kingdom Dairy Trade Association, in 2021, around 504 thousand metric tons of cheese were produced in the country, an increase from 471 metric tons in 2019. Moreover, the expanding cheese-making industry using advanced technologies and innovative production methods is likely to drive the demand for rennet in European countries like Germany, France, Italy, and Russia. The region is home to many popular cheese variants and has a long history of cheese-making.

Rennet Market : Market CAGR (%), by Region, Global, 2021

Rennet Market Competitor Analysis

The global rennet market is fragmented and intensely competitive owing to the presence of several regional and multinational players, such as Chr. Hansen Holding AS, International Flavors & Fragrances Inc. (IFF), Sacco SRL, Koninklijke DSM NV, and AFFCO, among others. Expansion and partnership are the most important strategies taken up by a few players to widen their business offerings globally. Key market players are also increasingly relying on product innovation and expansion. Extensive investment in R&D has been witnessed in the past years, which has led to the introduction of numerous product developments in the market.

Rennet Market Top Players

  1. AFFCO

  2. Chr. Hansen Holding AS

  3. Koninklijke DSM NV

  4. International Flavors & Fragrances Inc. (IFF)

  5. Sacco SRL

*Disclaimer: Major Players sorted in no particular order

Chr. Hansen Holding AS, International Flavors & Fragrances Inc. (IFF), Sacco SRL, Koninklijke DSM NV, and AFFCO

Rennet Market Recent Developments

  • August 2020: AFFCO's Renco invested multi-millions of dollars in increasing their rennet production capacity. The company has partnered with The Cheese Connection, a distributor that supplies Renco’s rennet to the United States. The expansion had doubled the company’s production capacity of rennet, which in turn strengthened its relationship with The Cheese Connection.
  • January 2020: PunatureFood Ingredient Co. Ltd. started the production of chymosin, also known as rennin, in their China manufacturing unit.
  • November 2019: DSM 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. With its high-tech fermentation plant in Leeuwarden, it will also become part of DSM's global production network.

Rennet Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Animal-Derived Rennet

      2. 5.1.2 Microbial Rennet

      3. 5.1.3 FPC-Fermentation Produced Chymosin Rennet

      4. 5.1.4 Vegetable Rennet

    2. 5.2 Form

      1. 5.2.1 Liquid

      2. 5.2.2 Powder

      3. 5.2.3 Paste

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 United Kingdom

        2. 5.3.2.2 Germany

        3. 5.3.2.3 Spain

        4. 5.3.2.4 France

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Russia

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 South America

        2. 5.3.4.2 Middle-East

        3. 5.3.4.3 Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Strategies Adopted by Leading Players

    2. 6.2 Market Positioning of Players

    3. 6.3 Company Profiles

      1. 6.3.1 Chr. Hansen Holding A/S

      2. 6.3.2 International Flavors & Fragrances Inc.

      3. 6.3.3 AFFCO

      4. 6.3.4 Intermak Inc.

      5. 6.3.5 Punature Food Ingredient Co. Ltd.

      6. 6.3.6 Sacco SRL

      7. 6.3.7 Koninklijke DSM NV

      8. 6.3.8 Walcovit Inc.

      9. 6.3.9 Hebei Yoko Biotech Co. Ltd.

      10. 6.3.10 Mayasan Food Industries AS

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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Rennet Market Research FAQs

The Rennet Market market is studied from 2017 - 2027.

The Rennet Market is growing at a CAGR of 5.39% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2021.

AFFCO, Chr. Hansen Holding AS, Koninklijke DSM NV, International Flavors & Fragrances Inc. (IFF), Sacco SRL are the major companies operating in Rennet Market.

Rennet Industry Report

In-depth industry statistics and market share insights of the Rennet Market sector for 2020, 2021, and 2022. The Rennet Market research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Rennet Market report PDF.

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