Rennet Market - Growth, Trends, and Forecast (2020 - 2025)

Rennet is used for about 70% of the US cheese and 33% for the cheese production across the globe. Earlier, the use of animal rennet was normal, however as it is an expensive enzyme, various attempts have been made to find cheaper alternatives from microbial sources, over the years. These attempts were successful and Fermentation Produced Chymosin (FPC) was produced. FPC is considered to have high cheese yield per quantity of milk and produces a better-tasting cheese, with a prolonged shelf-life. These functional attributes boosted the use of FPC in most cheese producing companies in the United States; about 80% of the total cheese production in the country is made with FPC.

North America is expected to account for the largest market share followed by Europe. Also, the flexitarian and vegan populations are increasing at a high rate in North America and Europe is driving the demand for rennet in the region. Thus, the manufacturers of rennet have an opportunity to establish themselves in these regions. Thus, the increasing number of vegan population and the demand for cheese are anticipated to drive the sales of microbial rennet. In the Asia-Pacific region. the high youth population, changing consumer preferences, the influence of western cultures, preference for convenience, etc. are estimated to serve as a driver for the increase in demand for cheese in the region, which is further expected to increase the demand for rennet.