Rennet Market Gross Margin by Profit Ratio of Region, and Forecast 2032
Rennet Market overview:
The Rennet Market Size is expected to reach USD 1.14 billion
by 2030, growing at a CAGR of 4.84% between 2020 and 2030.
The rise in environmental consciousness, combined with
improved methods of producing low-cost rennet, has created a new opportunity in
the rennet
market. It will result in an increase in the market for non-animal rennet.
Furthermore, rennets are expected to be used in the manufacturing processes of
many companies in the fast food and beverage product segments, thereby
increasing demand. Rennets' nutritional properties are expected to boost the
rennet market. The growing preference for milk-based products and advanced food
technologies drive market growth. The expanding food industry and changing
consumer attitudes toward adopting experimental food culture create favorable
conditions for the market's overall growth. In recent years, the increased
trading activities of the larger cheese producers, as well as transporting to
the eastern part of the world, have fueled the overall growth of the rennet
market.
The rapid spread of coronavirus disease has left no country
unaffected by the global pandemic in 2019-20. Despite government regulations
allowing the regular operation of grocery and other retail outlets deemed
necessary, consumers in many countries expressed skepticism about leaving the
house regularly to purchase grocery items such as cheese. This, in turn,
impacted rennet demand, with the leading cheese producers slowing production.
However, the rollout of vaccines and the gradual reopening of the economy have
helped encourage customer spending on items such as cheese. Leading supermarket
and hypermarket chains worldwide have developed zero-contact delivery
strategies to retain their customer base. This factor is expected to increase
consumer demand for cheese, thereby driving demand for rennet among cheese
manufacturers.
Key Players
Österreichische Laberzeugung Hundsbichler GmbH
(Austria),Renco New Zealand (New Zealand),Chr. Hansen Holding A/S
(Denmark),DuPont (Denmark),Clarion Casein Ltd (Gujarat),Fonterra Co-operative
Group (New Zealand),Walton (Canada),Mahaan Foods Ltd (India),Enzyme Supplies
Limited (UK),AlindaVelco S.A. (Greece) are some of the rennet
key market players
Market segmentation:
The global rennet market overview is segmented based on
source, form, and application.
Based on the source:
Microbial
Animal
Based on the form:
Liquid
Powder
Others
Based on the application:
Dessert
Yogurt
Cheese
Others
Regional analysis:
The increased consumption of cheese and dairy products in
Europe currently dominates the rennet market. The presence of leading cheese
producers in certain countries boosts the rennet market's overall growth.
Increasing consumer preference and healthy snacking habits and inclinations,
combined with growing awareness of the health benefits of including cheese, are
driving market growth across Europe. Similarly, the United States is exhibiting
a reasonable growth rate in the rennet market size, as it is one of the largest
cheese producers, with over 70% of cheese produced using rennet. A large
portion of the American population consumes cheese as part of their daily diet.
The Asia-Pacific region, on the other hand, is propelling
the overall growth of the Rennet market insights. Rennet production is
increasing in China and India due to a growing interest in experimental food
practises. The influence of western culture and food habits, particularly among
the young generation, is creating growth opportunities for the rennet market.
Recent developments:
• Renco made
a multimillion-dollar investment in August 2020 to increase its rennet
production capacity. Renco's rennet is supplied to the United States by
"The Cheese Connection," a distributor. Renco's rennet production
capacity was doubled due to the expansion, which strengthened the company's
portfolio of products.
• PunatureFood
Ingredient Co.Ltd. began manufacturing Chymosin, also known as rennin, in their
China manufacturing unit in January 2020.
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