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.
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The global Rennet Market is segmented based on source, form and application.
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The increased consumption of cheese and dairy products in Europe currently dominates the rennet market share. The presence of leading cheese producers in 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 market, 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. Rennet production is increasing in China and India due to a growing interest in experimental food practices. The influence of western culture and food habits, particularly among the young generation, is creating growth opportunities for the rennet market.
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