Market Definition:
Rennet is widely used as an enzyme which is needed to coagulate milk and separate it into solids curds and liquid whey in the production of cheese. Usually some varieties of cheese are consumed fresh, but the varieties of cheese that use rennet for clotting are aged for periods ranging from 4 weeks to 2 years and the duration depends on the humidity content of the cheese. Increasing consumption of dairy products and rapid industrialization has led to the demand and launch of new and innovative cheese products by market players which in turn is expected to boost the global rennet market during the forecast period.
The rennet market in Europe is expected to dominate during the assessment period due to high production of cheese leading to high usage of animal rennet in the region. Cheese such as Grana Padano and Gorgonzola are highly popular cheese of the region that uses rennet for its production. Parmesan (Parmigiano Reggiano) cheese is made by traditional methods using calf rennet. Countries such as France and Finland and growing use microbial rennet in cheesemaking for the vegetarians and vegans is expected to boost the rennet market in Europe during the forecast period
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Regional Analysis:
The Asia-Pacific market for rennet is expected to hold a significant market share as well as record the highest CAGR during the assessment period. Rapid urbanization followed by changing eating habits towards dairy products as snacks as well as in meals are playing a major role in the growth of rennet market in the region. High livestock farming has encouraged the production of rennet from ruminants and growing food industry in developing nations of Asia-Pacific are expected to fuel the use of rennet among food and cheese manufacturers during the forecast period.
North America is expected to witness a moderate growth in the global rennet market during the forecast period due to growing cheese manufacturing market in the region. Growing number of vegans are influencing food manufacturers to use microbial rennet which is expected to boost the rennet market in North America during the forecast period. The market in the rest of the world is expected to grow due to growing awareness about the use of rennet in cheesemaking as well as in other dairy products including dairy-desserts and yogurts.
Segments:
The global rennet market has been segmented by source, form, application, and region.
By source, the global rennet market has been classified as animal and microbial.
On the basis of form, the global rennet market has been segregated into powder, liquid, and others.
The application segment of global rennet market is classified as cheese, yogurt, dessert, and others.
Key Players:
Some of the key players in the global rennet market are 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), WalcoRen (Canada), Mahaan Foods Ltd (India), Enzyme Supplies Limited (UK), and AlindaVelco S.A. (Greece).
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