Rennet Market Growth Driven by Rising Cheese Consumption and Increased Demand for Processed Foods Across the Globe

"Rennet Market" in terms of revenue was estimated to be worth 696.40 Million in 2022 and is poised to reach 1197.75 Million by the year 2031, growing at a CAGR of 6.39% from 2023 to 2031, according to a new report by Insight Ace Analytic.

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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Rennet market are:
• Rising consumption of cheese
• Presence of various food options

The following are the primary obstacles to the Rennet market's expansion:
• Administration laws of the slaughtering of animals
• Religious beliefs and other increased risks
• Growing vegan population

Future expansion opportunities for the global Rennet market include:
• Advances in the packaging industry
• Increasing manufacturing efficiency by changing sources
• Market expansions by major players

Key Industry Insights & Findings from the Report:
• The advent of new technologies in the industry and the presence of vegan options and vegetarian options across several parts of the world are expected to boost the overall growth of the rennet market.
• The increasing demand for cheese and other available food options is expected to drive industry growth.
• North America dominated the market and accounted for a revenue share of global revenue in 2023.
• One of the significant concerns restraining industry growth is the slaughtering of animals and the laws to protect them.

Market Analysis:
Growth in the rennet market is significantly driven by the expanding number of cheese production facilities and the rising global consumption of cheese, attributed to its high nutritional value. Additionally, the increasing prevalence of dairy farming operations focused on milk production, along with the growing demand for a diverse range of dairy products, is creating favorable opportunities for the overall expansion of the rennet industry.

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List of Prominent Players in the Rennet Market:
• International Flavors & Fragrances Inc.
• Intermak Inc.
• Punature Food Ingredient Co. Ltd
• Walcovit Inc.
• Hebei Yoko Biotech Co. Ltd
• Koninklijke DSM NV
• MAYASAN Food Industries AS
• Calza Clemente SRL
• Iran Industrial Enzymes Company
• Sacco SRL

Recent Developments:
• In June 2022, DuPont brand Danisco launched Aspartic protease Chymostar, a new milk-coagulating preparation for dairy products. It will be used to make a variety of cheeses, including hard, semi-hard, soft, and mould-ripened varieties. It will also improve the taste of cheese by speeding up the maturation process.
• In January 2020, PunatureFood Ingredient Co. Ltd. started the production of chymosin, also known as rennin, in their China manufacturing unit.
Rennet Market Dynamics

Market Drivers: Increasing Cheese Consumption
The growing global demand for cheese, attributed to its high nutritional content and protein-rich profile, is a key driver of the rennet market. Rennet, an enzyme traditionally sourced from the stomach lining of calves, is essential for milk coagulation in cheese production. Its wide applicability across all age groups further supports market growth. Additionally, the increasing reliance on processed foods has bolstered the use of cheese as a convenient and versatile ingredient, thereby creating growth opportunities for rennet manufacturers and food processing companies.

Challenges: Rise in Veganism and Ethical Considerations
The expansion of the vegan population and the dietary preferences of strict vegetarians pose significant challenges to the growth of the rennet market. Ethical concerns regarding the extraction of rennet from animal sources, combined with the availability of plant-based and microbial alternatives, are shifting consumer preference away from traditional animal-derived rennet. Moreover, religious beliefs in certain communities, particularly where cows are considered sacred, further restrict the acceptance of animal-based rennet. These factors collectively hinder the widespread adoption of conventional rennet products.

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North America Is Expected To Grow With the Highest CAGR during the Forecast Period
The North American rennet market is projected to achieve a substantial revenue share and exhibit robust compound annual growth in the coming years. This growth is driven by several key factors, including the increasing adoption of advanced cheese production technologies in the United States and the prominence of states such as Wisconsin and California as global leaders in cheese manufacturing. Additionally, the high per capita cheese consumption in the U.S. continues to bolster demand for rennet. Despite a rise in the vegan population, the market remains resilient, supported by sustained interest in dairy-based products. Moreover, international manufacturers are actively investing in the region to capitalize on its market potential, further contributing to the expansion of the North American rennet industry.

Segmentation of Rennet Market-
By Type-
• Animal-derived Rennet
• Microbial Rennet
• FPC- Fermentation Produced Chymosin Rennet
• Vegetable Rennet
By Form-
• Liquid
• Powder
• Paste
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

Read Overview Report- https://www.insightaceanalytic.com/report/global-rennet-market/1477

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This release was published on openPR.