Bovine Rennet Market Growing at a Healthy Rate
Enzyme complex produced in the stomach of bovine is known as bovine rennet. Rennet separates milk into solid curds and is used in liquid whey and for making cheese. Rennet contains enzymes including chymosin, lipase, and pepsin. Vegetarian rennet is a major substitute for bovine rennet and is derived from sources such as wild thistles, safflower, fig leaves, melons, and microorganisms. The North America bovine rennet market accounts for relatively high revenue share, followed by Western Europe bovine rennet market. Whereas, APEJ account for relatively high volume share in global bovine rennet market with significant growth rate.
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Global Bovine Rennet Market: Dynamics
Some of the important factor fuelling the growth of global bovine rennet market include growing dairy market especially cheese market and growing fast food market. To counter the same, bovine rennet market players are investing in the production of bovine rennet to meet the growing market demand. Some macroeconomic factors making a positive impact on global bovine rennet market includes increasing population, the rapid rate of urbanization, and growing domestic income. Vegetarian rennet is a major substitute for bovine rennet which in turn, leads to restraining the global bovine rennet market. Other restraining factors of bovine rennet market include food safety issues, religious issues, animal rights issues, and supply problems. The trend identified in the global bovine rennet market is mergers and acquisitions between bovine rennet suppliers and cheese producers. The company manufacturing bovine rennet products has a significant opportunity in regions such as North America, Europe, and Asia Pacific, attributed to high demand for dairy food products over the forecast period. Companies have a significant opportunity in global bovine rennet market through collaboration with end-users i.e. dairy food producers.
Global Bovine Rennet Market: Segmentation
The global bovine rennet market is segmented by product type, product form, and by region. By product type, the global bovine rennet market is fragmented as non-GMO bovine rennet and GMO bovine rennet. Among these, the non-GMO bovine rennet segment is expected to contribute to the significant revenue share with a relatively high growth rate over the forecast period considering both value and volume in the global bovine rennet market. GMO bovine rennet segment is followed by the non-GMO bovine rennet segment, attributed to the difficulty in knowing whether the rennet is genetically engineered or not as there is no guideline to label the GMO rennet.
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Based on the product type, the global bovine rennet market is segmented into:
Non-GMO Bovine Rennet
GMO Bovine Rennet
Based on the product form, the global bovine rennet market is segmented into:
Global Bovine Rennet Market: Regional Overview
By geographies, the global bovine rennet market is segmented into seven regions -- North America, Western Europe, Asia-Pacific except Japan (APEJ), Eastern Europe, Latin America, the Middle East & Africa, and Japan. Among the regions, North America dominates the global bovine rennet market in terms of value, owing to a significant revenue share of the region in the dairy industry. Western Europe is followed by North America in the global bovine rennet market, attributed to rapidly rising demand for fast food products across the region. Eastern Europe and Japan also accounts for significant value share in the global bovine rennet market. The APEJ is expected to account for relatively high volume share in the global bovine rennet market, owing to a relatively high growth rate of food industry over the forecast period. Latin America and Middle East Africa is expected to have relatively high opportunity for bovine rennet market players, attributed to high growth rate of the dairy industry across the regions. Overall, the outlook for the global bovine rennet market will have a positive growth over the forecast period.
Global Bovine Rennet Market: Key Players
Few players of bovine rennet market include Australian Dairy Ingredients, Gansu Huaan Biological Products Co., Ltd., Prem Enterprise, Gansu Hualing Milk Products Group, SIPOLYA BROTHER'S, Atlantal S.A., Gansu Token International Trading Co., Ltd., Guangzhou Abana Co., Ltd., Global Export Co, ltd.
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