Rise in the Demand for Microbial Vegetable Rennet to Produce Plant-based Enzymes for Cheese Making Is Driving the Growth of the Rennet Market
Hyderabad, India - July 23, 2021 /MarketersMedia/ —
Rennet Market size is estimated to reach $782.1 million by 2026, growing at a CAGR of 4.2% during the forecast period 2021-2026. Rennet enzymes are a complex set of enzymes produced in ruminant mammals. Rennet enzyme’s key component is a protease enzyme that curdles the casein and is synthesized by gastric chief cells in the stomach of some animals. These enzymes are increasingly being used in milk coagulation owing to their ability to coagulate milk at the normal pH of milk even if the activity increases with decreasing pH. The rise in the demand for animal-derived rennet for protein catabolism, growing adoption of quality rennet for protease enzymes, technological advancements in the cheese manufacturing industry in developed nations, and growing investment by the key players to develop quality rennet enzymes are the factors that are set to drive the growth of the Rennet Market for the period 2021-2026.
Rennet Market Segment Analysis-By Type
The Rennet Market based on the Type can be further segmented into Animal-Derived Rennet, Microbial Rennet, Vegetable Rennet, and Fermentation Produced Chymosin Rennet. The Animal-Derived Rennet segment held the largest share in 2020 owing to the factors such as the rise in the demand for animal-derived rennet for protein catabolism and increasing product launches by the key players. The rise in the adoption of animal-derived rennet for protease enzymes is driving the growth of the Rennet Market. The Fermentation Produced Chymosin Rennet segment is estimated to be the fastest growing segment with a CAGR of 4.7% over the period 2021-2026. This growth is owing to the factors such as the growing adoption of fermentation produced chymosin rennet for milk coagulation and the rise in the research and development activities to develop quality fermentation produced chymosin rennet.
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Rennet Market Segment Analysis - By Application
The Rennet Market based on the Application can be further segmented into Cheese, Dessert, Yogurt, and Others. The Cheese segment held the largest share in 2020 owing to the factors such as the increase in the adoption of animal-derived rennet for producing cheese and the rise in the investment by the key players to develop quality rennet enzymes for making cheese. The rise in the demand for microbial vegetable rennet to produce plant-based enzymes for cheese making is driving the growth of the Rennet Market. The Yogurt segment is estimated to be the fastest growing segment with a CAGR of 4.4% over the period 2021-2026. This growth is owing to the factors such as the rise in awareness among the patients about the availability of rennet enzymes for making yogurts and the growing demand for protease enzymes present in rennet for making yogurts.
Rennet Market Segment Analysis-By Geography
North America held the largest share with 36.1% of the overall market in 2020. The growth in this segment is owing to the factors such as the growing demand for animal-derived rennet for protein catabolism and an increase in product launches by key players. The increasing adoption of quality rennet for protease enzymes is driving the growth of the Rennet Market. Asia-Pacific segment is estimated to be the fastest growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the rise in the adoption of fermentation produced chymosin rennet for milk coagulation and growing investment by the key players to develop quality rennet enzymes.
Rennet Market Drivers
Rise in the Adoption of Rennet for Milk Coagulation
Rennet enzymes are increasingly being adopted for milk coagulation owing to their ability to coagulate milk at the normal pH of milk even if the activity increases with decreasing pH. The rise in the demand for fermentation produced chymosin rennet for milk coagulation owing to its stability is one of the major factors driving the growth of the Rennet Market.
Technological Advancements in Cheese Manufacturing Industry
The key players are largely increasing their dependence on fermentation produced chymosin rennet for cheese production and with the technological advancements, the demand for rennet enzymes is increasing owing to the large enzymatic production of chymosin. The cost-effectiveness of fermentation produced chymosin rennet is further propelling the growth of the Rennet Market.
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Rennet Market Challenges
Rise in the Availability of Substitutes
The key players in the market are collaborating with other players to carry out various research and development activities for launching quality rennet for various applications. However, the rise in the availability of substitutes is one of the major factors that is estimated to reduce the growth of the Rennet Market.
Rennet Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Rennet Market. Key companies of this market are DuPont, Chr. Hansen Holding A/S, Enzyme Supplies Limited, Koninklijke DSM N.V., WalcoRen, Fonterra Co-operative Group, Clarion Casein Ltd., Renco, Mahaan Foods Ltd, and AlindaVelco S.A. among others.
Acquisitions/Product Launches:
In June 2020, Dupont has launched Chymostar rennet for new milk coagulating preparation for the dairy industry and to offer ripening kinetics. It can be used for producing any type of cheese, such as hard, semi-hard, low-fat, and ingredient cheeses, and is positioned to promote ideal curd formation.
Key Takeaways
Geographically, North American Rennet Market accounted for the highest revenue share in 2020 and is poised to dominate over the period 2021-2026 owing to the rise in the adoption of quality rennet for protease enzymes.
The increase in the demand for animal-derived rennet for protein catabolism is driving the Animal-Derived Rennet segment. However, the rise in the availability of substitutes is one of the major factors that is said to reduce the growth of the Rennet Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Rennet Market report.
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Source URL: https://marketersmedia.com/rennet-market-size-estimated-to-reach-7821-million-by-2026/89038225
Source: MarketersMedia
Release ID: 89038225
