Market Size of Rennet Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 758.72 Million |
| Market Size (2029) | USD 986.46 Million |
| CAGR (2024 - 2029) | 5.39 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Rennet Market Analysis
The Rennet Market size is estimated at USD 758.72 million in 2024, and is expected to reach USD 986.46 million by 2029, growing at a CAGR of 5.39% during the forecast period (2024-2029).
The demand for rennet is expected to increase, owing to its use as the main ingredient in cheese making. The United States is one of the world's largest cheese producers, and most of it is produced with rennet. The growing preference among consumers for cheese as an integral part of their diets is expected to boost the market for rennet. Rennet enzymes are increasingly being adopted for milk coagulation, owing to their ability to coagulate milk at a normal pH even if their activity increases with decreasing pH. One of the main things driving the growth of the rennet market is the rise in demand for stable chymosin rennet made through fermentation, which is used to coagulate milk.
Over the medium term, the increased environmental awareness and improved production methods of inexpensive rennet have created a new opportunity in the rennet market. It will cause an increase in the non-animal rennet market. In addition to this, a growing number of companies in the fast food and beverage product segment are expected to employ rennets in their manufacturing processes, thereby augmenting demand. The nutritional properties of rennets are expected to positively impact the rennet market.
Rennet Industry Segmentation
Rennet is a set of enzymes produced from a number of sources, including animal, plant, microbial, and fermentation-derived sources. It is predominantly used as a coagulant in industrial cheese-making. The report on the global rennet market (henceforth referred to as the market studied) offers an in-depth analysis pertaining to types and forms of rennet across the globe. The global rennet market is segmented by type into animal-derived rennet, microbial rennet, FPC (fermentation-produced chymosin rennet), and vegetable rennet. Based on the form of rennet, the market studied has been segmented into liquid, powder, and paste. In terms of geography, the market studied has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. The rest of the world is further bifurcated into the South America, Middle East, and Africa regions. For each segment, the market sizing and forecasts have been done on the basis of value (USD million).
| Type | |
| Animal-Derived Rennet | |
| Microbial Rennet | |
| FPC-Fermentation Produced Chymosin Rennet | |
| Vegetable Rennet |
| Form | |
| Liquid | |
| Powder | |
| Paste |
| Geography | |||||||||
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Rennet Market Size Summary
The rennet market is poised for significant growth over the forecast period, driven by its essential role in cheese production. As a key ingredient in the cheese-making process, rennet's demand is bolstered by the increasing global consumption of cheese, particularly in regions like the United States, which is a leading cheese producer. The market is experiencing a shift towards stable chymosin rennet produced through fermentation, which is gaining traction due to its efficient milk coagulation properties. Additionally, the rise in environmental awareness and the development of cost-effective production methods are creating new opportunities, particularly in the non-animal rennet segment. The expanding fast food and beverage industries are also contributing to the heightened demand for rennet, as its nutritional benefits align with the growing consumer preference for protein-rich foods.
Europe holds the largest share of the rennet market, with North America following closely. The increasing flexitarian and vegan populations in these regions are driving the demand for microbial rennet, presenting opportunities for manufacturers to expand their presence. The United Kingdom's cheese-making industry, along with other European countries like Germany, France, and Italy, is witnessing increased production and consumption, further fueling the demand for rennet. The market is characterized by intense competition among regional and multinational players, with companies like Chr. Hansen Holding AS, International Flavors & Fragrances Inc., and Sacco SRL leading the charge through strategic expansions and partnerships. Recent investments in production capacity and technological advancements underscore the market's dynamic nature, as key players continue to innovate and expand their global offerings.
Rennet Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Animal-Derived Rennet
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2.1.2 Microbial Rennet
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2.1.3 FPC-Fermentation Produced Chymosin Rennet
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2.1.4 Vegetable Rennet
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2.2 Form
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2.2.1 Liquid
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2.2.2 Powder
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2.2.3 Paste
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 Spain
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 Rest of the World
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2.3.4.1 South America
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2.3.4.2 Middle-East
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2.3.4.3 Africa
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Rennet Market Size FAQs
How big is the Rennet Market?
The Rennet Market size is expected to reach USD 758.72 million in 2024 and grow at a CAGR of 5.39% to reach USD 986.46 million by 2029.
What is the current Rennet Market size?
In 2024, the Rennet Market size is expected to reach USD 758.72 million.
