Market Trends of Rennet Industry
This section covers the major market trends shaping the Rennet Market according to our research experts:
Growing Cheese Market Boosting Demand for Rennet
Rennet is used for about 70% of the cheese in the United States and 33% of the cheese production across the globe. Presently, the growth of the global cheese market is being driven by a rise in the number of quick service restaurants (QSRs) in the developing regions and already established QSR outlets in the developed regions. In the United States, per-person cheese consumption was 40.2 pounds in 2020, a slight increase from previous years. Cheddar cheese and mozzarella cheese remain the most popular varieties of cheese (US Department of Agriculture). Another contributing factor to cheese's popularity around the world has been the mainstream acceptance of ethnic cuisines, such as Italian and Mexican, which use substantially more cheese. The popularity of Latino foods and Hispanic cheeses is at an all-time high. In addition, factors such as the longer shelf life of cheese products, the rise in disposable income, and the increase in demand for protein-rich foods have been propelling market growth over the review period. The growing demand for cheese has led to a growing demand for rennet, which is used in the curdling of milk, which is one of the primary steps involved in the manufacture of cheese. Due to this factor, the key players in the market studied have been focused on product innovations and launches to cater to the growing demand in the market studied.
Europe Holds a Major Market Share
Europe accounts for the largest market share, followed by North America. Also, the flexitarian and vegan populations are increasing at a high rate in North America and Europe, which is driving the demand for rennet in these regions. Thus, the manufacturers of rennet have an opportunity to establish themselves in these regions. Furthermore, the increasing vegan population and the demand for cheese are anticipated to drive the sales of microbial rennet. Increased cheese production accompanied by high consumption drives the demand for rennet in the United Kingdom's cheese-making industry. For instance, according to the United Kingdom Dairy Trade Association, in 2021, around 504 thousand metric tons of cheese were produced in the country, an increase from 471 metric tons in 2019. Moreover, the expanding cheese-making industry using advanced technologies and innovative production methods is likely to drive the demand for rennet in European countries like Germany, France, Italy, and Russia. The region is home to many popular cheese variants and has a long history of cheese-making.
