Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Rennet Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global market for rennet is witnessing a significant surge as the cheese industry continues to expand. With a compound annual growth rate (CAGR) of 5.39%, the market size is expected to increase from its current value of USD 719.92 million in 2023, reaching an estimated USD 936.01 million by the year 2028.
Rennet, the essential enzyme for cheese production, is experiencing heightened demand, especially against the backdrop of a burgeoning global cheese market. The enzyme not only facilitates milk coagulation but is also associated with flavor development in cheese, which continues to be an important factor in the market's growth trajectory.
The trend toward fast-food consumption and the rise of quick service restaurants (QSRs) are further influencing the expansion of the rennet market. Amidst this growth, a notable shift is observed towards the adoption of non-animal derived rennet, as environmental awareness and nutritional considerations come into play.
Market Trends Influencing the Rennet Industry
An Upswing in the Cheese Sector
The popularity of ethnic cuisines and consumer preference for protein-rich foods are contributing to the boost in cheese consumption and, subsequently, the demand for rennet.
Technological Innovations
Innovations in cheese-making processes and production technologies are aiding industry players in meeting the soaring demand.
Regional Market Insights
The European region claims the largest market share, with a strong tradition of cheese-making and a plethora of popular cheese variants. North America is also a significant player, where the rennet market is largely driven by the traditional cheese sector as well as the burgeoning vegan population.
Competitive Landscape Overview
The rennet market is characterized by its competitive and fragmented nature, encompassing a mix of regional and multinational entities. Leading companies are immersed in expanding their market influence through strategic partnerships, product innovations, and a robust focus on research and development to introduce new products tailored to evolving market needs and consumer preferences.
This thorough analysis of the rennet market provides insightful data and a clear understanding of the market's direction over the forecast period. The report, which delves into industry trends and competitive landscapes, is an invaluable resource for stakeholders, investors, and market participants seeking comprehensive market insights.
With the sustained growth of the global cheese industry and evolving consumer dietary habits, the role of rennet will be ever more critical. The market's journey through the next five years promises to be driven by innovation, sustainability, and an increasing predilection for plant-based or microbial alternatives to traditional animal-derived rennet. This growth trajectory presents substantial opportunities for industry growth and transformation.
A selection of companies mentioned in this report includes
- Chr. Hansen Holding A/S
- International Flavors & Fragrances Inc.
- AFFCO
- Intermak Inc.
- Punature Food Ingredient Co. Ltd.
- Sacco SRL
- Koninklijke DSM NV
- Walcovit Inc.
- Hebei Yoko Biotech Co. Ltd.
- Mayasan Food Industries AS
For more information about this report visit https://www.researchandmarkets.com/r/utwl6q
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Attachments
- Rennet Market Global Rennet Market Rennet Ripening Cheese Production In Metric Tons Poland 2016 2021
- Rennet Market Global Rennet Market Market C A G R By Region Global 2021
