LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global rennet market provides an analysis of the most important trends that are expected to impact the market outlook from 2018-2022. Technavio foresees an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global rennet market will grow at a CAGR of almost 7% during the forecast period. One of the major factor driving the market’s growth is the growing demand for whey protein ingredients. The growing health and fitness consciousness is one of the key reasons behind the increasing demand for protein supplements. The number of consumers going to gyms, health clubs, and other fitness centers has been increasing. This is increasing the sales of various protein supplements as many trainers suggest the intake of protein supplements for bodybuilding. Whey protein products are prominent among various protein supplement products. Due to this reason, the production and sales of whey protein ingredients are increasing. Whey protein ingredients are used in various applications, including food and beverage, dietary supplement, sports nutrition product, and others. Majority of whey proteins are consumed as dietary supplements. It is also used in infant products.
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In this market research report, Technavio highlights the rising vegan population as one of the key emerging trends in the global rennet market:
Rising vegan population
The population of consumers preferring vegan diet is increasing across countries. This will increase the demand for microbial rennet, vegetable rennet, and FPC during the forecast period. Vegetarian consumers prefer them because these products are not derived from animals. Owing to the increasing awareness of the benefits of following a vegetarian diet, many consumers are sticking to the vegetarian diet. They are very keen on checking the ingredients used for manufacturing various food products. Thus, the use of vegetable rennet, microbial rennet, and FPC in food products will encourage consumers to go for such products. Thus, the rising vegetarian population will expand the global rennet market during the forecast period.
“Veganism is becoming a trend across the globe. It is the practice of abstaining from the use of animal products, predominantly in the diet. It has been observed that the vegan population is increasing globally. People are adopting vegan diet mainly due to the health benefits. Due to the rising inclination toward veganism, many foodservice outlets have started providing food items to the vegan population. As vegetable rennet is not derived from animals, vegan consumers are more likely to purchase products that are made using vegan rennet,” says a senior analyst at Technavio for research on food.
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Global rennet market segmentation
This market research report segments the global rennet market into the following products (animal-derived rennet and microbial rennet) and key regions (the Americas, APAC, and EMEA).
In terms of product, the animal-derived rennet segment held the largest market share in 2017, accounting for over 38% of the market. The market share for this product is expected to decrease by nearly 3% by 2022. However, this segment will dominate the market throughout the forecast period.
The Americas dominated the global rennet market in 2017, accounting for a market share of almost 38%, followed by EMEA and APAC. This region is expected to grow steadily during the forecast period.
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