Rennet Market

The article discusses the growth trends in the global rennet and concentrates market from 2012 to 2022, as well as projections for the period from 2022 to 2030. It covers statistics on consumption, production, imports, and exports of rennet across different countries. The market is expected to see steady growth in both volume and value, with notable increases in consumption, production, and trade. China, the United States, and India are highlighted as key players in the market, with Denmark leading in exports. The article also delves into pricing trends and growth rates in various regions. Overall, the global rennet market is poised for continued expansion in the coming years.

Market Forecast

Driven by increasing demand for rennet and concentrates thereof worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 247K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.9% for the period from 2022 to 2030, which is projected to bring the market value to $3.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Rennet And Concentrates Thereof

In 2022, the amount of rennet and concentrates thereof consumed worldwide expanded slightly to 221K tons, growing by 1.7% on the previous year's figure. Over the period under review, the total consumption indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +71.3% against 2012 indices. Over the period under review, global consumption attained the peak volume in 2022 and is likely to see steady growth in the immediate term.

The global rennet market revenue expanded to $2.7B in 2022, increasing by 2.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption recorded prominent growth. Global consumption peaked in 2022 and is expected to retain growth in years to come.

Consumption By Country

China (44K tons) remains the largest rennet consuming country worldwide, comprising approx. 20% of total volume. Moreover, rennet consumption in China exceeded the figures recorded by the second-largest consumer, the United States (20K tons), twofold. India (15K tons) ranked third in terms of total consumption with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +5.1%. In the other countries, the average annual rates were as follows: the United States (-0.1% per year) and India (+6.9% per year).

In value terms, the United States ($339M), China ($335M) and India ($172M) were the countries with the highest levels of market value in 2022, together comprising 32% of the global market. The UK, Italy, Indonesia, Japan, Nigeria, France, Mexico, Pakistan, Germany and Brazil lagged somewhat behind, together accounting for a further 28%.

Italy, with a CAGR of +13.4%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of rennet per capita consumption in 2022 were Italy (170 kg per 1000 persons), France (94 kg per 1000 persons) and Germany (92 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Italy (with a CAGR of +15.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Rennet And Concentrates Thereof

In 2022, after ten years of growth, there was decline in production of rennet and concentrates thereof, when its volume decreased by -1.1% to 216K tons. Over the period under review, the total production indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +67.0% against 2012 indices. The most prominent rate of growth was recorded in 2019 with an increase of 19% against the previous year. Global production peaked at 218K tons in 2021, and then declined modestly in the following year.

In value terms, rennet production shrank modestly to $2.8B in 2022 estimated in export price. In general, production, however, continues to indicate a prominent increase. The growth pace was the most rapid in 2019 with an increase of 26%. Over the period under review, global production attained the maximum level at $2.9B in 2021, and then fell in the following year.

Production By Country

The country with the largest volume of rennet production was China (44K tons), accounting for 20% of total volume. Moreover, rennet production in China exceeded the figures recorded by the second-largest producer, the United States (18K tons), twofold. India (15K tons) ranked third in terms of total production with a 7% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +5.1%. In the other countries, the average annual rates were as follows: the United States (-0.3% per year) and India (+6.9% per year).

Imports

World Imports of Rennet And Concentrates Thereof

For the sixth year in a row, the global market recorded growth in overseas purchases of rennet and concentrates thereof, which increased by 34% to 19K tons in 2022. Over the period under review, total imports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +55.1% against 2015 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, rennet imports expanded significantly to $150M in 2022. The total import value increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 20% against the previous year. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports By Country

Denmark (3.8K tons) and Nigeria (3.8K tons) were the key importers of rennet and concentrates thereof in 2022, recording near 19% and 19% of total imports, respectively. The United States (1.4K tons) took a 6.9% share (based on physical terms) of total imports, which put it in second place, followed by France (5%). The following importers - the Netherlands (809 tons), Germany (632 tons), Italy (587 tons), Turkey (508 tons), Bangladesh (461 tons), Brazil (432 tons), Spain (400 tons), Georgia (375 tons) and Argentina (370 tons) - together made up 24% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Nigeria (with a CAGR of +73.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest rennet importing markets worldwide were Denmark ($21M), the United States ($13M) and Italy ($12M), with a combined 31% share of global imports. Brazil, Turkey, Nigeria, Germany, the Netherlands, France, Spain, Argentina, Bangladesh and Georgia lagged somewhat behind, together comprising a further 31%.

In terms of the main importing countries, Nigeria, with a CAGR of +44.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average rennet import price amounted to $7,693 per ton, shrinking by -19.9% against the previous year. Overall, the import price saw a perceptible decrease. The pace of growth appeared the most rapid in 2017 an increase of 8.7% against the previous year. Global import price peaked at $9,914 per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Italy ($20,731 per ton), while Nigeria ($1,698 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+4.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Rennet And Concentrates Thereof

In 2022, overseas shipments of rennet and concentrates thereof decreased by -7.7% to 14K tons for the first time since 2011, thus ending a ten-year rising trend. The total export volume increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 7.9% against the previous year. As a result, the exports reached the peak of 16K tons, and then shrank in the following year.

In value terms, rennet exports declined to $136M in 2022. The total export value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 14%. As a result, the exports reached the peak of $142M, and then declined modestly in the following year.

Exports By Country

Denmark represented the key exporter of rennet and concentrates thereof in the world, with the volume of exports finishing at 6.4K tons, which was approx. 44% of total exports in 2022. Germany (2.6K tons) held an 18% share (based on physical terms) of total exports, which put it in second place, followed by Japan (8%) and Turkey (6.9%). Italy (581 tons), the Netherlands (414 tons), the United States (288 tons), France (279 tons), China (257 tons) and Poland (235 tons) held a relatively small share of total exports.

Exports from Denmark increased at an average annual rate of +5.0% from 2012 to 2022. At the same time, China (+23.0%), the Netherlands (+7.0%), Japan (+6.7%), Italy (+6.5%), Poland (+4.9%), Germany (+3.1%), the United States (+1.7%) and Turkey (+1.5%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in the world, with a CAGR of +23.0% from 2012-2022. By contrast, France (-1.4%) illustrated a downward trend over the same period. Denmark (+7.3 p.p.) and Japan (+2.3 p.p.) significantly strengthened its position in terms of the global exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Denmark ($68M) remains the largest rennet supplier worldwide, comprising 50% of global exports. The second position in the ranking was held by Germany ($14M), with a 10% share of global exports. It was followed by Turkey, with a 6.1% share.

From 2012 to 2022, the average annual growth rate of value in Denmark amounted to +5.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (+2.9% per year) and Turkey (+6.1% per year).

Export Prices By Country

The average rennet export price stood at $9,428 per ton in 2022, picking up by 4% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average export price increased by 5.9% against the previous year. Over the period under review, the average export prices attained the maximum at $9,638 per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($15,653 per ton), while Germany ($5,460 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform