Argentina: Rennet Market 2024

Rennet Market Size in Argentina

The Argentinian rennet market rose markedly to $X in 2021, increasing by 14% against the previous year. In general, the total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +7.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -11.0% against 2019 indices. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Rennet Production in Argentina

In value terms, rennet production skyrocketed to $X in 2021 estimated in export price. In general, the total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +7.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -13.5% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 50% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Rennet Exports

Exports from Argentina

In 2021, after two years of decline, there was significant growth in shipments abroad of rennet and concentrates thereof, when their volume increased by 45% to X tons. Overall, exports, however, continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2018 with an increase of 90%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, rennet exports soared to $X in 2021. Over the period under review, exports, however, faced a deep contraction. The most prominent rate of growth was recorded in 2018 when exports increased by 66%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Brazil (X tons), Uruguay (X tons) and Chile (X kg) were the main destinations of rennet exports from Argentina, with a combined 94% share of total exports. These countries were followed by Paraguay, Ecuador and Italy, which together accounted for a further 6.2%.

From 2012 to 2021, the biggest increases were recorded for Paraguay (with a CAGR of -2.3%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for rennet exported from Argentina were Brazil ($X), Chile ($X) and Italy ($X), with a combined 76% share of total exports. Uruguay, Paraguay and Ecuador lagged somewhat behind, together accounting for a further 24%.

In terms of the main countries of destination, Paraguay, with a CAGR of +3.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average rennet export price stood at $X per ton in 2021, growing by 6.3% against the previous year. Overall, the export price, however, showed a pronounced shrinkage. The pace of growth was the most pronounced in 2019 an increase of 24%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Italy ($X per ton), while the average price for exports to Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Chile (+6.4%), while the prices for the other major destinations experienced more modest paces of growth.

Rennet Imports

Imports into Argentina

For the ninth consecutive year, Argentina recorded decline in purchases abroad of rennet and concentrates thereof, which decreased by -12.9% to X tons in 2021. In general, imports recorded a abrupt decrease. The smallest decline of -2.8% was in 2015. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, rennet imports reduced notably to $X in 2021. Overall, imports showed a abrupt downturn. The smallest decline of -10% was in 2020. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Denmark (X tons) constituted the largest supplier of rennet to Argentina, with a 73% share of total imports. Moreover, rennet imports from Denmark exceeded the figures recorded by the second-largest supplier, France (X tons), fourfold. The third position in this ranking was held by Japan (X kg), with a 4.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Denmark was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: France (-0.7% per year) and Japan (-34.1% per year).

In value terms, Denmark ($X) constituted the largest supplier of rennet and concentrates thereof to Argentina, comprising 80% of total imports. The second position in the ranking was held by France ($X), with a 7.2% share of total imports. It was followed by Japan, with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Denmark totaled -8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-12.2% per year) and Japan (-33.1% per year).

Import Prices by Country

The average rennet import price stood at $X per ton in 2021, shrinking by -7.1% against the previous year. In general, the import price recorded a noticeable contraction. The growth pace was the most rapid in 2013 an increase of 2.6%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was China ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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