ASEAN: Rennet Market 2024

Rennet Market Size in ASEAN

In 2021, after four years of growth, there was decline in the ASEAN rennet market, when its value decreased by -3.8% to $X. The total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.4% 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 increased by +76.9% against 2016 indices. The level of consumption peaked at $X in 2020, and then declined in the following year.

Rennet Production in ASEAN

In value terms, rennet production dropped modestly to $X in 2021 estimated in export price. The total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.2% 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 increased by +75.7% against 2016 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 26%. The level of production peaked at $X in 2020, and then fell slightly in the following year.

Rennet Exports

Exports in ASEAN

For the third consecutive year, ASEAN recorded decline in overseas shipments of rennet and concentrates thereof, which decreased by -61.1% to X tons in 2021. In general, exports showed a deep setback. The pace of growth was the most pronounced in 2016 when exports increased by 98% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, rennet exports stood at $X in 2021. Over the period under review, exports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when exports increased by 91% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Singapore dominates exports structure, reaching X tons, which was near 90% of total exports in 2021. It was distantly followed by Vietnam (X tons), making up a 6.3% share of total exports. The Philippines (X tons) held a little share of total exports.

Exports from Singapore decreased at an average annual rate of -4.8% from 2012 to 2021. At the same time, Vietnam (+46.6%) and the Philippines (+29.2%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +46.6% from 2012-2021. From 2012 to 2021, the share of Singapore, Vietnam and the Philippines increased by +10, +6.2 and +2 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest rennet supplier in ASEAN, comprising 88% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 7.8% share of total exports.

In Singapore, rennet exports contracted by an average annual rate of -4.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Vietnam (+48.5% per year) and the Philippines (+28.8% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, with an increase of 162% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2021, the country with the highest price was the Philippines ($X per ton), while Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+1.3%), while the other leaders experienced mixed trends in the export price figures.

Rennet Imports

Imports in ASEAN

In 2021, supplies from abroad of rennet and concentrates thereof was finally on the rise to reach X tons after two years of decline. Overall, imports, however, continue to indicate a mild decrease. The most prominent rate of growth was recorded in 2018 when imports increased by 202%. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, rennet imports surged to $X in 2021. In general, imports, however, continue to indicate a mild setback. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Brunei Darussalam (X tons), Thailand (X tons), Malaysia (X tons) and Singapore (X tons) represented roughly 91% of total imports in 2021. The Philippines (X tons), Vietnam (X tons) and Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Brunei Darussalam (with a CAGR of +121.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brunei Darussalam ($X) constitutes the largest market for imported rennet and concentrates thereof in ASEAN, comprising 60% of total imports. The second position in the ranking was held by Singapore ($X), with a 13% share of total imports. It was followed by Malaysia, with an 11% share.

In Brunei Darussalam, rennet imports increased at an average annual rate of +124.4% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Singapore (+0.3% per year) and Malaysia (+22.1% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, increasing by 102% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Myanmar ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Myanmar (+22.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform