Asia-Pacific: Rennet Market 2024

Rennet Market Size in Asia-Pacific

The Asia-Pacific rennet market was estimated at $X in 2021, therefore, remained relatively stable against the previous year. The total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +7.0% 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 -1.2% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Rennet Production in Asia-Pacific

In value terms, rennet production rose to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2017 when the production volume increased by 42% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Rennet Exports

Exports in Asia-Pacific

In 2021, the amount of rennet and concentrates thereof exported in Asia-Pacific surged to X tons, jumping by 51% on the previous year's figure. Over the period under review, exports continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2018 with an increase of 54% against the previous year. The volume of export peaked in 2021 and is likely to continue growth in the near future.

In value terms, rennet exports surged to $X in 2021. Total exports indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +45.1% against 2019 indices. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Japan was the major exporting country with an export of around X tons, which resulted at 49% of total exports. China (X tons) took the second position in the ranking, distantly followed by New Zealand (X tons) and Sri Lanka (X tons). All these countries together held near 46% share of total exports. Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Sri Lanka (with a CAGR of +41.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the largest rennet supplier in Asia-Pacific, comprising 53% of total exports. The second position in the ranking was held by New Zealand ($X), with a 20% share of total exports. It was followed by China, with an 18% share.

In Japan, rennet exports remained relatively stable over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: New Zealand (+1.9% per year) and China (+42.7% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, reducing by -7.9% against the previous year. Over the period under review, the export price saw a perceptible slump. The growth pace was the most rapid in 2017 an increase of 20%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was New Zealand ($X per ton), while Sri Lanka ($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 (+4.2%), while the other leaders experienced mixed trends in the export price figures.

Rennet Imports

Imports in Asia-Pacific

In 2021, approx. X tons of rennet and concentrates thereof were imported in Asia-Pacific; increasing by 124% on 2020 figures. Overall, imports enjoyed a resilient expansion. The growth pace was the most rapid in 2015 with an increase of 124% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the near future.

In value terms, rennet imports surged to $X in 2021. Over the period under review, imports saw a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Bangladesh was the main importer of rennet and concentrates thereof in Asia-Pacific, with the volume of imports resulting at X tons, which was approx. 58% of total imports in 2021. Australia (X tons) ranks second in terms of the total imports with a 10% share, followed by Japan (7.5%), China (7.5%) and Pakistan (5%). The following importers - New Zealand (X tons) and India (X tons) - each resulted at a 3.8% share of total imports.

Bangladesh was also the fastest-growing in terms of the rennet and concentrates thereof imports, with a CAGR of +40.7% from 2012 to 2021. At the same time, China (+30.9%), India (+23.5%), Pakistan (+23.2%) and Japan (+13.8%) displayed positive paces of growth. By contrast, Australia (-3.2%) and New Zealand (-15.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Bangladesh, China and Pakistan increased by +51, +5.8 and +3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest rennet importing markets in Asia-Pacific were Bangladesh ($X), China ($X) and Australia ($X), together accounting for 56% of total imports.

Among the main importing countries, Bangladesh, with a CAGR of +36.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, with a decrease of -5.5% against the previous year. Overall, the import price recorded a abrupt shrinkage. The growth pace was the most rapid in 2016 an increase of 60%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+8.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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