Chile: Rennet Market 2024

Rennet Market Size in Chile

The Chilean rennet market soared to $X in 2021, jumping by 16% 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 a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Rennet Exports

Exports from Chile

After two years of growth, overseas shipments of rennet and concentrates thereof decreased by -3.4% to X kg in 2021. In general, total exports indicated moderate growth from 2012 to 2021: its volume increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +116.3% against 2015 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 38%. The exports peaked at X kg in 2020, and then declined in the following year.

In value terms, rennet exports fell rapidly to $X in 2021. Over the period under review, total exports indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +38.3% against 2018 indices. The pace of growth was the most pronounced in 2016 with an increase of 38% against the previous year. The exports peaked at $X in 2020, and then declined remarkably in the following year.

Exports by Country

Brazil (X kg) was the main destination for rennet exports from Chile, with a 93% share of total exports. Moreover, rennet exports to Brazil exceeded the volume sent to the second major destination, Peru (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Brazil was relatively modest.

In value terms, Brazil ($X) emerged as the key foreign market for rennet and concentrates thereof exports from Chile, comprising 93% of total exports. The second position in the ranking was held by Peru ($X), with a 7.4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Brazil was relatively modest.

Export Prices by Country

In 2021, the average rennet export price amounted to $X per ton, falling by -12.5% against the previous year. In general, the export price recorded a mild decrease. The growth pace was the most rapid in 2017 when the average export price increased by 15% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the average export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2021, the country with the highest price was Peru ($X per ton), while the average price for exports to Brazil totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Peru (-0.2%).

Rennet Imports

Imports into Chile

Rennet imports into Chile surged to X tons in 2021, growing by 19% against the previous year's figure. In general, imports, however, recorded a mild decline. The growth pace was the most rapid in 2014 with an increase of 300%. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, rennet imports rose markedly to $X in 2021. Over the period under review, imports enjoyed a mild expansion. The growth pace was the most rapid in 2014 with an increase of 500% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Denmark (X tons), France (X tons) and Germany (X tons) were the main suppliers of rennet imports to Chile, together comprising 91% of total imports. Italy, Argentina, Japan and China lagged somewhat behind, together comprising a further 9.1%.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +63.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Denmark ($X) constituted the largest supplier of rennet and concentrates thereof to Chile, comprising 64% of total imports. The second position in the ranking was taken by France ($X), with a 19% share of total imports. It was followed by Japan, with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Denmark totaled +9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+1.3% per year) and Japan (-2.2% per year).

Import Prices by Country

In 2021, the average rennet import price amounted to $X per ton, reducing by -3.9% against the previous year. Over the period under review, the import price, however, saw notable growth. The pace of growth appeared the most rapid in 2016 when the average import price increased by 59%. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, 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 Japan ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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