Dominican Republic: Rennet Market 2024

Rennet Market Size in the Dominican Republic

The Dominican rennet market was estimated at $X in 2021, surging by 3% 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). Over the period under review, consumption enjoyed buoyant growth. Rennet consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Rennet Exports

Exports from the Dominican Republic

In 2021, approx. X kg of rennet and concentrates thereof were exported from the Dominican Republic; flattening at 2020. In general, exports saw a significant decline. The smallest decline of 99.9% was in 2020. The exports peaked at X kg in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, rennet exports totaled $X in 2021. Over the period under review, exports faced a precipitous slump. The smallest decline of 99.9% was in 2020. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X kg) was the main destination for rennet exports from the Dominican Republic, with a 94% share of total exports. Moreover, rennet exports to the United States exceeded the volume sent to the second major destination, Turks and Caicos Islands (X kg), more than tenfold.

From 2019 to 2021, the average annual rate of growth in terms of volume to the United States was relatively modest.

In value terms, the largest markets for rennet exported from the Dominican Republic were the United States ($X) and Turks and Caicos Islands ($X).

In terms of the main countries of destination, the United States, with a CAGR of 0.0%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

In 2021, the average rennet export price amounted to $X per ton, flattening at the previous year. In general, the export price faced a dramatic downturn. The pace of growth was the most pronounced in 2020 when the average export price decreased by 99.9% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Turks and Caicos Islands ($X per ton), while the average price for exports to the United States amounted to $X per ton.

From 2019 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (0.0%), while the prices for the other major destinations experienced more modest paces of growth.

Rennet Imports

Imports into the Dominican Republic

In 2021, the amount of rennet and concentrates thereof imported into the Dominican Republic stood at X tons, increasing by 9.2% compared with 2020 figures. Overall, imports posted a noticeable expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 306%. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, rennet imports expanded to $X in 2021. Over the period under review, imports recorded prominent growth. The pace of growth was the most pronounced in 2019 when imports increased by 412% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, France (X tons) constituted the largest rennet supplier to the Dominican Republic, accounting for a 47% share of total imports. Moreover, rennet imports from France exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. Spain (X kg) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from France was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+4.4% per year) and Spain (+7.5% per year).

In value terms, France ($X) constituted the largest supplier of rennet and concentrates thereof to the Dominican Republic, comprising 41% of total imports. The second position in the ranking was held by the United States ($X), with a 20% share of total imports. It was followed by Spain, with a 19% share.

From 2012 to 2021, the average annual rate of growth in terms of value from France amounted to +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.8% per year) and Spain (+13.5% per year).

Import Prices by Country

The average rennet import price stood at $X per ton in 2021, declining by -4.2% against the previous year. Over the period under review, import price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, rennet import price increased by +4.5% against 2017 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 45%. The import price peaked at $X per ton in 2020, and then fell slightly in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+18.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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