Report Update Nov 1, 2024

ECOWAS - Rennet and Concentrates Thereof - Market Analysis, Forecast, Size, Trends and Insights

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ECOWAS: Rennet Market 2024

Rennet Market Size in ECOWAS

In 2021, the ECOWAS rennet market decreased by -8.9% to $X for the first time since 2016, thus ending a four-year rising trend. Over the period under review, consumption, however, continues to indicate a resilient expansion. The level of consumption peaked at $X in 2020, and then shrank in the following year.

Rennet Production in ECOWAS

In value terms, rennet production reduced to $X in 2021 estimated in export price. In general, production, however, saw strong growth. The pace of growth was the most pronounced in 2019 when the production volume increased by 41%. Over the period under review, production reached the maximum level at $X in 2020, and then reduced in the following year.

Rennet Exports

Exports in ECOWAS

In 2020, after two years of growth, there was significant decline in overseas shipments of rennet and concentrates thereof, when their volume decreased by -82.6% to X kg. Overall, exports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2019 with an increase of 177%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2020, the exports stood at a somewhat lower figure.

In value terms, rennet exports fell sharply to $X in 2020. Over the period under review, exports, however, recorded a remarkable increase. The pace of growth appeared the most rapid in 2019 when exports increased by 70% against the previous year. The level of export peaked at $X in 2016; however, from 2017 to 2020, the exports failed to regain momentum.

Exports by Country

Sierra Leone (X kg) represented roughly 100% of total exports in 2020.

Sierra Leone experienced a relatively flat trend pattern with regard to volume of exports of rennet and concentrates thereof. While the share of Sierra Leone (+99 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

From 2012 to 2020, the average annual growth rate of value in Sierra Leone was relatively modest.

Export Prices by Country

In 2020, the export price in ECOWAS amounted to $X per ton, jumping by 97% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the export price increased by 277% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2020, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Sierra Leone.

From 2012 to 2020, the rate of growth in terms of prices for Sierra Leone amounted to 0.0% per year.

Rennet Imports

Imports in ECOWAS

In 2021, after two years of growth, there was significant decline in supplies from abroad of rennet and concentrates thereof, when their volume decreased by -8.3% to X tons. Overall, imports, however, showed buoyant growth. The pace of growth was the most pronounced in 2019 when imports increased by 244% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then dropped in the following year.

In value terms, rennet imports rose remarkably to $X in 2021. In general, imports, however, enjoyed a moderate increase. The most prominent rate of growth was recorded in 2019 with an increase of 124% against the previous year. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in years to come.

Imports by Country

Nigeria prevails in imports structure, accounting for X tons, which was near 90% of total imports in 2021. It was distantly followed by Ghana (X tons), creating a 7.1% share of total imports. Senegal (X tons) held a minor share of total imports.

Nigeria was also the fastest-growing in terms of the rennet and concentrates thereof imports, with a CAGR of +16.4% from 2012 to 2021. Ghana experienced a relatively flat trend pattern. Senegal (-23.3%) illustrated a downward trend over the same period. While the share of Nigeria (+50 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ghana (-5.3 p.p.) and Senegal (-44 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported rennet and concentrates thereof in ECOWAS, comprising 91% of total imports. The second position in the ranking was taken by Senegal ($X), with a 4.8% share of total imports.

In Nigeria, rennet imports increased at an average annual rate of +16.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Senegal (-22.9% per year) and Ghana (-2.9% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, surging by 16% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible setback. The pace of growth was the most pronounced in 2013 an increase of 51% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

This report provides an in-depth analysis of the rennet market in ECOWAS. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20146450 - Rennet and concentrates thereof

Country coverage:

Benin
Burkina Faso
Cabo Verde
Gambia
Ghana
Guinea
Guinea-Bissau
Liberia
Mali
Niger
Nigeria
Senegal
Sierra Leone
Togo
Cote d'Ivoire

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Production in ECOWAS, split by region and country
Trade (exports and imports) in ECOWAS
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. CONSUMPTION BY COUNTRY
3. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
2. PRODUCTION BY COUNTRY
8. IMPORTS
The Largest Importers on The Market and How They Succeed
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Exporters on The Market and How They Succeed
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
11. COUNTRY PROFILES

The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO
- Benin
- Burkina Faso
- Cabo Verde
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Niger
- Nigeria
- Senegal
- Sierra Leone
- Togo
- Cote d'Ivoire
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption, By Country, 2018–2023
5. Production, In Physical Terms, By Country, 2012–2023
6. Imports, In Physical Terms, By Country, 2012–2023
7. Imports, In Value Terms, By Country, 2012–2023
8. Import Prices, By Country Of Destination, 2012–2023
9. Exports, In Physical Terms, By Country, 2012–2023
10. Exports, In Value Terms, By Country, 2012–2023
11. Export Prices, By Country Of Origin, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Consumption, By Country, 2023
4. Market Volume Forecast to 2030
5. Market Value Forecast to 2030
6. Products: Market Size And Growth, By Type
7. Products: Average Per Capita Consumption, By Type
8. Products: Exports And Growth, By Type
9. Products: Export Prices And Growth, By Type
10. Production Volume And Growth
11. Exports And Growth
12. Export Prices And Growth
13. Market Size And Growth
14. Per Capita Consumption
15. Imports And Growth
16. Import Prices
17. Production, In Physical Terms, 2012–2023
18. Production, In Value Terms, 2012–2023
19. Production, By Country, 2023
20. Production, In Physical Terms, By Country, 2012–2023
21. Imports, In Physical Terms, 2012–2023
22. Imports, In Value Terms, 2012–2023
23. Imports, In Physical Terms, By Country, 2023
24. Imports, In Physical Terms, By Country, 2012–2023
25. Imports, In Value Terms, By Country, 2012–2023
26. Import Prices, By Country, 2012–2023
27. Exports, In Physical Terms, 2012–2023
28. Exports, In Value Terms, 2012–2023
29. Exports, In Physical Terms, By Country, 2023
30. Exports, In Physical Terms, By Country, 2012–2023
31. Exports, In Value Terms, By Country, 2012–2023
32. Export Prices, 2012–2023