EU: Rennet Market 2024

Rennet Market Size in the EU

In 2021, the EU rennet market increased by 25% to $X, rising for the fourth year in a row after two years of decline. Over the period under review, consumption showed resilient growth. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in years to come.

Rennet Production in the EU

In value terms, rennet production soared to $X in 2021 estimated in export price. In general, production saw a resilient expansion. The pace of growth appeared the most rapid in 2018 when the production volume increased by 28% against the previous year. The level of production peaked in 2021 and is likely to see steady growth in the immediate term.

Rennet Exports

Exports in the EU

Rennet exports rose to X tons in 2021, picking up by 4.4% on 2020 figures. The total export volume increased at an average annual rate of +4.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 11%. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, rennet exports totaled $X in 2021. The total export value increased at an average annual rate of +4.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 20%. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Exports by Country

In 2021, Denmark (X tons) was the main exporter of rennet and concentrates thereof, creating 57% of total exports. Germany (X tons) took the second position in the ranking, distantly followed by the Netherlands (X tons) and Italy (X tons). All these countries together held approx. 34% share of total exports. The following exporters - Austria (X tons), Poland (X tons) and France (X tons) - together made up 7.8% of total exports.

From 2012 to 2021, average annual rates of growth with regard to rennet exports from Denmark stood at +6.4%. At the same time, Italy (+6.8%), Poland (+6.5%), Germany (+4.3%) and the Netherlands (+4.2%) displayed positive paces of growth. Moreover, Italy emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +6.8% from 2012-2021. By contrast, Austria (-2.9%) and France (-4.0%) illustrated a downward trend over the same period. Denmark (+9.6 p.p.) significantly strengthened its position in terms of the total exports, while France and Austria saw its share reduced by -2.3% and -3.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Denmark ($X) remains the largest rennet supplier in the European Union, comprising 64% of total exports. The second position in the ranking was taken by Germany ($X), with a 14% share of total exports. It was followed by Italy, with a 6.3% share.

From 2012 to 2021, the average annual growth rate of value in Denmark amounted to +6.7%. In the other countries, the average annual rates were as follows: Germany (+4.9% per year) and Italy (+3.3% per year).

Export Prices by Country

The export price in the European Union stood at $X per ton in 2021, with an increase of 9.4% against the previous year. In general, the export price showed a relatively flat trend pattern. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Italy ($X per ton), while Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+4.6%), while the other leaders experienced more modest paces of growth.

Rennet Imports

Imports in the EU

In 2021, after four years of growth, there was decline in supplies from abroad of rennet and concentrates thereof, when their volume decreased by -2.6% to X tons. Total imports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +46.6% against 2016 indices. The pace of growth was the most pronounced in 2020 with an increase of 26% against the previous year. As a result, imports attained the peak of X tons, and then shrank modestly in the following year.

In value terms, rennet imports rose modestly to $X in 2021. Total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +80.8% against 2016 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 34% against the previous year. The level of import peaked in 2021 and is likely to continue growth in the immediate term.

Imports by Country

Denmark was the largest importer of rennet and concentrates thereof in the European Union, with the volume of imports accounting for X tons, which was approx. 47% of total imports in 2021. It was distantly followed by Germany (X tons), Italy (X tons), the Netherlands (X tons), France (X tons), Spain (X tons) and Poland (X tons), together generating a 40% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to rennet imports into Denmark stood at +6.6%. At the same time, France (+11.7%), the Netherlands (+7.6%), Poland (+3.4%), Italy (+2.9%), Spain (+2.8%) and Germany (+1.8%) displayed positive paces of growth. Moreover, France emerged as the fastest-growing importer imported in the European Union, with a CAGR of +11.7% from 2012-2021. While the share of Denmark (+4.6 p.p.) and France (+2.3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Italy (-2 p.p.) and Germany (-3.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Denmark ($X) constitutes the largest market for imported rennet and concentrates thereof in the European Union, comprising 36% of total imports. The second position in the ranking was held by Italy ($X), with a 15% share of total imports. It was followed by Germany, with a 10% share.

In Denmark, rennet imports expanded at an average annual rate of +7.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Italy (+4.3% per year) and Germany (+3.8% per year).

Import Prices by Country

In 2021, the import price in the European Union amounted to $X per ton, increasing by 5.4% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the import price increased by 12% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+1.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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