Europe: Rennet Market 2024

Rennet Market Size in Europe

The Europe rennet market skyrocketed to $X in 2021, jumping by 20% against the previous year. Over the period under review, consumption posted a buoyant increase. The level of consumption peaked in 2021 and is expected to retain growth in years to come.

Rennet Production in Europe

In value terms, rennet production surged to $X in 2021 estimated in export price. In general, production recorded a buoyant increase. The pace of growth appeared the most rapid in 2018 when the production volume increased by 30% against the previous year. Over the period under review, production hit record highs in 2021 and is likely to see gradual growth in the immediate term.

Rennet Exports

Exports in Europe

In 2021, approx. X tons of rennet and concentrates thereof were exported in Europe; picking up by 3.3% against the year before. The total export volume increased at an average annual rate of +4.0% 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 2014 when exports increased by 11% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, rennet exports expanded remarkably to $X in 2021. The total export value increased at an average annual rate of +4.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when exports increased by 20%. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in years to come.

Exports by Country

Denmark represented the largest exporting country with an export of about X tons, which reached 56% of total exports. Germany (X tons) ranks second in terms of the total exports with a 23% share, followed by the Netherlands (6.5%) and Italy (4.6%). The following exporters - Austria (X tons), Poland (X tons) and France (X tons) - together made up 7.7% of total exports.

Exports from Denmark increased at an average annual rate of +6.4% from 2012 to 2021. 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 Europe, 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 (+10 p.p.) significantly strengthened its position in terms of the total exports, while France and Austria saw its share reduced by -2.2% and -3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Denmark ($X) remains the largest rennet supplier in Europe, comprising 63% of total exports. The second position in the ranking was held by Germany ($X), with a 14% share of total exports. It was followed by Italy, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Denmark totaled +6.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (+4.9% per year) and Italy (+3.3% per year).

Export Prices by Country

The export price in Europe stood at $X per ton in 2021, growing by 9.5% against the previous year. Over the period under review, the export price recorded 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 Europe

In 2021, purchases abroad of rennet and concentrates thereof decreased by -5.1% to X tons for the first time since 2016, thus ending a four-year rising trend. The total import volume increased at an average annual rate of +4.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when imports increased by 23% against the previous year. As a result, imports reached the peak of X tons, and then declined in the following year.

In value terms, rennet imports amounted to $X in 2021. Total imports indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +75.5% against 2016 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 27%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

Imports by Country

Denmark represented the key importing country with an import of about X tons, which amounted to 41% of total imports. Germany (X tons) held the second position in the ranking, followed by Italy (X tons), the Netherlands (X tons), France (X tons) and Spain (X tons). All these countries together took near 30% share of total imports. The following importers - Poland (X tons), the UK (X tons), Ireland (X tons), Russia (X tons), Switzerland (X tons), Belgium (X tons) and Belarus (X tons) - together made up 19% of total imports.

Imports into Denmark increased at an average annual rate of +6.6% from 2012 to 2021. At the same time, Russia (+15.1%), Belgium (+12.6%), France (+11.7%), the Netherlands (+7.6%), Poland (+3.4%), Italy (+2.9%), Spain (+2.8%), Germany (+1.8%) and Ireland (+1.1%) displayed positive paces of growth. Moreover, Russia emerged as the fastest-growing importer imported in Europe, with a CAGR of +15.1% from 2012-2021. Belarus and Switzerland experienced a relatively flat trend pattern. By contrast, the UK (-2.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Denmark and France increased by +6.4 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Denmark ($X) constitutes the largest market for imported rennet and concentrates thereof in Europe, comprising 30% of total imports. The second position in the ranking was taken by Italy ($X), with a 13% share of total imports. It was followed by Germany, with an 8.5% share.

In Denmark, rennet imports expanded at an average annual rate of +7.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Italy (+4.3% per year) and Germany (+3.8% per year).

Import Prices by Country

In 2021, the import price in Europe amounted to $X per ton, rising by 7.2% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the import price increased by 10%. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform