GCC: Rennet Market 2024

Rennet Market Size in GCC

In 2021, after five years of growth, there was decline in the GCC rennet market, when its value decreased by -3.6% to $X. In general, consumption, however, saw a strong increase. Over the period under review, the market hit record highs at $X in 2020, and then shrank slightly in the following year.

Rennet Production in GCC

In value terms, rennet production dropped modestly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a prominent increase. The growth pace was the most rapid in 2019 with an increase of 86%. Over the period under review, production attained the maximum level at $X in 2020, and then fell in the following year.

Rennet Exports

Exports in GCC

In 2021, shipments abroad of rennet and concentrates thereof increased by 5.4% to X tons, rising for the second consecutive year after four years of decline. Overall, exports, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 251%. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, rennet exports contracted dramatically to $X in 2021. In general, exports, however, showed a abrupt shrinkage. The growth pace was the most rapid in 2014 with an increase of 222% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, the United Arab Emirates (X tons) represented the main exporter of rennet and concentrates thereof, constituting 88% of total exports. It was distantly followed by Bahrain (X kg), making up a 12% share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -18.5% from 2012 to 2021. At the same time, Bahrain (+63.7%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +63.7% from 2012-2021. Bahrain (+12 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -3.9% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) remains the largest rennet supplier in GCC, comprising 69% of total exports. The second position in the ranking was held by Bahrain ($X), with a 30% share of total exports.

In the United Arab Emirates, rennet exports declined by an average annual rate of -20.3% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, which is down by -32.3% against the previous year. Over the period under review, the export price, however, continues to indicate slight growth. The pace of growth was the most pronounced in 2016 when the export price increased by 99%. Over the period under review, the export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Bahrain ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+8.6%).

Rennet Imports

Imports in GCC

In 2021, supplies from abroad of rennet and concentrates thereof increased by 5% to X tons, rising for the second year in a row after two years of decline. In general, imports, however, faced a significant decline. The most prominent rate of growth was recorded in 2020 with an increase of 146% against the previous year. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, rennet imports skyrocketed to $X in 2021. Over the period under review, imports, however, showed a dramatic setback. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Oman represented the largest importing country with an import of around X tons, which finished at 65% of total imports. Qatar (X kg) took a 26% share (based on physical terms) of total imports, which put it in second place, followed by the United Arab Emirates (6.1%). Kuwait (X kg) took a minor share of total imports.

Imports into Oman decreased at an average annual rate of -15.8% from 2012 to 2021. At the same time, Qatar (+42.5%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +42.5% from 2012-2021. By contrast, the United Arab Emirates (-4.2%) and Kuwait (-5.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Oman, Qatar, the United Arab Emirates and Kuwait increased by +56, +26, +5.8 and +2.1 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Qatar ($X) constitutes the largest market for imported rennet and concentrates thereof in GCC, comprising 76% of total imports. The second position in the ranking was taken by Oman ($X), with a 17% share of total imports. It was followed by the United Arab Emirates, with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Qatar amounted to +20.9%. In the other countries, the average annual rates were as follows: Oman (-9.7% per year) and the United Arab Emirates (-9.7% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, with an increase of 155% against the previous year. Over the period under review, the import price showed a strong increase. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 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 Qatar ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+7.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform