Hong Kong SAR, China: Rennet Market 2024

Rennet Market Size in Hong Kong SAR, China

In 2021, after three years of growth, there was decline in the Hong Kong rennet market, when its value decreased by -3.5% to $X. Overall, consumption showed a deep slump. The pace of growth appeared the most rapid in 2019 when the market value increased by 9.8%. Rennet consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Rennet Production in Hong Kong SAR, China

In value terms, rennet production dropped to $X in 2021 estimated in export price. Overall, production showed a deep setback. The most prominent rate of growth was recorded in 2018 when the production volume increased by 10%. Rennet production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Rennet Exports

Exports from Hong Kong SAR, China

In 2021, shipments abroad of rennet and concentrates thereof decreased by -83.6% to X kg, falling for the second year in a row after two years of growth. In general, exports continue to indicate a precipitous curtailment. The pace of growth was the most pronounced in 2018 when exports increased by 273% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, rennet exports fell remarkably to $X in 2021. Overall, exports recorded a sharp decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 233%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

China (X kg) was the main destination for rennet exports from Hong Kong SAR, accounting for a 71% share of total exports. Moreover, rennet exports to China exceeded the volume sent to the second major destination, Thailand (X kg), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled -40.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-42.1% per year) and Singapore (-52.2% per year).

In value terms, China ($X) remains the key foreign market for rennet and concentrates thereof exports from Hong Kong SAR, comprising 72% of total exports. The second position in the ranking was taken by Thailand ($X), with a 23% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at -38.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-28.8% per year) and Singapore (-59.8% per year).

Export Prices by Country

In 2021, the average rennet export price amounted to $X per ton, increasing by 74% against the previous year. Over the period under review, export price indicated a notable 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 export price increased by +97.6% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Thailand ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+23.0%), while the prices for the other major destinations experienced mixed trend patterns.

Rennet Imports

Imports into Hong Kong SAR, China

In 2021, purchases abroad of rennet and concentrates thereof increased by 34% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports posted a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 1,980% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, rennet imports dropped rapidly to $X in 2021. In general, imports recorded a modest expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 1,990%. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest rennet supplier to Hong Kong SAR, accounting for a 73% share of total imports. Moreover, rennet imports from China exceeded the figures recorded by the second-largest supplier, the United States (X kg), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-3.9% per year) and the UK (+11.7% per year).

In value terms, the largest rennet suppliers to Hong Kong SAR were the United States ($X), China ($X) and the UK ($X), with a combined 98% share of total imports.

In terms of the main suppliers, the United States, with a CAGR of +11.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average rennet import price stood at $X per ton in 2021, with a decrease of -46.4% against the previous year. In general, the import price faced a deep setback. The most prominent rate of growth was recorded in 2013 an increase of 54%. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for China ($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 (+37.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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