India: Rennet Market 2024

Rennet Market Size in India

The Indian rennet market amounted to $X in 2021, increasing by 3.6% against the previous year. Overall, consumption continues to indicate a buoyant expansion. Rennet consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Rennet Production in India

In value terms, rennet production rose slightly to $X in 2021 estimated in export price. Over the period under review, production saw prominent growth. The most prominent rate of growth was recorded in 2014 when the production volume increased by 49% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Rennet Exports

Exports from India

In 2021, approx. X tons of rennet and concentrates thereof were exported from India; rising by 40% on the previous year's figure. Over the period under review, exports, however, saw a dramatic descent. The pace of growth appeared the most rapid in 2015 when exports increased by 172%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, rennet exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a abrupt decrease. The pace of growth was the most pronounced in 2015 when exports increased by 150%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Bangladesh (X tons), Saudi Arabia (X tons) and Egypt (X tons) were the main destinations of rennet exports from India, with a combined 64% share of total exports. These countries were followed by Nicaragua, Nepal, Myanmar, Canada and China, which together accounted for a further 21%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +53.8%), while the other leaders experienced more modest paces of growth.

In value terms, Egypt ($X), Myanmar ($X) and Canada ($X) were the largest markets for rennet exported from India worldwide, with a combined 37% share of total exports.

Canada, with a CAGR of +71.3%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average rennet export price amounted to $X per ton, surging by 22% against the previous year. Overall, the export price posted a strong expansion. The pace of growth appeared the most rapid in 2018 when the average export price increased by 47%. The export price peaked in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Canada ($X per ton), while the average price for exports to Saudi Arabia ($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 Myanmar (+32.7%), while the prices for the other major destinations experienced more modest paces of growth.

Rennet Imports

Imports into India

In 2021, imports of rennet and concentrates thereof into India surged to X tons, increasing by 273% against the year before. Over the period under review, imports enjoyed significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, rennet imports soared to $X in 2021. Overall, imports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2018 with an increase of 301% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

China (X tons), the United Arab Emirates (X tons) and Turkey (X tons) were the main suppliers of rennet imports to India, with a combined 83% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +97.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of rennet and concentrates thereof to India, comprising 62% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 17% share of total imports. It was followed by Turkey, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +59.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (0.0% per year) and Turkey (+71.5% per year).

Import Prices by Country

In 2021, the average rennet import price amounted to $X per ton, picking up by 6.4% against the previous year. Over the period under review, import price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +8.8% 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 import price increased by +35.8% against 2019 indices. The most prominent rate of growth was recorded in 2013 an increase of 63%. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the UK ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+40.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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