Indonesia: Rennet Market 2024

Rennet Market Size in Indonesia

After four years of growth, the Indonesian rennet market decreased by -2.5% to $X in 2021. In general, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +58.6% against 2016 indices. Over the period under review, the market reached the peak level at $X in 2020, and then reduced slightly in the following year.

Rennet Production in Indonesia

In value terms, rennet production dropped slightly to $X in 2021 estimated in export price. Overall, the total production indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +59.0% against 2016 indices. The pace of growth was the most pronounced in 2019 when the production volume increased by 23%. Over the period under review, production hit record highs at $X in 2020, and then dropped in the following year.

Rennet Exports

Exports from Indonesia

Rennet exports from Indonesia reduced dramatically to X kg in 2021, falling by -95.7% compared with 2020 figures. In general, exports, however, posted prominent growth. The most prominent rate of growth was recorded in 2014 when exports increased by 885%. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, rennet exports shrank remarkably to $X in 2021. Overall, exports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2014 when exports increased by 475%. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Bangladesh (X kg) was the main destination for rennet exports from Indonesia, accounting for a 96% share of total exports. It was followed by the UK (X kg), with a 2.9% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Bangladesh stood at +23.0%.

In value terms, the largest markets for rennet exported from Indonesia were the UK ($X) and Bangladesh ($X).

In terms of the main countries of destination, Bangladesh, with a CAGR of +32.8%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The average rennet export price stood at $X per ton in 2021, increasing by 88% against the previous year. In general, the export price, however, saw a deep contraction. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was the UK ($X per ton), while the average price for exports to Bangladesh amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (+7.5%).

Rennet Imports

Imports into Indonesia

In 2021, approx. X kg of rennet and concentrates thereof were imported into Indonesia; dropping by -57.7% on the previous year. In general, imports, however, enjoyed a resilient expansion. The pace of growth was the most pronounced in 2015 with an increase of 555% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, rennet imports dropped sharply to $X in 2021. Overall, imports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 564%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Malaysia (X kg) constituted the largest rennet supplier to Indonesia, with a 49% share of total imports. Moreover, rennet imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X kg), threefold. The third position in this ranking was held by New Zealand (X kg), with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Malaysia stood at +5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+61.6% per year) and New Zealand (+73.4% per year).

In value terms, Malaysia ($X) constituted the largest supplier of rennet and concentrates thereof to Indonesia, comprising 77% of total imports. The second position in the ranking was held by France ($X), with an 11% share of total imports. It was followed by New Zealand, with a 4.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Malaysia amounted to +9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+39.6% per year) and New Zealand (+31.5% per year).

Import Prices by Country

The average rennet import price stood at $X per ton in 2021, jumping by 23% against the previous year. Overall, the import price, however, showed a mild downturn. The pace of growth was the most pronounced in 2014 an increase of 85%. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+15.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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