Italy: Rennet Market 2024

Rennet Market Size in Italy

The Italian rennet market soared to $X in 2021, rising by 206% against the previous year. Over the period under review, consumption showed buoyant growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Rennet Production in Italy

In value terms, rennet production soared to $X in 2021 estimated in export price. In general, production showed significant growth. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Rennet Exports

Exports from Italy

For the eighth consecutive year, Italy recorded growth in shipments abroad of rennet and concentrates thereof, which increased by 5.2% to X tons in 2021. In general, exports recorded a strong expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 39% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in years to come.

In value terms, rennet exports rose significantly to $X in 2021. Over the period under review, total exports indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +6.2% against 2018 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 24%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in years to come.

Exports by Country

Bangladesh (X tons), Brazil (X tons) and Romania (X tons) were the main destinations of rennet exports from Italy, with a combined 31% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Brazil (with a CAGR of +115.6%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Brazil ($X) and Turkey ($X) appeared to be the largest markets for rennet exported from Italy worldwide, with a combined 37% share of total exports. These countries were followed by Switzerland, Spain, the Netherlands, Sweden, France, Romania, Bangladesh, Ireland, Belarus and Belgium, which together accounted for a further 44%.

Bangladesh, with a CAGR of +83.8%, recorded the highest rates of growth with regard to the value of exports, among 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 3.8% against the previous year. Overall, the export price, however, recorded a pronounced downturn. The most prominent rate of growth was recorded in 2018 an increase of 9.7% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Bangladesh ($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 Turkey (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Rennet Imports

Imports into Italy

In 2021, supplies from abroad of rennet and concentrates thereof was finally on the rise to reach X tons after three years of decline. Over the period under review, total imports indicated a temperate expansion from 2012 to 2021: its volume increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -12.5% against 2017 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 153% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, rennet imports expanded significantly to $X in 2021. Overall, total imports indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +23.2% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 172% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, Denmark (X tons) constituted the largest supplier of rennet to Italy, accounting for a 89% share of total imports. Moreover, rennet imports from Denmark exceeded the figures recorded by the second-largest supplier, France (X tons), more than tenfold. The third position in this ranking was taken by Turkey (X tons), with a 2.1% share.

From 2012 to 2021, the average annual growth rate of volume from Denmark amounted to +10.5%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-6.9% per year) and Turkey (+35.1% per year).

In value terms, Denmark ($X) constituted the largest supplier of rennet and concentrates thereof to Italy, comprising 88% of total imports. The second position in the ranking was held by France ($X), with a 5.8% share of total imports. It was followed by New Zealand, with a 5% share.

From 2012 to 2021, the average annual growth rate of value from Denmark amounted to +8.8%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+1.0% per year) and New Zealand (+3.4% per year).

Import Prices by Country

In 2021, the average rennet import price amounted to $X per ton, rising by 6% against the previous year. Over the last nine years, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2020 an increase of 18% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was New Zealand ($X per ton), while the price for Turkey ($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 (+8.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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