Japan: Rennet Market 2024

Rennet Market Size in Japan

The Japanese rennet market rose slightly to $X in 2021, increasing by 3.7% against the previous year. Overall, consumption posted a prominent expansion. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Rennet Production in Japan

In value terms, rennet production expanded significantly to $X in 2021 estimated in export price. Over the period under review, production showed a resilient increase. The pace of growth was the most pronounced in 2015 when the production volume increased by 34% against the previous year. Rennet production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Rennet Exports

Exports from Japan

In 2021, approx. X tons of rennet and concentrates thereof were exported from Japan; rising by 44% on 2020. Over the period under review, total exports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +5.1% 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 +85.2% against 2017 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, rennet exports soared to $X in 2021. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 40%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

Denmark (X tons) was the main destination for rennet exports from Japan, accounting for a 58% share of total exports. Moreover, rennet exports to Denmark exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. Germany (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Denmark totaled +31.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-0.7% per year) and Germany (+23.0% per year).

In value terms, Denmark ($X) emerged as the key foreign market for rennet and concentrates thereof exports from Japan, comprising 44% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 17% share of total exports. It was followed by Germany, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Denmark amounted to +30.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-3.5% per year) and Germany (+30.3% per year).

Export Prices by Country

In 2021, the average rennet export price amounted to $X per ton, with a decrease of -18.3% against the previous year. In general, the export price continues to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2018 when the average export price increased by 10% against the previous year. Over the period under review, the average export prices attained the peak figure 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 foreign markets. In 2021, the country with the highest price was Colombia ($X per ton), while the average price for exports to Denmark ($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 Germany (+6.0%), while the prices for the other major destinations experienced more modest paces of growth.

Rennet Imports

Imports into Japan

In 2021, rennet imports into Japan soared to X tons, surging by 92% against the previous year. In general, imports enjoyed prominent growth. The pace of growth was the most pronounced in 2015 when imports increased by 391% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, rennet imports skyrocketed to $X in 2021. Over the period under review, imports recorded temperate growth. The pace of growth was the most pronounced in 2015 when imports increased by 197%. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, New Zealand (X tons) constituted the largest supplier of rennet to Japan, accounting for a 77% share of total imports. Moreover, rennet imports from New Zealand exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. France (X tons) ranked third in terms of total imports with a 2.6% share.

From 2012 to 2021, the average annual growth rate of volume from New Zealand amounted to +14.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-5.6% per year) and France (-11.6% per year).

In value terms, the largest rennet suppliers to Japan were New Zealand ($X), China ($X) and Italy ($X), together comprising 99% of total imports.

Italy, with a CAGR of +47.0%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average rennet import price amounted to $X per ton, with a decrease of -6.4% against the previous year. Over the period under review, the import price showed a abrupt setback. The growth pace was the most rapid in 2019 an increase of 56%. The import price peaked at $X per ton in 2013; however, from 2014 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 China ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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