Latin America and the Caribbean: Rennet Market 2024

Rennet Market Size in Latin America and the Caribbean

The Latin American rennet market amounted to $X in 2021, with an increase of 4% against the previous year. The total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -2.6% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Rennet Production in Latin America and the Caribbean

In value terms, rennet production totaled $X in 2021 estimated in export price. The total production indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +7.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -3.8% against 2019 indices. The pace of growth was the most pronounced in 2019 with an increase of 33% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Rennet Exports

Exports in Latin America and the Caribbean

Rennet exports reduced to X tons in 2021, with a decrease of -12.9% against the year before. The total export volume increased at an average annual rate of +1.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when exports increased by 28%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, rennet exports dropped to $X in 2021. Overall, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 when exports increased by 54%. Over the period under review, the exports hit record highs at $X in 2020, and then dropped in the following year.

Exports by Country

In 2021, Brazil (X tons) was the largest exporter of rennet and concentrates thereof, making up 39% of total exports. It was distantly followed by Guatemala (X tons), Mexico (X tons) and Colombia (X tons), together making up a 58% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Guatemala (with a CAGR of +10.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Colombia ($X) remains the largest rennet supplier in Latin America and the Caribbean, comprising 53% of total exports. The second position in the ranking was held by Mexico ($X), with a 19% share of total exports. It was followed by Guatemala, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Colombia stood at +18.1%. In the other countries, the average annual rates were as follows: Mexico (+1.2% per year) and Guatemala (-0.0% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, surging by 2.3% against the previous year. Overall, the export price, however, saw a mild curtailment. The pace of growth appeared the most rapid in 2015 an increase of 21% against the previous year. The level of export 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 amongst the major exporting countries. In 2021, the country with the highest price was Colombia ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+12.2%), while the other leaders experienced a decline in the export price figures.

Rennet Imports

Imports in Latin America and the Caribbean

For the third year in a row, LatAmerica and the Caribbean recorded growth in supplies from abroad of rennet and concentrates thereof, which increased by 3.8% to X tons in 2021. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 13% against the previous year. The volume of import peaked in 2021 and is likely to see gradual growth in years to come.

In value terms, rennet imports rose notably to $X in 2021. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 13%. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Brazil was the major importer of rennet and concentrates thereof in Latin America and the Caribbean, with the volume of imports recording X tons, which was approx. 41% of total imports in 2021. Nicaragua (X tons) ranks second in terms of the total imports with an 8.9% share, followed by Venezuela (6.4%), Chile (6.1%), Honduras (5.7%) and Costa Rica (4.7%). The following importers - Bolivia (X tons), Uruguay (X tons), Ecuador (X tons), El Salvador (X tons), Colombia (X tons), Paraguay (X tons) and Cuba (X tons) - together made up 22% of total imports.

From 2012 to 2021, average annual rates of growth with regard to rennet imports into Brazil stood at +7.1%. At the same time, Colombia (+17.6%), Uruguay (+13.4%), Costa Rica (+7.4%), Honduras (+5.3%), El Salvador (+2.7%) and Nicaragua (+2.5%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +17.6% from 2012-2021. Cuba and Bolivia experienced a relatively flat trend pattern. By contrast, Chile (-1.2%), Ecuador (-3.9%), Venezuela (-9.1%) and Paraguay (-12.1%) illustrated a downward trend over the same period. While the share of Brazil (+19 p.p.), Uruguay (+2.2 p.p.), Costa Rica (+2.2 p.p.), Colombia (+2.2 p.p.), Honduras (+2.1 p.p.) and Nicaragua (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Paraguay (-6.1 p.p.) and Venezuela (-8.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported rennet and concentrates thereof in Latin America and the Caribbean, comprising 48% of total imports. The second position in the ranking was held by Nicaragua ($X), with an 8.2% share of total imports. It was followed by Honduras, with a 5.8% share.

In Brazil, rennet imports increased at an average annual rate of +7.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Nicaragua (+3.2% per year) and Honduras (+0.9% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, growing by 2.3% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 10% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was El Salvador ($X per ton), while Cuba ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Paraguay (+11.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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