Malaysia: Rennet Market 2024

Rennet Market Size in Malaysia

The Malaysian rennet market stood at $X in 2021, growing by 1.6% against the previous year. Over the period under review, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +8.7% 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 -1.9% against 2019 indices. Rennet consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Rennet Production in Malaysia

In value terms, rennet production rose slightly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +8.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -2.0% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 38%. Rennet production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Rennet Exports

Exports from Malaysia

Rennet exports from Malaysia shrank sharply to X kg in 2021, falling by -20.3% against the previous year. Over the period under review, exports recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2013 when exports increased by 33% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, rennet exports declined notably to $X in 2021. In general, exports recorded a dramatic curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 90% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The Philippines (X kg), Bangladesh (X kg) and Sri Lanka (X kg) were the main destinations of rennet exports from Malaysia, together comprising 99% 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 the Philippines (with a CAGR of -13.9%), while the other leaders experienced a decline.

In value terms, the Philippines ($X) remains the key foreign market for rennet and concentrates thereof exports from Malaysia, comprising 94% of total exports. The second position in the ranking was taken by Bangladesh ($X), with a 4.5% share of total exports. It was followed by Sri Lanka, with a 1.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the Philippines totaled -21.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (-32.2% per year) and Sri Lanka (-36.9% per year).

Export Prices by Country

In 2021, the average rennet export price amounted to $X per ton, waning by -21.1% against the previous year. In general, the export price showed a perceptible slump. The pace of growth was the most pronounced in 2013 when the average export price increased by 42%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Indonesia ($X per ton), while the average price for exports to Bangladesh ($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 Indonesia (+18.3%), while the prices for the other major destinations experienced a decline.

Rennet Imports

Imports into Malaysia

In 2021, purchases abroad of rennet and concentrates thereof increased by 15% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports posted a significant expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 1,634%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, rennet imports surged to $X in 2021. Overall, imports showed a significant increase. The pace of growth was the most pronounced in 2018 when imports increased by 517% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Taiwan (Chinese) (X tons) constituted the largest supplier of rennet to Malaysia, accounting for a 73% share of total imports. Moreover, rennet imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, the United States (X tons), fivefold. The third position in this ranking was held by Japan (X kg), with a 6.5% share.

From 2012 to 2021, the average annual growth rate of volume from Taiwan (Chinese) amounted to +54.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+31.1% per year) and Japan (+39.8% per year).

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of rennet and concentrates thereof to Malaysia, comprising 62% of total imports. The second position in the ranking was taken by Japan ($X), with an 11% share of total imports. It was followed by the United States, with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Taiwan (Chinese) stood at +66.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+40.0% per year) and the United States (+9.1% per year).

Import Prices by Country

The average rennet import price stood at $X per ton in 2021, with an increase of 64% against the previous year. In general, the import price, however, saw a perceptible curtailment. The most prominent rate of growth was recorded in 2019 when the average import price increased by 139% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+17.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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