Mexico: Rennet Market 2024

Rennet Market Size in Mexico

The Mexican rennet market totaled $X in 2021, increasing by 11% against the previous year. Over the period under review, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -9.3% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Rennet Production in Mexico

In value terms, rennet production expanded sharply to $X in 2021 estimated in export price. Over the period under review, the total production indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.7% 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 -10.2% against 2019 indices. The pace of growth was the most pronounced in 2019 with an increase of 19%. 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 from Mexico

In 2021, approx. X tons of rennet and concentrates thereof were exported from Mexico; approximately mirroring the previous year. The total export volume increased at an average annual rate of +3.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 33% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, rennet exports surged to $X in 2021. The total export value increased at an average annual rate of +1.2% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2015 with an increase of 22%. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Nicaragua (X tons) was the main destination for rennet exports from Mexico, accounting for a 58% share of total exports. Moreover, rennet exports to Nicaragua exceeded the volume sent to the second major destination, Costa Rica (X tons), threefold. Honduras (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Nicaragua totaled +9.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (-1.2% per year) and Honduras (+56.4% per year).

In value terms, Nicaragua ($X) remains the key foreign market for rennet and concentrates thereof exports from Mexico, comprising 37% of total exports. The second position in the ranking was taken by Costa Rica ($X), with a 12% share of total exports. It was followed by Honduras, with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Nicaragua amounted to +5.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (-3.9% per year) and Honduras (+45.9% per year).

Export Prices by Country

The average rennet export price stood at $X per ton in 2021, increasing by 16% against the previous year. Overall, the export price, however, showed a perceptible reduction. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2021, the countries with the highest prices were Costa Rica ($X per ton) and Nicaragua ($X per ton), while the average price for exports to Germany ($X per ton) and Honduras ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+0.3%), while the prices for the other major destinations experienced a decline.

Rennet Imports

Imports into Mexico

After two years of growth, overseas purchases of rennet and concentrates thereof decreased by -34% to X tons in 2021. Over the period under review, imports faced a precipitous decline. The most prominent rate of growth was recorded in 2020 when imports increased by 116%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, rennet imports fell to $X in 2021. Overall, imports faced a deep contraction. The most prominent rate of growth was recorded in 2020 with an increase of 81%. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Denmark (X tons) constituted the largest rennet supplier to Mexico, with a 74% share of total imports. Moreover, rennet imports from Denmark exceeded the figures recorded by the second-largest supplier, France (X tons), fivefold. The third position in this ranking was taken by Japan (X kg), with a 6.6% share.

From 2012 to 2021, the average annual growth rate of volume from Denmark stood at -20.9%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-16.3% per year) and Japan (-29.2% per year).

In value terms, Denmark ($X) constituted the largest supplier of rennet and concentrates thereof to Mexico, comprising 93% of total imports. The second position in the ranking was taken by the United States ($X), with a 3.1% share of total imports. It was followed by France, with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Denmark stood at -15.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.5% per year) and France (-21.0% per year).

Import Prices by Country

In 2021, the average rennet import price amounted to $X per ton, with an increase of 37% against the previous year. Overall, the import price recorded strong growth. The most prominent rate of growth was recorded in 2017 when the average import price increased by 66%. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Denmark ($X per ton), while the price for Japan ($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 (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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