New Zealand: Rennet Market 2024

Rennet Market Size in New Zealand

In 2021, the New Zealand rennet market decreased by -12.8% to $X, falling for the second year in a row after two years of growth. In general, consumption, however, showed a pronounced increase. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Rennet Production in New Zealand

In value terms, rennet production surged to $X in 2021 estimated in export price. In general, production recorded strong growth. The pace of growth appeared the most rapid in 2014 with an increase of 75%. Rennet production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Rennet Exports

Exports from New Zealand

In 2021, approx. X tons of rennet and concentrates thereof were exported from New Zealand; picking up by 49% against the previous year's figure. In general, total exports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +7.3% 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 +92.1% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, rennet exports surged to $X in 2021. The total export value increased at an average annual rate of +1.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X tons), Italy (X tons) and Germany (X tons) were the main destinations of rennet exports from New Zealand, together comprising 64% of total exports. Australia, Denmark, Egypt, South Korea, Singapore, the United States and Belarus lagged somewhat behind, together comprising a further 32%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Egypt (with a CAGR of +57.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for rennet exported from New Zealand were Japan ($X), Italy ($X) and Germany ($X), together accounting for 66% of total exports.

Among the main countries of destination, Germany, with a CAGR of +44.4%, saw the highest rates of growth with regard to the value of exports, 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, dropping by -4.4% against the previous year. Overall, the export price recorded a deep setback. The pace of growth appeared the most rapid in 2015 an increase of 13%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the average 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 Belarus ($X per ton), while the average price for exports to Singapore ($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 Denmark (-0.6%), while the prices for the other major destinations experienced a decline.

Rennet Imports

Imports into New Zealand

In 2021, overseas purchases of rennet and concentrates thereof increased by 13% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2015 with an increase of 137%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, rennet imports rose markedly to $X in 2021. In general, imports, however, showed a deep reduction. The pace of growth appeared the most rapid in 2015 with an increase of 227% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Denmark (X tons) constituted the largest supplier of rennet to New Zealand, accounting for a 90% share of total imports. Moreover, rennet imports from Denmark exceeded the figures recorded by the second-largest supplier, Japan (X tons), more than tenfold. Finland (X kg) ranked third in terms of total imports with a 1.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Denmark stood at -14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (0.0% per year) and Finland (0.0% per year).

In value terms, Denmark ($X) constituted the largest supplier of rennet and concentrates thereof to New Zealand, comprising 88% of total imports. The second position in the ranking was taken by Japan ($X), with a 6.2% share of total imports. It was followed by Australia, with a 2.8% share.

From 2012 to 2021, the average annual growth rate of value from Denmark stood at -10.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (0.0% per year) and Australia (-23.2% per year).

Import Prices by Country

The average rennet import price stood at $X per ton in 2021, with a decrease of -6.2% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 44%. Over the period under review, average import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+15.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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