Report Update Nov 1, 2024

Nigeria - Rennet and Concentrates Thereof - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Rennet Market 2024

Rennet Market Size in Nigeria

In 2021, the Nigerien rennet market increased by 1.8% to $X, rising for the third year in a row after two years of decline. In general, consumption, however, posted a strong increase. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in years to come.

Rennet Exports

Exports from Nigeria

In 2016, overseas shipments of rennet and concentrates thereof decreased by 0% to X kg, falling for the second year in a row after three years of growth. In general, exports recorded a perceptible descent. The pace of growth was the most pronounced in 2014 when exports increased by 8.3%. As a result, the exports attained the peak of X kg. From 2015 to 2016, the growth of the exports remained at a somewhat lower figure.

In value terms, rennet exports stood at $X in 2016. Overall, exports recorded strong growth. The most prominent rate of growth was recorded in 2013 when exports increased by 20%. Over the period under review, the exports reached the peak figure in 2016 and are likely to see gradual growth in the immediate term.

Exports by Country

Benin (X kg) was the main destination for rennet exports from Nigeria, with a approx. 100% share of total exports.

From 2012 to 2016, the average annual growth rate of volume to Benin amounted to -12.3%.

From 2012 to 2016, the average annual growth rate of value to Benin stood at +2.5%.

Export Prices by Country

In 2016, the average rennet export price amounted to $X per ton, approximately equating the previous year. Overall, the export price continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2013 when the average export price increased by 14% against the previous year. The export price peaked in 2016 and is expected to retain growth in years to come.

As there is only one major export destination, the average price level is determined by prices for Benin.

From 2012 to 2016, the rate of growth in terms of prices for Benin amounted to +16.8% per year.

Rennet Imports

Imports into Nigeria

After two years of growth, overseas purchases of rennet and concentrates thereof decreased by -7.7% to X tons in 2021. In general, imports, however, continue to indicate a resilient increase. The pace of growth was the most pronounced in 2015 with an increase of 451%. Over the period under review, imports hit record highs at X tons in 2020, and then reduced in the following year.

In value terms, rennet imports reached $X in 2021. Over the period under review, imports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2019 with an increase of 382% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to see gradual growth in the near future.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of rennet to Nigeria, with a 63% share of total imports. Moreover, rennet imports from the United States exceeded the figures recorded by the second-largest supplier, Denmark (X tons), threefold. The third position in this ranking was held by the Netherlands (X tons), with a 6.7% share.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled +80.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+33.7% per year) and the Netherlands (+76.9% per year).

In value terms, the largest rennet suppliers to Nigeria were the United States ($X), Denmark ($X) and the Netherlands ($X), together accounting for 92% of total imports.

In terms of the main suppliers, the Netherlands, with a CAGR of +96.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average rennet import price amounted to $X per ton, surging by 19% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 64% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+11.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for rennet and concentrates thereof in the world?

The countries with the highest volumes of rennet consumption in 2020 were China, the United States and India, with a combined 40% share of global consumption. These countries were followed by Japan, Pakistan, Germany, Italy, Brazil, Indonesia, Turkey, France, the UK and Mexico, which together accounted for a further 33%.

What are the largest producers of rennet and concentrates thereof in the world?

The countries with the highest volumes of rennet production in 2020 were China, the United States and India, together accounting for 40% of global production. Germany, Japan, Pakistan, Italy, Brazil, Indonesia, Turkey, Denmark, France and Mexico lagged somewhat behind, together accounting for a further 36%.

What are the leading suppliers of rennet and concentrates thereof to Nigeria?

In value terms, Germany constituted the largest supplier of rennet to Nigeria, comprising 65% of total imports. The second position in the ranking was occupied by Denmark, with a 32% share of total imports.

What is the average export price for rennet and concentrates thereof in Nigeria?

In 2016, the average rennet export price amounted to $4,000 per ton, stabilizing at the previous year.

What is the average import price for rennet and concentrates thereof in Nigeria?

In 2020, the average rennet import price amounted to $23,172 per ton, jumping by 107% against the previous year.

This report provides an in-depth analysis of the rennet market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20146450 - Rennet and concentrates thereof

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023