Northern America: Rennet Market 2024

Rennet Market Size in Northern America

The North American rennet market rose sharply to $X in 2021, growing by 5.2% against the previous year. The market value increased at an average annual rate of +2.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Rennet Production in Northern America

In value terms, rennet production totaled $X in 2021 estimated in export price. The total production indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.4% 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 -4.3% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 48% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Rennet Exports

Exports in Northern America

In 2021, overseas shipments of rennet and concentrates thereof increased by 59% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a perceptible contraction. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, rennet exports skyrocketed to $X in 2021. Overall, exports showed pronounced growth. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

The United States dominates exports structure, accounting for X tons, which was approx. 98% of total exports in 2021. Canada (X tons) followed a long way behind the leaders.

The United States was also the fastest-growing in terms of the rennet and concentrates thereof exports, with a CAGR of -4.3% from 2012 to 2021. Canada (-9.0%) illustrated a downward trend over the same period. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) remains the largest rennet supplier in Northern America, comprising 99% of total exports. The second position in the ranking was taken by Canada ($X), with a 1.1% share of total exports.

In the United States, rennet exports expanded at an average annual rate of +3.3% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Northern America amounted to $X per ton, increasing by 21% against the previous year. Overall, the export price showed a resilient expansion. The most prominent rate of growth was recorded in 2015 an increase of 62% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while Canada amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+8.0%).

Rennet Imports

Imports in Northern America

In 2021, purchases abroad of rennet and concentrates thereof increased by 17% to X tons for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, rennet imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

The United States prevails in imports structure, resulting at X tons, which was near 93% of total imports in 2021. It was distantly followed by Canada (X tons), creating a 7.4% share of total imports.

The United States was also the fastest-growing in terms of the rennet and concentrates thereof imports, with a CAGR of +2.0% from 2012 to 2021. Canada (-4.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United States increased by +5.2 percentage points.

In value terms, the United States ($X) constitutes the largest market for imported rennet and concentrates thereof in Northern America, comprising 88% of total imports. The second position in the ranking was taken by Canada ($X), with a 12% share of total imports.

In the United States, rennet imports expanded at an average annual rate of +2.2% over the period from 2012-2021.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2021, with an increase of 28% against the previous year. In general, the import price showed a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Canada ($X per ton), while the United States amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+5.7%).

Source: IndexBox Platform

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