SADC: Rennet Market 2024

Rennet Market Size in SADC

In 2021, the SADC rennet market decreased by -7.9% to $X for the first time since 2018, thus ending a two-year rising trend. The total consumption indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +2.2% 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 increased by +58.4% against 2015 indices. The level of consumption peaked at $X in 2020, and then reduced in the following year.

Rennet Production in SADC

In value terms, rennet production declined to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 29% against the previous year. As a result, production reached the peak level of $X, and then fell in the following year.

Rennet Exports

Exports in SADC

In 2021, approx. X tons of rennet and concentrates thereof were exported in SADC; which is down by -41.9% against the previous year's figure. Over the period under review, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 1,190% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, rennet exports fell markedly to $X in 2021. In general, exports continue to indicate a drastic downturn. The growth pace was the most rapid in 2020 with an increase of 1,596%. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

South Africa prevails in exports structure, accounting for X tons, which was near 92% of total exports in 2021. It was distantly followed by Mauritius (X tons), committing a 7.8% share of total exports.

South Africa experienced a relatively flat trend pattern with regard to volume of exports of rennet and concentrates thereof. At the same time, Mauritius (+29.1%) displayed positive paces of growth. Moreover, Mauritius emerged as the fastest-growing exporter exported in SADC, with a CAGR of +29.1% from 2012-2021. Mauritius (+7.8 p.p.) significantly strengthened its position in terms of the total exports, while South Africa saw its share reduced by -7.8% from 2012 to 2021, respectively.

In value terms, South Africa ($X) remains the largest rennet supplier in SADC, comprising 95% of total exports. The second position in the ranking was taken by Mauritius ($X), with a 5.1% share of total exports.

From 2012 to 2021, the average annual growth rate of value in South Africa stood at -12.8%.

Export Prices by Country

The export price in SADC stood at $X per ton in 2021, with a decrease of -52% against the previous year. Over the period under review, the export price recorded a deep slump. The most prominent rate of growth was recorded in 2020 an increase of 127%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was South Africa ($X per ton), while Mauritius amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mauritius (-6.3%).

Rennet Imports

Imports in SADC

In 2021, purchases abroad of rennet and concentrates thereof decreased by -11.6% to X tons, falling for the fourth year in a row after three years of growth. In general, imports continue to indicate a perceptible descent. The most prominent rate of growth was recorded in 2016 when imports increased by 240% against the previous year. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, rennet imports contracted significantly to $X in 2021. Overall, imports recorded a noticeable slump. The most prominent rate of growth was recorded in 2016 with an increase of 99% against the previous year. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

Lesotho (X tons) and South Africa (X tons) dominates imports structure, together making up 80% of total imports. It was distantly followed by Zambia (X tons), mixing up a 7.6% share of total imports. The following importers - Malawi (X kg), Democratic Republic of the Congo (X kg) and Mozambique (X kg) - together made up 8.4% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Lesotho (with a CAGR of +37.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, South Africa ($X) constitutes the largest market for imported rennet and concentrates thereof in SADC, comprising 70% of total imports. The second position in the ranking was held by Lesotho ($X), with an 11% share of total imports. It was followed by Zambia, with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value in South Africa amounted to +1.5%. In the other countries, the average annual rates were as follows: Lesotho (+16.4% per year) and Zambia (+24.7% per year).

Import Prices by Country

In 2021, the import price in SADC amounted to $X per ton, with a decrease of -26.4% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the import price increased by 80% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was South Africa ($X per ton), while Democratic Republic of the Congo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+11.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform