Scandinavia: Rennet Market 2024

Rennet Market Size in Scandinavia

In 2021, the Scandinavia rennet market increased by 21% to $X, rising for the fifth consecutive year after two years of decline. In general, consumption showed a buoyant increase. The level of consumption peaked in 2021 and is likely to see steady growth in the near future.

Rennet Production in Scandinavia

In value terms, rennet production rose significantly to $X in 2021 estimated in export price. The total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +48.6% against 2014 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by 23%. The level of production peaked in 2021 and is likely to see steady growth in years to come.

Rennet Exports

Exports in Scandinavia

For the tenth year in a row, Scandinavia recorded growth in shipments abroad of rennet and concentrates thereof, which increased by 5.9% to X tons in 2021. The total export volume increased at an average annual rate of +5.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 13%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, rennet exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +5.8% 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 2014 when exports increased by 20%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in years to come.

Exports by Country

The biggest shipments were from Denmark (X tons), together reaching 100% of total export.

Denmark was also the fastest-growing in terms of the rennet and concentrates thereof exports, with a CAGR of +6.4% from 2012 to 2021. From 2012 to 2021, the share of Denmark increased by +9.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Denmark ($X) also remains the largest rennet supplier in Scandinavia.

From 2012 to 2021, the average annual growth rate of value in Denmark amounted to +6.7%.

Export Prices by Country

In 2021, the export price in Scandinavia amounted to $X per ton, growing by 10% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the rate of growth in terms of prices for Denmark amounted to +0.3% per year.

Rennet Imports

Imports in Scandinavia

For the fifth consecutive year, Scandinavia recorded growth in supplies from abroad of rennet and concentrates thereof, which increased by 1.2% to X tons in 2021. Total imports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +40.1% against 2016 indices. The pace of growth was the most pronounced in 2013 with an increase of 14% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to see steady growth in the immediate term.

In value terms, rennet imports soared to $X in 2021. Total imports indicated buoyant growth 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, imports increased by +82.2% against 2016 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 17% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the near future.

Imports by Country

Denmark dominates imports structure, reaching X tons, which was near 95% of total imports in 2021. Sweden (X tons) and Norway (X tons) took a relatively small share of total imports.

Imports into Denmark increased at an average annual rate of +6.6% from 2012 to 2021. At the same time, Sweden (+30.8%) displayed positive paces of growth. Moreover, Sweden emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +30.8% from 2012-2021. By contrast, Norway (-13.0%) illustrated a downward trend over the same period. While the share of Denmark (+6.5 p.p.) and Sweden (+3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Norway (-7.5 p.p.) displayed negative dynamics.

In value terms, Denmark ($X) constitutes the largest market for imported rennet and concentrates thereof in Scandinavia, comprising 93% of total imports. The second position in the ranking was held by Sweden ($X), with a 3.3% share of total imports.

In Denmark, rennet imports expanded at an average annual rate of +7.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Sweden (+20.2% per year) and Norway (-8.1% per year).

Import Prices by Country

The import price in Scandinavia stood at $X per ton in 2021, increasing by 14% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Norway ($X per ton), while Sweden ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (+5.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform