Singapore: Rennet Market 2024

Rennet Market Size in Singapore

For the fifth year in a row, the Singaporean rennet market recorded growth in sales value, which increased by 30% to $X in 2021. Overall, the total consumption indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +107.2% against 2016 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Rennet Production in Singapore

In value terms, rennet production declined modestly to $X in 2021 estimated in export price. Overall, production continues to indicate a slight shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 36%. Rennet production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Rennet Exports

Exports from Singapore

In 2021, after six years of growth, there was significant decline in overseas shipments of rennet and concentrates thereof, when their volume decreased by -62.4% to X tons. In general, exports recorded a perceptible decrease. The growth pace was the most rapid in 2016 with an increase of 218% against the previous year. The exports peaked at X tons in 2020, and then shrank markedly in the following year.

In value terms, rennet exports totaled $X in 2021. Over the period under review, exports saw a perceptible downturn. The growth pace was the most rapid in 2016 with an increase of 173% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The Philippines (X tons) was the main destination for rennet exports from Singapore, with a 72% share of total exports. Moreover, rennet exports to the Philippines exceeded the volume sent to the second major destination, Sri Lanka (X tons), fivefold. The third position in this ranking was held by the United States (X tons), with a 7.4% share.

From 2012 to 2021, the average annual growth rate of volume to the Philippines stood at +1.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sri Lanka (+13.8% per year) and the United States (-22.4% per year).

In value terms, the Philippines ($X) remains the key foreign market for rennet and concentrates thereof exports from Singapore, comprising 30% of total exports. The second position in the ranking was held by Sri Lanka ($X), with a 2.1% share of total exports. It was followed by the United States, with a 1.3% share.

From 2012 to 2021, the average annual growth rate of value to the Philippines amounted to -10.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sri Lanka (-5.9% per year) and the United States (-32.9% per year).

Export Prices by Country

In 2021, the average rennet export price amounted to $X per ton, jumping by 173% against the previous year. Overall, the export price continues to indicate 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.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Sri Lanka ($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 Canada (+20.1%), while the prices for the other major destinations experienced a decline.

Rennet Imports

Imports into Singapore

In 2021, overseas purchases of rennet and concentrates thereof were finally on the rise to reach X tons after two years of decline. Over the period under review, imports, however, recorded a slight curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 1,724% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, rennet imports surged to $X in 2021. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 2,068%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, New Zealand (X tons) constituted the largest rennet supplier to Singapore, accounting for a 76% share of total imports. Moreover, rennet imports from New Zealand exceeded the figures recorded by the second-largest supplier, Japan (X tons), sixfold. The third position in this ranking was taken by the United States (X kg), with a 5.8% share.

From 2012 to 2021, the average annual growth rate of volume from New Zealand was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+26.7% per year) and the United States (+36.7% per year).

In value terms, New Zealand ($X) constituted the largest supplier of rennet and concentrates thereof to Singapore, comprising 45% of total imports. The second position in the ranking was held by Japan ($X), with a 16% share of total imports. It was followed by the United States, with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from New Zealand was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+31.5% per year) and the United States (+32.2% per year).

Import Prices by Country

In 2021, the average rennet import price amounted to $X per ton, increasing by 28% against the previous year. Over the period under review, the import price showed noticeable growth. The growth pace was the most rapid in 2018 an increase of 292%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+3.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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