South Africa: Rennet Market 2024

Rennet Market Size in South Africa

After two years of growth, the South African rennet market decreased by -9.7% to $X in 2021. In general, the total consumption indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +49.2% against 2015 indices. As a result, consumption attained the peak level of $X, and then fell in the following year.

Rennet Production in South Africa

In value terms, rennet production reduced to $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 37% against the previous year. As a result, production reached the peak level of $X, and then declined in the following year.

Rennet Exports

Exports from South Africa

Rennet exports from South Africa fell dramatically to X tons in 2021, reducing by -45.4% on 2020. Overall, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 1,190%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, rennet exports contracted dramatically to $X in 2021. Over the period under review, exports recorded a deep reduction. The most prominent rate of growth was recorded in 2020 with an increase of 1,915% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Lesotho (X tons) was the main destination for rennet exports from South Africa, with a 72% share of total exports. Moreover, rennet exports to Lesotho exceeded the volume sent to the second major destination, Zambia (X tons), sevenfold. The third position in this ranking was taken by Malawi (X kg), with a 5.6% share.

From 2012 to 2021, the average annual growth rate of volume to Lesotho amounted to +17.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Zambia (-3.9% per year) and Malawi (-4.2% per year).

In value terms, the largest markets for rennet exported from South Africa were Lesotho ($X), Zambia ($X) and Malawi ($X), together comprising 83% of total exports.

In terms of the main countries of destination, Lesotho, with a CAGR of +16.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average rennet export price amounted to $X per ton, which is down by -51.3% against the previous year. Over the period under review, the export price continues to indicate a abrupt decline. The growth pace was the most rapid in 2020 when the average export price increased by 120% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Botswana ($X per ton), while the average price for exports to Lesotho ($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 Ghana (+114.0%), while the prices for the other major destinations experienced more modest paces of growth.

Rennet Imports

Imports into South Africa

In 2021, purchases abroad of rennet and concentrates thereof decreased by -55.1% to X tons, falling for the fourth consecutive year after three years of growth. In general, imports continue to indicate a deep contraction. The pace of growth was the most pronounced in 2016 when imports increased by 516%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, rennet imports shrank significantly to $X in 2021. Overall, imports, however, enjoyed modest growth. The growth pace was the most rapid in 2015 with an increase of 413%. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Denmark (X tons) and Switzerland (X tons) were the main suppliers of rennet imports to South Africa, together accounting for 100% of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +195.5%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Denmark ($X) constituted the largest supplier of rennet and concentrates thereof to South Africa, comprising 65% of total imports. The second position in the ranking was taken by China ($X), with a 25% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Denmark stood at -3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+82.1% per year) and Switzerland (-3.9% per year).

Import Prices by Country

The average rennet import price stood at $X per ton in 2021, rising by 29% against the previous year. Overall, the import price saw a resilient expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by 87% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is likely to see steady growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+21.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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