South-Eastern Asia: Rennet Market 2024

Rennet Market Size in South-Eastern Asia

In 2021, the Southeast Asian rennet market decreased by -3.8% to $X for the first time since 2016, thus ending a four-year rising trend. The total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.4% 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 +76.9% against 2016 indices. The level of consumption peaked at $X in 2020, and then dropped modestly in the following year.

Rennet Production in South-Eastern Asia

In value terms, rennet production fell to $X in 2021 estimated in export price. The total production indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +75.7% against 2016 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 26%. The level of production peaked at $X in 2020, and then reduced modestly in the following year.

Rennet Exports

Exports in South-Eastern Asia

In 2021, approx. X tons of rennet and concentrates thereof were exported in South-Eastern Asia; with a decrease of -61.1% against 2020. Over the period under review, exports saw a drastic downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 98%. 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 expanded slightly to $X in 2021. Overall, exports continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2016 when exports increased by 91% 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

Singapore dominates exports structure, accounting for X tons, which was near 90% of total exports in 2021. It was distantly followed by Vietnam (X tons), mixing up a 6.3% share of total exports. The Philippines (X tons) took a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to rennet exports from Singapore stood at -4.8%. At the same time, Vietnam (+46.6%) and the Philippines (+29.2%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +46.6% from 2012-2021. Singapore (+10 p.p.), Vietnam (+6.2 p.p.) and the Philippines (+2 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest rennet supplier in South-Eastern Asia, comprising 88% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 7.8% share of total exports.

In Singapore, rennet exports contracted by an average annual rate of -4.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Vietnam (+48.5% per year) and the Philippines (+28.8% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, picking up by 162% against the previous year. Overall, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2021, the country with the highest price was the Philippines ($X per ton), while Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+1.3%), while the other leaders experienced mixed trends in the export price figures.

Rennet Imports

Imports in South-Eastern Asia

In 2021, supplies from abroad of rennet and concentrates thereof was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports, however, continue to indicate a slight setback. The most prominent rate of growth was recorded in 2018 with an increase of 202% against the previous year. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, rennet imports skyrocketed to $X in 2021. Over the period under review, imports, however, recorded a slight setback. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Brunei Darussalam (X tons), Thailand (X tons), Malaysia (X tons) and Singapore (X tons) represented roughly 91% of total imports in 2021. The Philippines (X tons), Vietnam (X tons) and Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Brunei Darussalam (with a CAGR of +121.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brunei Darussalam ($X) constitutes the largest market for imported rennet and concentrates thereof in South-Eastern Asia, comprising 60% of total imports. The second position in the ranking was held by Singapore ($X), with a 13% share of total imports. It was followed by Malaysia, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in Brunei Darussalam stood at +124.4%. The remaining importing countries recorded the following average annual rates of imports growth: Singapore (+0.3% per year) and Malaysia (+22.1% per year).

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per ton, growing by 102% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Myanmar (+22.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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