Southern Asia: Rennet Market 2024

Rennet Market Size in Southern Asia

The South Asian rennet market totaled $X in 2021, growing by 3% against the previous year. In general, consumption, however, recorded a prominent increase. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Rennet Production in Southern Asia

In value terms, rennet production expanded slightly to $X in 2021 estimated in export price. Over the period under review, production, however, enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2014 when the production volume increased by 40% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Rennet Exports

Exports in Southern Asia

In 2021, shipments abroad of rennet and concentrates thereof increased by 41% to X tons, rising for the fourth year in a row after two years of decline. In general, exports, however, saw a slight decrease. The most prominent rate of growth was recorded in 2015 with an increase of 88% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, rennet exports skyrocketed to $X in 2021. Overall, exports, however, saw a noticeable slump. The pace of growth was the most pronounced in 2015 with an increase of 113%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Sri Lanka was the key exporting country with an export of about X tons, which recorded 87% of total exports. It was distantly followed by India (X tons), constituting an 11% share of total exports. Pakistan (X tons) followed a long way behind the leaders.

Sri Lanka was also the fastest-growing in terms of the rennet and concentrates thereof exports, with a CAGR of +41.6% from 2012 to 2021. Pakistan (-16.9%) and India (-21.4%) illustrated a downward trend over the same period. While the share of Sri Lanka (+83 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Pakistan (-7.3 p.p.) and India (-76.2 p.p.) displayed negative dynamics.

In value terms, Sri Lanka ($X) remains the largest rennet supplier in Southern Asia, comprising 69% of total exports. The second position in the ranking was held by India ($X), with a 30% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Sri Lanka totaled +41.4%. In the other countries, the average annual rates were as follows: India (-15.2% per year) and Pakistan (-20.5% per year).

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2021, growing by 6.7% against the previous year. Over the period under review, the export price, however, recorded a pronounced reduction. The most prominent rate of growth was recorded in 2014 an increase of 18% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was India ($X per ton), while Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+7.8%), while the other leaders experienced a decline in the export price figures.

Rennet Imports

Imports in Southern Asia

For the fifth year in a row, Southern Asia recorded growth in overseas purchases of rennet and concentrates thereof, which increased by 149% to X tons in 2021. Over the period under review, imports showed significant growth. The most prominent rate of growth was recorded in 2015 when imports increased by 773%. The volume of import peaked in 2021 and is likely to continue growth in the near future.

In value terms, rennet imports soared to $X in 2021. In general, imports enjoyed a significant expansion. The pace of growth was the most pronounced in 2015 when imports increased by 530%. The level of import peaked in 2021 and is expected to retain growth in the near future.

Imports by Country

Bangladesh dominates imports structure, recording X tons, which was approx. 88% of total imports in 2021. It was distantly followed by Pakistan (X tons), creating a 7.6% share of total imports. India (X tons) followed a long way behind the leaders.

Bangladesh was also the fastest-growing in terms of the rennet and concentrates thereof imports, with a CAGR of +40.7% from 2012 to 2021. At the same time, India (+23.5%) and Pakistan (+23.2%) displayed positive paces of growth. Bangladesh (+22 p.p.) significantly strengthened its position in terms of the total imports, while India and Pakistan saw its share reduced by -3.9% and -11.2% from 2012 to 2021, respectively.

In value terms, Bangladesh ($X) constitutes the largest market for imported rennet and concentrates thereof in Southern Asia, comprising 67% of total imports. The second position in the ranking was held by Pakistan ($X), with a 16% share of total imports.

In Bangladesh, rennet imports increased at an average annual rate of +36.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Pakistan (+29.1% per year) and India (+34.4% per year).

Import Prices by Country

In 2021, the import price in Southern Asia amounted to $X per ton, waning by -9.3% against the previous year. Overall, the import price saw a pronounced contraction. The most prominent rate of growth was recorded in 2016 when the import price increased by 61% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was India ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+8.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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