Turkey: Rennet Market 2024

Rennet Market Size in Turkey

In 2021, the Turkish rennet market decreased by -10.8% to $X for the first time since 2016, thus ending a four-year rising trend. Over the period under review, the total consumption indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +4.7% 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 +34.3% against 2016 indices. Over the period under review, the market hit record highs at $X in 2020, and then contracted in the following year.

Rennet Production in Turkey

In value terms, rennet production reduced to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.4% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 17%. Rennet production peaked at $X in 2020, and then fell slightly in the following year.

Rennet Exports

Exports from Turkey

In 2021, approx. X tons of rennet and concentrates thereof were exported from Turkey; surging by 98% against 2020. In general, exports showed a strong expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, rennet exports soared to $X in 2021. Over the period under review, exports saw buoyant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Georgia (X tons) was the main destination for rennet exports from Turkey, with a 34% share of total exports. Moreover, rennet exports to Georgia exceeded the volume sent to the second major destination, Azerbaijan (X tons), twofold. The third position in this ranking was taken by Spain (X tons), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Georgia stood at +1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (+10.0% per year) and Spain (+20.1% per year).

In value terms, the largest markets for rennet exported from Turkey were Spain ($X), Belarus ($X) and Georgia ($X), together comprising 40% of total exports. These countries were followed by Brazil, Italy, the United States, Azerbaijan, Russia, Ukraine and Venezuela, which together accounted for a further 39%.

Among the main countries of destination, Venezuela, with a CAGR of +353.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average rennet export price stood at $X per ton in 2021, rising by 2.8% against the previous year. Over the period under review, export price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, rennet export price increased by +51.0% against 2016 indices. The pace of growth appeared the most rapid in 2020 an increase of 34%. The export price peaked in 2021 and is likely to continue growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to Georgia ($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 Brazil (+5.6%), while the prices for the other major destinations experienced more modest paces of growth.

Rennet Imports

Imports into Turkey

Rennet imports into Turkey soared to X tons in 2021, increasing by 93% on 2020 figures. In general, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 304% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, rennet imports soared to $X in 2021. Over the period under review, imports posted a significant increase. The pace of growth was the most pronounced in 2014 when imports increased by 524%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Denmark (X tons) constituted the largest supplier of rennet to Turkey, with a 52% share of total imports. Moreover, rennet imports from Denmark exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. France (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Denmark stood at +75.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+5.0% per year) and France (+59.0% per year).

In value terms, China ($X) constituted the largest supplier of rennet and concentrates thereof to Turkey, comprising 59% of total imports. The second position in the ranking was held by Denmark ($X), with a 22% share of total imports. It was followed by France, with a 6.7% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +13.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+57.5% per year) and France (+56.5% per year).

Import Prices by Country

In 2021, the average rennet import price amounted to $X per ton, rising by 26% against the previous year. In general, import price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 an increase of 56%. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+12.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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