U.S.: Rennet Market 2024

Rennet Market Size in the U.S.

The U.S. rennet market rose sharply to $X in 2021, growing by 5% against the previous year. The market value increased at an average annual rate of +2.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Rennet Production in the U.S.

In value terms, rennet production rose to $X in 2021. Overall, the total production indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -4.3% against 2019 indices. The pace of growth appeared the most rapid in 2019 with an increase of 48% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Rennet Exports

Exports from the U.S.

In 2021, shipments abroad of rennet and concentrates thereof was finally on the rise to reach X tons after two years of decline. In general, exports, however, saw a pronounced decrease. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, rennet exports soared to $X in 2021. Overall, exports showed moderate growth. The growth pace was the most rapid in 2015 when exports increased by 97% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Canada (X tons), Panama (X tons) and Nicaragua (X tons) were the main destinations of rennet exports from the United States, together accounting for 74% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Panama (with a CAGR of +25.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for rennet exported from the United States were Canada ($X), Panama ($X) and Venezuela ($X), together comprising 67% of total exports.

Panama, with a CAGR of +36.0%, recorded the highest growth rate of the value of exports, among the main countries of destination 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, picking up by 19% against the previous year. Over the period under review, the export price continues to indicate a strong increase. The most prominent rate of growth was recorded in 2015 when the average export price increased by 65% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the Netherlands ($X per ton), while the average price for exports to the UK ($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 the UK (+15.4%), while the prices for the other major destinations experienced more modest paces of growth.

Rennet Imports

Imports into the U.S.

In 2021, approx. X tons of rennet and concentrates thereof were imported into the United States; picking up by 14% compared with 2020. The total import volume increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2013 when imports increased by 20%. As a result, imports reached the peak of X tons; afterwards, it flattened through to 2021.

In value terms, rennet imports surged to $X in 2021. The total import value increased at an average annual rate of +2.2% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Denmark (X tons) was the main rennet supplier to the United States, accounting for a 92% share of total imports. It was followed by Italy (X tons), with a 2.4% share of total imports. Turkey (X tons) ranked third in terms of total imports with a 2.3% share.

From 2012 to 2021, the average annual growth rate of volume from Denmark stood at +4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+2.3% per year) and Turkey (+29.1% per year).

In value terms, Denmark ($X) constituted the largest supplier of rennet and concentrates thereof to the United States, comprising 77% of total imports. The second position in the ranking was held by Italy ($X), with an 11% share of total imports. It was followed by Turkey, with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Denmark stood at +4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+7.2% per year) and Turkey (+11.8% per year).

Import Prices by Country

In 2021, the average rennet import price amounted to $X per ton, jumping by 29% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. Over the period under review, average import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+4.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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