United Arab Emirates: Rennet Market 2024

Rennet Market Size in the United Arab Emirates

The rennet market in the United Arab Emirates stood at $X in 2021, picking up by 2.8% against the previous year. In general, consumption, however, saw a buoyant expansion. Rennet consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Rennet Production in the United Arab Emirates

In value terms, rennet production stood at $X in 2021 estimated in export price. Overall, production, however, continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 57%. Rennet production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Rennet Exports

Exports from the United Arab Emirates

In 2021, approx. X tons of rennet and concentrates thereof were exported from the United Arab Emirates; declining by -3.3% against the previous year. Over the period under review, exports saw a deep slump. The most prominent rate of growth was recorded in 2014 when exports increased by 289% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, rennet exports shrank significantly to $X in 2021. In general, exports recorded a significant decrease. The growth pace was the most rapid in 2014 when exports increased by 229% against the previous year. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Iraq (X tons) was the main destination for rennet exports from the United Arab Emirates, accounting for a 76% share of total exports. Moreover, rennet exports to Iraq exceeded the volume sent to the second major destination, Oman (X kg), ninefold. The third position in this ranking was taken by India (X kg), with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Iraq totaled -11.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Oman (-17.8% per year) and India (0.0% per year).

In value terms, Iraq ($X) remains the key foreign market for rennet and concentrates thereof exports from the United Arab Emirates, comprising 50% of total exports. The second position in the ranking was taken by India ($X), with a 15% share of total exports. It was followed by Iran, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Iraq stood at -6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (0.0% per year) and Iran (-34.8% per year).

Export Prices by Country

The average rennet export price stood at $X per ton in 2021, with a decrease of -45% against the previous year. Over the period under review, the export price recorded a perceptible reduction. The pace of growth was the most pronounced in 2013 an increase of 45%. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Iran ($X per ton), while the average price for exports to Iraq ($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 Pakistan (+13.2%), while the prices for the other major destinations experienced more modest paces of growth.

Rennet Imports

Imports into the United Arab Emirates

In 2021, purchases abroad of rennet and concentrates thereof decreased by -11.6% to X kg, falling for the fourth year in a row after six years of growth. Overall, imports continue to indicate a pronounced descent. The growth pace was the most rapid in 2017 when imports increased by 62% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, rennet imports shrank rapidly to $X in 2021. Over the period under review, imports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2017 with an increase of 28%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Japan (X kg) constituted the largest rennet supplier to the United Arab Emirates, with a 71% share of total imports. Moreover, rennet imports from Japan exceeded the figures recorded by the second-largest supplier, Greece (X kg), sixfold. The third position in this ranking was taken by Turkey (X kg), with a 4.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan amounted to +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (-18.4% per year) and Turkey (+16.7% per year).

In value terms, Japan ($X) constituted the largest supplier of rennet and concentrates thereof to the United Arab Emirates, comprising 82% of total imports. The second position in the ranking was taken by Turkey ($X), with a 3% share of total imports. It was followed by Greece, with a 1.3% share.

From 2012 to 2021, the average annual growth rate of value from Japan totaled -6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+1.4% per year) and Greece (-29.5% per year).

Import Prices by Country

In 2021, the average rennet import price amounted to $X per ton, falling by -6% against the previous year. Overall, the import price saw a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when the average import price increased by 76% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (-8.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :