United Kingdom: Rennet Market 2024

Rennet Market Size in the UK

The UK rennet market expanded sharply to $X in 2021, growing by 7.7% against the previous year. Overall, consumption, however, continues to indicate prominent growth. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Rennet Production in the UK

In value terms, rennet production expanded markedly to $X in 2021 estimated in export price. In general, production enjoyed a strong increase. The pace of growth appeared the most rapid in 2018 when the production volume increased by 65% against the previous year. Rennet production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Rennet Exports

Exports from the UK

In 2021, the amount of rennet and concentrates thereof exported from the UK shrank dramatically to X tons, reducing by -82.2% against the year before. Overall, exports showed a abrupt curtailment. The pace of growth appeared the most rapid in 2020 with an increase of 395% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, rennet exports fell remarkably to $X in 2021. In general, exports faced a abrupt contraction. The growth pace was the most rapid in 2020 with an increase of 199% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Denmark (X tons) was the main destination for rennet exports from the UK, with a 55% share of total exports. Moreover, rennet exports to Denmark exceeded the volume sent to the second major destination, India (X tons), fivefold. The third position in this ranking was taken by China (X tons), with a 9.3% share.

From 2012 to 2021, the average annual growth rate of volume to Denmark stood at +31.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-5.3% per year) and China (+27.4% per year).

In value terms, Denmark ($X) remains the key foreign market for rennet and concentrates thereof exports from the UK, comprising 35% of total exports. The second position in the ranking was held by Norway ($X), with a 7.9% share of total exports. It was followed by Ireland, with a 6% share.

From 2012 to 2021, the average annual growth rate of value to Denmark stood at +17.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Norway (-14.6% per year) and Ireland (-29.9% per year).

Export Prices by Country

In 2021, the average rennet export price amounted to $X per ton, rising by 54% against the previous year. In general, the export price posted a moderate increase. Over the period under review, the average export prices attained the peak figure 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 for the major overseas markets. In 2021, the country with the highest price was Ireland ($X per ton), while the average price for exports to China ($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 Ireland (+33.9%), while the prices for the other major destinations experienced more modest paces of growth.

Rennet Imports

Imports into the UK

In 2021, supplies from abroad of rennet and concentrates thereof decreased by -37.1% to X tons for the first time since 2016, thus ending a four-year rising trend. Over the period under review, imports recorded a pronounced reduction. The pace of growth appeared the most rapid in 2019 when imports increased by 631% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020, and then shrank remarkably in the following year.

In value terms, rennet imports fell remarkably to $X in 2021. Overall, imports showed a slight shrinkage. The pace of growth was the most pronounced in 2019 with an increase of 431%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Denmark (X tons) was the main supplier of rennet to the UK, accounting for a 90% share of total imports. It was followed by Ireland (X tons), with a 2.8% share of total imports. France (X tons) ranked third in terms of total imports with a 2.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Denmark totaled -1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (+13.6% per year) and France (-12.7% per year).

In value terms, Denmark ($X) constituted the largest supplier of rennet and concentrates thereof to the UK, comprising 82% of total imports. The second position in the ranking was held by Ireland ($X), with a 5.4% share of total imports. It was followed by South Africa, with a 2.1% share.

From 2012 to 2021, the average annual growth rate of value from Denmark was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (+28.2% per year) and South Africa (-19.9% per year).

Import Prices by Country

In 2021, the average rennet import price amounted to $X per ton, jumping by 18% against the previous year. Over the period under review, import price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when the average import price increased by 26%. Over the period under review, average import prices attained the peak figure 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 South Africa ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ireland (+12.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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