Eastern Asia: Rennet Market 2024

Rennet Market Size in Eastern Asia

The East Asian rennet market reduced to $X in 2022, declining by X% against the previous year. The total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2019 indices. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Rennet Production in Eastern Asia

In value terms, rennet production reduced modestly to $X in 2022 estimated in export price. The total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of X%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Rennet Exports

Exports in Eastern Asia

In 2022, overseas shipments of rennet and concentrates thereof decreased by X% to X tons for the first time since 2017, thus ending a four-year rising trend. In general, exports, however, saw a buoyant expansion. The growth pace was the most rapid in 2021 when exports increased by X%. As a result, the exports reached the peak of X tons, and then fell in the following year.

In value terms, rennet exports shrank to $X in 2022. Total exports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of $X, and then dropped in the following year.

Exports by Country

In 2022, Japan (X tons) was the major exporter of rennet and concentrates thereof, creating X% of total exports. It was distantly followed by China (X tons), constituting an X% share of total exports.

Exports from Japan increased at an average annual rate of X% from 2012 to 2022. At the same time, China (X%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of X% from 2012-2022. While the share of China (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Japan (X p.p.) displayed negative dynamics.

In value terms, Japan ($X) remains the largest rennet supplier in Eastern Asia, comprising X% of total exports. The second position in the ranking was held by China ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan was relatively modest.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, shrinking by X% against the previous year. Over the period under review, the export price continues to indicate a deep contraction. The pace of growth was the most pronounced in 2017 when the export price increased by X%. Over the period under review, the export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while Japan amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%).

Rennet Imports

Imports in Eastern Asia

After two years of growth, purchases abroad of rennet and concentrates thereof decreased by X% to X tons in 2022. Overall, imports, however, saw a strong increase. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, rennet imports declined markedly to $X in 2022. In general, imports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) was the largest importer of rennet and concentrates thereof, making up X% of total imports. It was distantly followed by Japan (X tons) and South Korea (X tons), together mixing up a X% share of total imports. Hong Kong SAR (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the rennet and concentrates thereof imports, with a CAGR of X% from 2012 to 2022. At the same time, Hong Kong SAR (X%) displayed positive paces of growth. South Korea experienced a relatively flat trend pattern. By contrast, Japan (X%) illustrated a downward trend over the same period. China (X p.p.) significantly strengthened its position in terms of the total imports, while South Korea and Japan saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X), China ($X) and South Korea ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports.

In terms of the main importing countries, China, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, rising by X% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the import price increased by X%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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