GCC: Rennet Market 2024

Rennet Market Size in GCC

In 2022, the GCC rennet market decreased by X% to $X, falling for the second consecutive year after three years of growth. In general, consumption posted strong growth. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Rennet Production in GCC

In value terms, rennet production totaled $X in 2022 estimated in export price. Overall, production enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2018 with an increase of X%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Rennet Exports

Exports in GCC

In 2022, the amount of rennet and concentrates thereof exported in GCC soared to X tons, picking up by X% on the previous year's figure. Overall, exports enjoyed a mild increase. The growth pace was the most rapid in 2015 with an increase of X%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, rennet exports contracted markedly to $X in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons) represented roughly X% of total exports in 2022.

The United Arab Emirates was also the fastest-growing in terms of the rennet and concentrates thereof exports, with a CAGR of X% from 2012 to 2022. The United Arab Emirates (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest rennet supplier in GCC.

In the United Arab Emirates, rennet exports remained relatively stable over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, with a decrease of X% against the previous year. Overall, the export price saw a slight descent. The pace of growth appeared the most rapid in 2019 when the export price increased by X%. Over the period under review, the export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to X% per year.

Rennet Imports

Imports in GCC

In 2022, the amount of rennet and concentrates thereof imported in GCC amounted to X tons, growing by X% against the year before. Overall, imports, however, saw a dramatic shrinkage. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, rennet imports skyrocketed to $X in 2022. In general, imports, however, recorded a abrupt contraction. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Oman (X tons) represented the major importer of rennet and concentrates thereof, constituting X% of total imports. It was distantly followed by the United Arab Emirates (X kg), Qatar (X kg) and Kuwait (X kg), together making up a X% share of total imports.

Imports into Oman decreased at an average annual rate of X% from 2012 to 2022. At the same time, Qatar (X%) and Kuwait (X%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. The United Arab Emirates experienced a relatively flat trend pattern. While the share of Oman (X p.p.), the United Arab Emirates (X p.p.), Qatar (X p.p.) and Kuwait (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported rennet and concentrates thereof in GCC, comprising X% of total imports. The second position in the ranking was held by Qatar ($X), with a X% share of total imports. It was followed by Oman, with a X% share.

In the United Arab Emirates, rennet imports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Qatar (X% per year) and Oman (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, picking up by X% against the previous year. In general, the import price recorded a buoyant expansion. The most prominent rate of growth was recorded in 2016 an increase of X%. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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