Latin America and the Caribbean: Rennet Market 2024

Rennet Market Size in Latin America and the Caribbean

After two years of decline, the Latin American rennet market increased by X% to $X in 2022. Over the period under review, consumption, however, saw prominent growth. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Rennet Production in Latin America and the Caribbean

In value terms, rennet production contracted modestly to $X in 2022 estimated in export price. Overall, production, however, showed buoyant growth. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

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Rennet Exports

Exports in Latin America and the Caribbean

In 2022, rennet exports in Latin America and the Caribbean shrank to X tons, which is down by X% on 2021 figures. Over the period under review, exports saw a mild decline. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, rennet exports expanded notably to $X in 2022. In general, exports recorded a deep setback. The pace of growth appeared the most rapid in 2015 when exports increased by X%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Brazil represented the major exporter of rennet and concentrates thereof in Latin America and the Caribbean, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2022. Guatemala (X tons) ranks second in terms of the total exports with a X% share, followed by Colombia (X%) and Mexico (X%). The Dominican Republic (X tons) held a little share of total exports.

Brazil experienced a relatively flat trend pattern with regard to volume of exports of rennet and concentrates thereof. At the same time, the Dominican Republic (X%), Colombia (X%) and Guatemala (X%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Mexico (X%) illustrated a downward trend over the same period. Brazil (X p.p.), Guatemala (X p.p.), Colombia (X p.p.) and the Dominican Republic (X p.p.) significantly strengthened its position in terms of the total exports, while Mexico saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Colombia ($X) remains the largest rennet supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Guatemala ($X), with a X% share of total exports. It was followed by Brazil, with a X% share.

In Colombia, rennet exports increased at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Guatemala (X% per year) and Brazil (X% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, surging by X% against the previous year. Overall, the export price, however, showed a deep downturn. The growth pace was the most rapid in 2015 when the export price increased by X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Colombia ($X per ton), while Brazil ($X per ton) was amongst the lowest.

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

Rennet Imports

Imports in Latin America and the Caribbean

In 2022, imports of rennet and concentrates thereof in Latin America and the Caribbean skyrocketed to X tons, jumping by X% compared with the previous year's figure. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, rennet imports rose remarkably to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Brazil (X tons), Argentina (X tons) and Colombia (X tons) was the largest importer of rennet and concentrates thereof in Latin America and the Caribbean, comprising X% of total import. Nicaragua (X tons) ranks next in terms of the total imports with a X% share, followed by Chile (X%). Ecuador (X tons), Honduras (X tons), Bolivia (X tons), Cuba (X tons), Peru (X tons), Costa Rica (X tons), El Salvador (X tons) and Uruguay (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X) constitutes the largest market for imported rennet and concentrates thereof in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was taken by Argentina ($X), with a X% share of total imports. It was followed by Peru, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Brazil amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Argentina (X% per year) and Peru (X% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, reducing by X% against the previous year. Overall, the import price saw a noticeable contraction. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, 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 Peru ($X per ton), while Cuba ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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