Northern America: Rennet Market 2024

Rennet Market Size in Northern America

The North American rennet market dropped slightly to $X in 2022, leveling off at the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Rennet Production in Northern America

In value terms, rennet production declined slightly to $X in 2022 estimated in export price. The total production indicated slight 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, production decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of X%. The level of production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

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Rennet Exports

Exports in Northern America

In 2022, shipments abroad of rennet and concentrates thereof increased by X% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports showed mild growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, rennet exports stood at $X in 2022. In general, exports saw a tangible increase. The growth pace was the most rapid in 2021 with an increase of X%. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

The shipments of the one major exporters of rennet and concentrates thereof, namely the United States, represented more than two-thirds of total export.

The United States was also the fastest-growing in terms of the rennet and concentrates thereof exports, with a CAGR of X% from 2012 to 2022. While the share of the United States (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) also remains the largest rennet supplier in Northern America.

From 2012 to 2022, the average annual growth rate of value in the United States totaled X%.

Export Prices by Country

In 2022, the export price in Northern America amounted to $X per ton, falling by X% against the previous year. In general, the export price, however, enjoyed a noticeable increase. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the export prices remained at a somewhat lower figure.

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

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

Rennet Imports

Imports in Northern America

In 2022, overseas purchases of rennet and concentrates thereof increased by X% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, rennet imports skyrocketed to $X in 2022. Total imports indicated a temperate expansion 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, imports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by X%. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) was the largest importer of rennet and concentrates thereof, making up X% of total imports. It was distantly followed by Canada (X tons), achieving a X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to rennet imports into the United States stood at X%. At the same time, Canada (X%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing importer imported in Northern America, with a CAGR of X% from 2012-2022. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported rennet and concentrates thereof in Northern America, comprising X% of total imports. The second position in the ranking was taken by Canada ($X), with an X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States amounted to X%.

Import Prices by Country

In 2022, the import price in Northern America amounted to $X per ton, stabilizing at the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by X%. Over the period under review, import prices reached the peak figure at $X per ton in 2018; afterwards, it flattened through to 2022.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the United States amounted to $X per ton.

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

Source: IndexBox Platform

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