Sharp Increase in France's Rennet Price: Surges 12% to Reach $9,502 per Ton

Sharp Increase in France

In May 2023, the export price of rennet from France witnessed a significant rise, reaching $9,502 per ton (FOB, France), marking a 12% increase compared to the previous month. Although there was generally a flat trend pattern in export prices, the most rapid growth occurred in January 2023, with a month-on-month increase of 38%. This resulted in the export price reaching a peak of $10,656 per ton. However, from February 2023 to May 2023, the average export prices failed to regain momentum. The average prices for rennet in major foreign markets varied significantly. Switzerland had the highest price in May 2023 at $15,923 per ton, while Greece had one of the lowest prices at $5,148 per ton. The notable growth in rennet prices from May 2022 to May 2023 was observed in supplies to Spain (+2.6%), while other major destinations experienced more modest growth rates. France's rennet exports experienced modest expansion, reaching 28 tons in May 2023, which represented a 3.8% increase compared to April 2023. Overall, total exports showed a pronounced increase from May 2022 to May 2023, with an average monthly growth rate of +3.9%. The trend pattern, however, exhibited noticeable fluctuations throughout the analyzed period. In terms of value, rennet exports reached $264K in May 2023. Total exports displayed significant growth over the period under review, with an average monthly growth rate of +4.3%. Spain was the main destination for France's rennet exports, accounting for a 45% share of total exports, followed by Switzerland. In value terms, Spain, Switzerland, and Austria constituted the largest markets for rennet exported from France, collectively holding an 80% share of total exports. Notably, Austria recorded the highest rate of value export growth with a CAGR of +120.7%, while other major destinations experienced more moderate growth rates.

Source: IndexBox Market Intelligence Platform

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