ASEAN: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in ASEAN

The ASEAN market for condensed or evaporated milk (sweetened) fell modestly to $X in 2022, therefore, remained relatively stable against the previous year. Over the period under review, consumption showed a mild decline. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Production of Condensed Or Evaporated Milk (Sweetened) in ASEAN

In value terms, sweetened condensed and evaporated milk production declined slightly to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 24% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports in ASEAN

After two years of growth, shipments abroad of condensed or evaporated milk (sweetened) decreased by -3.8% to X tons in 2022. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 14%. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, sweetened condensed and evaporated milk exports contracted slightly to $X in 2022. Over the period under review, exports continue to indicate a slight downturn. The pace of growth was the most pronounced in 2018 with an increase of 14% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia dominates exports structure, resulting at X tons, which was approx. 77% of total exports in 2022. Vietnam (X tons) took the second position in the ranking, followed by Thailand (X tons). All these countries together held near 15% share of total exports. Indonesia (X tons) and the Philippines (X tons) followed a long way behind the leaders.

Malaysia experienced a relatively flat trend pattern with regard to volume of exports of condensed or evaporated milk (sweetened). At the same time, the Philippines (+119.5%) and Vietnam (+11.3%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +119.5% from 2012-2022. Indonesia experienced a relatively flat trend pattern. By contrast, Thailand (-6.2%) illustrated a downward trend over the same period. Malaysia (+6.5 p.p.), Vietnam (+5.5 p.p.) and the Philippines (+2 p.p.) significantly strengthened its position in terms of the total exports, while Thailand saw its share reduced by -6.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) remains the largest sweetened condensed and evaporated milk supplier in ASEAN, comprising 66% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 14% share of total exports. It was followed by Thailand, with a 9.7% share.

In Malaysia, sweetened condensed and evaporated milk exports shrank by an average annual rate of -1.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+18.4% per year) and Thailand (-6.1% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, approximately equating the previous year. Overall, the export price, however, showed a mild shrinkage. The pace of growth was the most pronounced in 2018 an increase of 8.4%. 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 stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+6.4%), while the other leaders experienced mixed trends in the export price figures.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports in ASEAN

In 2022, the amount of condensed or evaporated milk (sweetened) imported in ASEAN contracted to X tons, with a decrease of -3.5% against the previous year's figure. Overall, imports showed a deep contraction. The most prominent rate of growth was recorded in 2018 with an increase of 75% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, sweetened condensed and evaporated milk imports expanded remarkably to $X in 2022. Over the period under review, imports recorded a noticeable curtailment. The pace of growth was the most pronounced in 2018 with an increase of 70%. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Indonesia was the key importer of condensed or evaporated milk (sweetened) in ASEAN, with the volume of imports amounting to X tons, which was approx. 40% of total imports in 2022. It was distantly followed by the Philippines (X tons), Singapore (X tons), Cambodia (X tons), Brunei Darussalam (X tons), Vietnam (X tons), Myanmar (X tons) and Malaysia (X tons), together mixing up a 55% share of total imports.

Imports into Indonesia increased at an average annual rate of +9.6% from 2012 to 2022. At the same time, Malaysia (+13.4%), Brunei Darussalam (+10.9%), Cambodia (+10.4%) and Vietnam (+9.6%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +13.4% from 2012-2022. By contrast, the Philippines (-3.7%), Singapore (-8.0%) and Myanmar (-17.2%) illustrated a downward trend over the same period. While the share of Indonesia (+31 p.p.), Cambodia (+5.2 p.p.), Brunei Darussalam (+5.1 p.p.), Vietnam (+4.5 p.p.), Malaysia (+3.7 p.p.) and the Philippines (+2.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Singapore (-3.2 p.p.) and Myanmar (-16.7 p.p.) displayed negative dynamics.

In value terms, the largest sweetened condensed and evaporated milk importing markets in ASEAN were Indonesia ($X), the Philippines ($X) and Singapore ($X), with a combined 67% share of total imports. Vietnam, Brunei Darussalam, Malaysia, Cambodia and Myanmar lagged somewhat behind, together comprising a further 28%.

In terms of the main importing countries, Malaysia, with a CAGR of +15.3%, recorded the highest growth rate of 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 ASEAN amounted to $X per ton, rising by 9.6% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the import price increased by 36%. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 Philippines ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+7.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform