ASEAN: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in ASEAN

The ASEAN evaporated and condensed milk market declined to $X in 2022, almost unchanged from the previous year. In general, consumption showed a perceptible setback. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Evaporated And Condensed Milk in ASEAN

In value terms, evaporated and condensed milk production contracted modestly to $X in 2022 estimated in export price. In general, production continues to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2018 when the production volume increased by 23%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

The countries with the highest volumes of production in 2022 were Malaysia (X tons), Singapore (X tons) and Thailand (X tons), together accounting for 92% of total production. Vietnam and Indonesia lagged somewhat behind, together accounting for a further 7.8%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Vietnam (with a CAGR of +8.7%), while production for the other leaders experienced mixed trends in the production figures.

Exports of Evaporated And Condensed Milk

Exports in ASEAN

In 2022, evaporated and condensed milk exports in ASEAN was estimated at X tons, growing by 3.2% compared with the previous year's figure. The total export volume increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 when exports increased by 18% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, evaporated and condensed milk exports rose to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 17% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia dominates exports structure, accounting for X tons, which was near 81% of total exports in 2022. Vietnam (X tons) took a 6.7% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (6%). Indonesia (X tons) and the Philippines (X tons) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to evaporated and condensed milk exports from Malaysia stood at +2.7%. At the same time, the Philippines (+30.9%) and Vietnam (+11.2%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +30.9% from 2012-2022. Indonesia experienced a relatively flat trend pattern. By contrast, Thailand (-6.7%) illustrated a downward trend over the same period. While the share of Malaysia (+11 p.p.), Vietnam (+4.1 p.p.) and the Philippines (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Thailand (-7.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) remains the largest evaporated and condensed milk supplier in ASEAN, comprising 70% of total exports. The second position in the ranking was held by Vietnam ($X), with an 11% share of total exports. It was followed by Thailand, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Malaysia was relatively modest. In the other countries, the average annual rates were as follows: Vietnam (+18.1% per year) and Thailand (-6.5% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, approximately equating the previous year. Over the period under review, the export price recorded a mild reduction. The pace of growth was the most pronounced in 2018 an increase of 8.1%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, 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 (+6.3%), while the other leaders experienced mixed trends in the export price figures.

Imports of Evaporated And Condensed Milk

Imports in ASEAN

For the fourth year in a row, ASEAN recorded decline in supplies from abroad of evaporated and condensed milk, which decreased by -5.4% to X tons in 2022. Over the period under review, imports recorded a abrupt slump. The most prominent rate of growth was recorded in 2018 with an increase of 69% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, evaporated and condensed milk imports amounted to $X in 2022. Overall, imports saw a pronounced slump. The pace of growth was the most pronounced in 2018 when imports increased by 61%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Indonesia (X tons) was the main importer of evaporated and condensed milk, creating 38% of total imports. It was distantly followed by the Philippines (X tons), Singapore (X tons), Malaysia (X tons), Brunei Darussalam (X tons), Cambodia (X tons), Vietnam (X tons) and Myanmar (X tons), together generating a 57% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to evaporated and condensed milk imports into Indonesia stood at +9.8%. At the same time, Cambodia (+10.4%), Malaysia (+10.1%), Vietnam (+8.1%) and Brunei Darussalam (+5.4%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +10.4% from 2012-2022. By contrast, the Philippines (-4.5%), Singapore (-7.0%) and Myanmar (-18.6%) illustrated a downward trend over the same period. While the share of Indonesia (+29 p.p.), Malaysia (+5.1 p.p.), Cambodia (+4.9 p.p.), Vietnam (+4.4 p.p.) and Brunei Darussalam (+4.2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Singapore (-2.1 p.p.) and Myanmar (-18.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X), the Philippines ($X) and Singapore ($X) constituted the countries with the highest levels of imports in 2022, together comprising 64% of total imports. Malaysia, Vietnam, Brunei Darussalam, Cambodia and Myanmar lagged somewhat behind, together comprising a further 29%.

Cambodia, with a CAGR of +13.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, increasing by 8.2% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 32% against the previous year. The level of import peaked 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 (+7.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform