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

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

The Asian market for condensed or evaporated milk (sweetened) dropped to $X in 2022, which is down by -11.3% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then reduced in the following year.

Production of Condensed Or Evaporated Milk (Sweetened) in Asia

In value terms, sweetened condensed and evaporated milk production declined markedly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when the production volume increased by 44% against the previous year. As a result, production reached the peak level of $X, and then fell markedly in the following year.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports in Asia

In 2022, overseas shipments of condensed or evaporated milk (sweetened) were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 48%. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, sweetened condensed and evaporated milk exports amounted to $X in 2022. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 53%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Malaysia represented the key exporter of condensed or evaporated milk (sweetened) in Asia, with the volume of exports finishing at X tons, which was near 49% of total exports in 2022. Saudi Arabia (X tons) held the second position in the ranking, followed by South Korea (X tons), Vietnam (X tons), the United Arab Emirates (X tons) and Thailand (X tons). All these countries together took near 37% share of total exports. Oman (X tons) held a relatively small share of total exports.

Malaysia experienced a relatively flat trend pattern with regard to volume of exports of condensed or evaporated milk (sweetened). At the same time, Oman (+69.5%), South Korea (+16.5%), Vietnam (+11.3%) and the United Arab Emirates (+3.4%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in Asia, with a CAGR of +69.5% from 2012-2022. By contrast, Thailand (-6.2%) and Saudi Arabia (-6.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of South Korea, Malaysia, Vietnam, Oman and the United Arab Emirates increased by +6.3, +6.2, +3.6, +2.6 and +1.7 percentage points, respectively.

In value terms, Malaysia ($X) remains the largest sweetened condensed and evaporated milk supplier in Asia, comprising 35% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 16% share of total exports. It was followed by South Korea, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Malaysia stood at -1.6%. In the other countries, the average annual rates were as follows: Saudi Arabia (-0.3% per year) and South Korea (+15.3% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, picking up by 2.6% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 36% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

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 Vietnam ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+6.8%), while the other leaders experienced more modest paces of growth.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports in Asia

In 2022, purchases abroad of condensed or evaporated milk (sweetened) decreased by -7.2% to X tons, falling for the fourth consecutive year after seven years of growth. Over the period under review, imports recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 15% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, sweetened condensed and evaporated milk imports amounted to $X in 2022. In general, imports recorded a mild slump. The most prominent rate of growth was recorded in 2016 with an increase of 13%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Saudi Arabia (X tons), distantly followed by Indonesia (X tons), the United Arab Emirates (X tons), China (X tons) and the Philippines (X tons) represented the largest importers of condensed or evaporated milk (sweetened), together comprising 57% of total imports. The following importers - Kuwait (X tons), Kazakhstan (X tons), Taiwan (Chinese) (X tons), Oman (X tons), Hong Kong SAR (X tons), Singapore (X tons), Iraq (X tons) and Cambodia (X tons) - together made up 23% of total imports.

Imports into Saudi Arabia increased at an average annual rate of +2.2% from 2012 to 2022. At the same time, China (+37.4%), Iraq (+23.9%), Kuwait (+20.5%), Taiwan (Chinese) (+12.5%), Cambodia (+10.4%) and Indonesia (+9.6%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Asia, with a CAGR of +37.4% from 2012-2022. By contrast, the Philippines (-3.7%), Hong Kong SAR (-5.1%), the United Arab Emirates (-7.6%), Singapore (-8.0%), Kazakhstan (-9.6%) and Oman (-18.0%) illustrated a downward trend over the same period. Saudi Arabia (+11 p.p.), Indonesia (+8.5 p.p.), China (+6.8 p.p.), Kuwait (+3.9 p.p.), Taiwan (Chinese) (+2.2 p.p.) and Iraq (+2 p.p.) significantly strengthened its position in terms of the total imports, while Kazakhstan, the United Arab Emirates and Oman saw its share reduced by -3%, -4.3% and -11% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported condensed or evaporated milk (sweetened) in Asia, comprising 32% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 7.3% share of total imports. It was followed by China, with a 7.3% share.

In Saudi Arabia, sweetened condensed and evaporated milk imports increased at an average annual rate of +2.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (+9.5% per year) and China (+37.7% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, picking up by 9.1% against the previous year. Import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sweetened condensed and evaporated milk import price increased by +70.2% against 2018 indices. The most prominent rate of growth was recorded in 2020 an increase of 29%. Over the period under review, import prices attained the maximum in 2022 and is expected to retain growth in the near future.

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 Saudi Arabia ($X per ton), while Cambodia ($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 United Arab Emirates (+12.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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