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

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

In 2021, the Asian market for condensed or evaporated milk (unsweetened) decreased by -19% to $X for the first time since 2015, thus ending a five-year rising trend. The total consumption indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +31.6% against 2015 indices. As a result, consumption reached the peak level of $X, and then contracted significantly in the following year.

Production of Condensed Or Evaporated Milk (Unsweetened) in Asia

In value terms, unsweetened condensed and evaporated milk production dropped markedly to $X in 2021 estimated in export price. The total production indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 with an increase of 21%. Over the period under review, production reached the peak level at $X in 2020, and then contracted significantly in the following year.

Exports of Condensed Or Evaporated Milk (Unsweetened)

Exports in Asia

For the eighth consecutive year, Asia recorded growth in shipments abroad of condensed or evaporated milk (unsweetened), which increased by 12% to X tons in 2021. Overall, exports continue to indicate prominent growth. The growth pace was the most rapid in 2014 when exports increased by 62% against the previous year. The volume of export peaked in 2021 and is likely to see steady growth in the immediate term.

In value terms, unsweetened condensed and evaporated milk exports amounted to $X in 2021. Over the period under review, exports recorded a prominent increase. The most prominent rate of growth was recorded in 2014 when exports increased by 67%. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Exports by Country

In 2021, Saudi Arabia (X tons) represented the key exporter of condensed or evaporated milk (unsweetened), generating 58% of total exports. The United Arab Emirates (X tons) took the second position in the ranking, distantly followed by Kuwait (X tons) and Malaysia (X tons). All these countries together held near 37% share of total exports.

Saudi Arabia was also the fastest-growing in terms of the condensed or evaporated milk (unsweetened) exports, with a CAGR of +17.6% from 2012 to 2021. At the same time, Malaysia (+11.3%), Kuwait (+10.2%) and the United Arab Emirates (+10.0%) displayed positive paces of growth. While the share of Saudi Arabia (+20 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Kuwait (-1.9 p.p.) and the United Arab Emirates (-4.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X) constituted the countries with the highest levels of exports in 2021, together comprising 87% of total exports.

Saudi Arabia, with a CAGR of +15.1%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, flattening at the previous year. Overall, the export price continues to indicate a mild slump. The most prominent rate of growth was recorded in 2013 an increase of 6.4%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in the United Arab Emirates ($X per ton) and Kuwait ($X per ton), while Saudi Arabia ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+0.5%), while the other leaders experienced mixed trends in the export price figures.

Imports of Condensed Or Evaporated Milk (Unsweetened)

Imports in Asia

After five years of growth, supplies from abroad of condensed or evaporated milk (unsweetened) decreased by -10.9% to X tons in 2021. Overall, imports, however, continue to indicate a resilient expansion. The growth pace was the most rapid in 2020 with an increase of 38%. As a result, imports reached the peak of X tons, and then dropped in the following year.

In value terms, unsweetened condensed and evaporated milk imports reached $X in 2021. Total imports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +75.5% against 2016 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 21%. The level of import peaked in 2021 and is expected to retain growth in years to come.

Imports by Country

In 2021, the United Arab Emirates (X tons), distantly followed by Saudi Arabia (X tons), Oman (X tons), Kuwait (X tons), Hong Kong SAR (X tons) and Iraq (X tons) were the major importers of condensed or evaporated milk (unsweetened), together generating 80% of total imports. The following importers - Qatar (X tons), Bahrain (X tons), Taiwan (Chinese) (X tons), China (X tons), Yemen (X tons) and Kazakhstan (X tons) - together made up 17% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Iraq (with a CAGR of +38.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest unsweetened condensed and evaporated milk importing markets in Asia were Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X), together accounting for 56% of total imports. Kuwait, Hong Kong SAR, Taiwan (Chinese), Qatar, China, Iraq, Bahrain, Yemen and Kazakhstan lagged somewhat behind, together accounting for a further 39%.

Iraq, with a CAGR of +32.1%, saw 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

In 2021, the import price in Asia amounted to $X per ton, with an increase of 12% against the previous year. In general, the import price, however, recorded a noticeable descent. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+2.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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