Asia: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in Asia

The Asian evaporated and condensed milk market expanded modestly to $X in 2022, picking up by 2.1% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Production of Evaporated And Condensed Milk in Asia

In value terms, evaporated and condensed milk production expanded slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 12% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were Malaysia (X tons), Saudi Arabia (X tons) and Singapore (X tons), with a combined 66% share of total production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Saudi Arabia (with a CAGR of +11.4%), while production for the other leaders experienced more modest paces of growth.

Exports of Evaporated And Condensed Milk

Exports in Asia

Evaporated and condensed milk exports declined to X tons in 2022, waning by -3% against 2021 figures. Total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +1.0% against 2020 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 26% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, evaporated and condensed milk exports totaled $X in 2022. Total exports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +3.9% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of 38% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Saudi Arabia (X tons) was the largest exporter of evaporated and condensed milk, achieving 40% of total exports. Malaysia (X tons) took a 22% share (based on physical terms) of total exports, which put it in second place, followed by the United Arab Emirates (17%) and Kuwait (6.1%). South Korea (X tons), Vietnam (X tons) and Oman (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Oman (with a CAGR of +73.2%), while the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Malaysia ($X) were the countries with the highest levels of exports in 2022, with a combined 73% share of total exports. Kuwait, South Korea, Vietnam and Oman lagged somewhat behind, together accounting for a further 15%.

In terms of the main exporting countries, Oman, with a CAGR of +65.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, increasing by 3.2% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 16%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a 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 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 Vietnam (+6.3%), while the other leaders experienced more modest paces of growth.

Imports of Evaporated And Condensed Milk

Imports in Asia

In 2022, overseas purchases of evaporated and condensed milk decreased by -4.6% to X tons, falling for the third consecutive year after four years of growth. The total import volume increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 when imports increased by 13%. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, evaporated and condensed milk imports reduced slightly to $X in 2022. The total import value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 16% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) were the key importers of evaporated and condensed milk in 2022, resulting at near 23% and 19% of total imports, respectively. It was distantly followed by Oman (X tons), Kuwait (X tons) and Hong Kong SAR (X tons), together mixing up a 26% share of total imports. The following importers - Bahrain (X tons), Iraq (X tons), China (X tons), Taiwan (Chinese) (X tons), Indonesia (X tons), Qatar (X tons) and Kazakhstan (X tons) - together made up 22% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Iraq (with a CAGR of +29.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X) constituted the countries with the highest levels of imports in 2022, with a combined 52% share of total imports. Kuwait, Hong Kong SAR, Taiwan (Chinese), China, Bahrain, Qatar, Iraq, Indonesia and Kazakhstan lagged somewhat behind, together comprising a further 37%.

Iraq, with a CAGR of +26.9%, recorded the highest growth rate of 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 Asia stood at $X per ton in 2022, increasing by 4.9% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 13%. Over the period under review, import prices attained the peak figure at $X per ton in 2012; afterwards, it flattened through to 2022.

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 Taiwan (Chinese) ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+2.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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