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

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

The Asia-Pacific market for condensed or evaporated milk (sweetened) contracted to $X in 2022, almost unchanged from the previous year. In general, consumption, however, recorded a relatively flat trend pattern. 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 Asia-Pacific

In value terms, sweetened condensed and evaporated milk production amounted to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 20% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports in Asia-Pacific

In 2022, exports of condensed or evaporated milk (sweetened) in Asia-Pacific amounted to X tons, remaining relatively unchanged against the year before. The total export volume increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 14%. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, sweetened condensed and evaporated milk exports rose modestly to $X in 2022. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 15% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Malaysia (X tons) represented the key exporter of condensed or evaporated milk (sweetened), comprising 53% of total exports. It was distantly followed by Australia (X tons), South Korea (X tons), Vietnam (X tons), Thailand (X tons) and New Zealand (X tons), together committing a 39% share of total exports. Indonesia (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, New Zealand (+24.4%), South Korea (+16.5%), Vietnam (+11.3%) and Australia (+8.6%) displayed positive paces of growth. Moreover, New Zealand emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +24.4% from 2012-2022. Indonesia experienced a relatively flat trend pattern. By contrast, Thailand (-6.2%) illustrated a downward trend over the same period. While the share of Australia (+6.7 p.p.), South Korea (+6.3 p.p.), New Zealand (+4.2 p.p.) and Vietnam (+3.3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Thailand (-6.5 p.p.) and Malaysia (-7.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) remains the largest sweetened condensed and evaporated milk supplier in Asia-Pacific, comprising 39% of total exports. The second position in the ranking was held by Australia ($X), with an 18% share of total exports. It was followed by South Korea, with a 12% share.

In Malaysia, sweetened condensed and evaporated milk exports decreased by an average annual rate of -1.6% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Australia (+3.0% per year) and South Korea (+15.3% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, leveling off at the previous year. Over the period under review, the export price, however, recorded a slight descent. The growth pace was the most rapid in 2018 an increase of 4.7%. 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 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 (+6.4%), while the other leaders experienced mixed trends in the export price figures.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports in Asia-Pacific

In 2022, purchases abroad of condensed or evaporated milk (sweetened) decreased by -9.7% to X tons, falling for the fourth consecutive year after five years of growth. Overall, imports recorded a mild descent. The pace of growth was the most pronounced in 2018 with an increase of 51%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, sweetened condensed and evaporated milk imports dropped to $X in 2022. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 45%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Indonesia (X tons), distantly followed by China (X tons), Australia (X tons), the Philippines (X tons), Taiwan (Chinese) (X tons), Hong Kong SAR (X tons) and Singapore (X tons) were the main importers of condensed or evaporated milk (sweetened), together constituting 71% of total imports. Cambodia (X tons), Brunei Darussalam (X tons), New Zealand (X tons), Vietnam (X tons), Myanmar (X tons) and Malaysia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +37.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest sweetened condensed and evaporated milk importing markets in Asia-Pacific were Indonesia ($X), China ($X) and Australia ($X), with a combined 44% share of total imports.

In terms of the main importing countries, China, with a CAGR of +37.7%, 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 Asia-Pacific amounted to $X per ton, growing by 8.7% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2019 an increase of 26% against the previous year. The level of import peaked in 2022 and is likely to continue growth in years to come.

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 New Zealand ($X per ton), while Myanmar ($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

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