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

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

The Asia-Pacific market for condensed or evaporated milk (unsweetened) totaled $X in 2021, approximately mirroring the previous year. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 6.8%. The level of consumption peaked at $X in 2012; afterwards, it flattened through to 2021.

Production of Condensed Or Evaporated Milk (Unsweetened) in Asia-Pacific

In value terms, unsweetened condensed and evaporated milk production declined modestly to $X in 2021 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the production volume increased by 9.2%. As a result, production attained the peak level of $X, and then reduced in the following year.

Exports of Condensed Or Evaporated Milk (Unsweetened)

Exports in Asia-Pacific

In 2021, approx. X tons of condensed or evaporated milk (unsweetened) were exported in Asia-Pacific; waning by -20.3% against the previous year. In general, exports, however, saw a resilient expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 74% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, unsweetened condensed and evaporated milk exports shrank to $X in 2021. Overall, exports, however, recorded a resilient increase. The pace of growth was the most pronounced in 2014 when exports increased by 41%. The level of export peaked at $X in 2020, and then declined in the following year.

Exports by Country

Australia was the key exporter of condensed or evaporated milk (unsweetened) in Asia-Pacific, with the volume of exports finishing at X tons, which was approx. 59% of total exports in 2021. Malaysia (X tons) held the second position in the ranking, distantly followed by New Zealand (X tons). All these countries together held near 34% share of total exports. Hong Kong SAR (X tons) and Singapore (X tons) followed a long way behind the leaders.

Exports from Australia increased at an average annual rate of +26.4% from 2012 to 2021. At the same time, New Zealand (+55.1%) and Malaysia (+11.3%) displayed positive paces of growth. Moreover, New Zealand emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +55.1% from 2012-2021. By contrast, Hong Kong SAR (-5.8%) and Singapore (-10.3%) illustrated a downward trend over the same period. While the share of Australia (+39 p.p.) and New Zealand (+4.4 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Singapore (-11.9 p.p.) and Hong Kong SAR (-13.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) remains the largest unsweetened condensed and evaporated milk supplier in Asia-Pacific, comprising 72% of total exports. The second position in the ranking was held by Malaysia ($X), with a 15% share of total exports. It was followed by New Zealand, with a 5.1% share.

In Australia, unsweetened condensed and evaporated milk exports expanded at an average annual rate of +24.6% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+8.0% per year) and New Zealand (+51.4% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, rising by 16% against the previous year. In general, the export price recorded a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Australia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+1.0%), while the other leaders experienced a decline in the export price figures.

Imports of Condensed Or Evaporated Milk (Unsweetened)

Imports in Asia-Pacific

After four years of decline, overseas purchases of condensed or evaporated milk (unsweetened) increased by 20% to X tons in 2021. Total imports indicated a perceptible expansion from 2012 to 2021: its volume increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -18.7% against 2016 indices. The pace of growth was the most pronounced in 2016 when imports increased by 39% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, unsweetened condensed and evaporated milk imports surged to $X in 2021. The total import value increased at an average annual rate of +3.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 28%. The level of import peaked at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Hong Kong SAR (X tons) represented the largest importer of condensed or evaporated milk (unsweetened), creating 46% of total imports. Taiwan (Chinese) (X tons) held the second position in the ranking, followed by China (X tons). All these countries together held approx. 39% share of total imports. Australia (X tons), Malaysia (X tons) and Japan (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to unsweetened condensed and evaporated milk imports into Hong Kong SAR stood at -1.6%. At the same time, Taiwan (Chinese) (+31.5%), Australia (+24.6%), China (+14.9%), Malaysia (+11.8%) and Japan (+3.1%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +31.5% from 2012-2021. From 2012 to 2021, the share of Taiwan (Chinese), China and Australia increased by +18, +12 and +3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest unsweetened condensed and evaporated milk importing markets in Asia-Pacific were Hong Kong SAR ($X), Taiwan (Chinese) ($X) and China ($X), together comprising 80% of total imports.

Taiwan (Chinese), with a CAGR of +29.6%, 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-Pacific stood at $X per ton in 2021, declining by -2.4% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the import price increased by 12% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2020, and then fell modestly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+1.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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