Asia-Pacific: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in Asia-Pacific

In 2022, the Asia-Pacific evaporated and condensed milk market decreased by -0.1% to $X, falling for the second year in a row after three years of growth. In general, consumption continues to indicate a slight reduction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Evaporated And Condensed Milk in Asia-Pacific

In value terms, evaporated and condensed milk production totaled $X in 2022 estimated in export price. In general, production, however, saw a slight reduction. The growth pace was the most rapid in 2018 with an increase of 16% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

The countries with the highest volumes of production in 2022 were Malaysia (X tons), Singapore (X tons) and China (X tons), together accounting for 73% of total production. Australia, Thailand, Japan and Vietnam lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +15.1%), while production for the other leaders experienced more modest paces of growth.

Exports of Evaporated And Condensed Milk

Exports in Asia-Pacific

In 2022, after four years of decline, there was significant growth in overseas shipments of evaporated and condensed milk, when their volume increased by 10% to X tons. The total export volume increased at an average annual rate of +4.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 18%. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, evaporated and condensed milk exports expanded remarkably to $X in 2022. The total export value increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 when exports increased by 20% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in years to come.

Exports by Country

Malaysia represented the major exporting country with an export of about X tons, which reached 46% of total exports. It was distantly followed by Australia (X tons), New Zealand (X tons) and South Korea (X tons), together achieving a 40% share of total exports. The following exporters - Vietnam (X tons), Thailand (X tons) and Indonesia (X tons) - together made up 9.2% of total exports.

From 2012 to 2022, the biggest increases were recorded for New Zealand (with a CAGR of +35.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest evaporated and condensed milk supplying countries in Asia-Pacific were Australia ($X), Malaysia ($X) and New Zealand ($X), together comprising 75% of total exports.

New Zealand, with a CAGR of +22.3%, recorded the highest rates of growth with regard to the value of exports, among 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

The export price in Asia-Pacific stood at $X per ton in 2022, growing by 1.9% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the export price increased by 7.8%. The level of export peaked 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 Australia ($X per ton), while Malaysia ($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 mixed trends in the export price figures.

Imports of Evaporated And Condensed Milk

Imports in Asia-Pacific

In 2022, the amount of evaporated and condensed milk imported in Asia-Pacific shrank to X tons, which is down by -10.6% on the year before. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 27%. 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, evaporated and condensed milk imports fell slightly to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 23%. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Hong Kong SAR (X tons), distantly followed by China (X tons), Taiwan (Chinese) (X tons), Indonesia (X tons), Australia (X tons) and the Philippines (X tons) represented the key importers of evaporated and condensed milk, together mixing up 78% of total imports. Singapore (X tons), Malaysia (X tons), Brunei Darussalam (X tons), Cambodia (X tons), Vietnam (X tons), New Zealand (X tons) and Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Taiwan (Chinese) (with a CAGR of +22.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X), Taiwan (Chinese) ($X) and China ($X) were the countries with the highest levels of imports in 2022, with a combined 52% share of total imports.

Taiwan (Chinese), with a CAGR of +22.2%, 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

The import price in Asia-Pacific stood at $X per ton in 2022, growing by 6.3% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2019 an increase of 16% against the previous year. The level of import peaked in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: 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 (+7.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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