Australia and Oceania: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in Australia and Oceania

In 2022, the market for condensed or evaporated milk (sweetened) in Australia and Oceania increased by 27% to $X, rising for the sixth consecutive year after three years of decline. Over the period under review, consumption enjoyed prominent growth. Over the period under review, the market attained the peak level in 2022 and is likely to continue growth in the near future.

Production of Condensed Or Evaporated Milk (Sweetened) in Australia and Oceania

In value terms, sweetened condensed and evaporated milk production amounted to $X in 2022 estimated in export price. The total production indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.7% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 42% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports in Australia and Oceania

In 2022, sweetened condensed and evaporated milk exports in Australia and Oceania was estimated at X tons, surging by 11% on the year before. In general, exports recorded buoyant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 40%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, sweetened condensed and evaporated milk exports rose rapidly to $X in 2022. Total exports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% 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 +17.3% against 2020 indices. The pace of growth was the most pronounced in 2017 when exports increased by 43%. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Australia was the largest exporting country with an export of around X tons, which recorded 75% of total exports. It was distantly followed by New Zealand (X tons), achieving a 25% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to sweetened condensed and evaporated milk exports from Australia stood at +8.6%. At the same time, New Zealand (+24.4%) displayed positive paces of growth. Moreover, New Zealand emerged as the fastest-growing exporter exported in Australia and Oceania, with a CAGR of +24.4% from 2012-2022. New Zealand (+17 p.p.) significantly strengthened its position in terms of the total exports, while Australia saw its share reduced by -16.8% from 2012 to 2022, respectively.

In value terms, Australia ($X) remains the largest sweetened condensed and evaporated milk supplier in Australia and Oceania, comprising 80% of total exports. The second position in the ranking was taken by New Zealand ($X), with a 20% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Australia amounted to +3.0%.

Export Prices by Country

In 2022, the export price in Australia and Oceania amounted to $X per ton, declining by -5.5% against the previous year. In general, the export price saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 when the export price increased by 8.9% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per ton), while New Zealand totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (-5.1%).

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports in Australia and Oceania

In 2022, after three years of growth, there was decline in purchases abroad of condensed or evaporated milk (sweetened), when their volume decreased by -4.7% to X tons. In general, imports, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 55% against the previous year. The volume of import peaked at X tons in 2021, and then dropped in the following year.

In value terms, sweetened condensed and evaporated milk imports rose remarkably to $X in 2022. Overall, imports, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2020 when imports increased by 58%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Australia (X tons) represented the major importer of condensed or evaporated milk (sweetened), comprising 63% of total imports. It was distantly followed by New Zealand (X tons), mixing up a 20% share of total imports. Solomon Islands (X tons), Fiji (X tons), Vanuatu (X tons), Papua New Guinea (X tons) and Kiribati (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to sweetened condensed and evaporated milk imports into Australia stood at +16.6%. At the same time, Solomon Islands (+50.0%), Kiribati (+18.3%), Vanuatu (+6.3%) and Fiji (+3.8%) displayed positive paces of growth. Moreover, Solomon Islands emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +50.0% from 2012-2022. By contrast, New Zealand (-1.3%) and Papua New Guinea (-1.4%) illustrated a downward trend over the same period. Australia (+35 p.p.) and Solomon Islands (+3.3 p.p.) significantly strengthened its position in terms of the total imports, while Papua New Guinea and New Zealand saw its share reduced by -3.2% and -26.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported condensed or evaporated milk (sweetened) in Australia and Oceania, comprising 63% of total imports. The second position in the ranking was held by New Zealand ($X), with a 22% share of total imports. It was followed by Solomon Islands, with a 4.3% share.

From 2012 to 2022, the average annual growth rate of value in Australia totaled +16.3%. In the other countries, the average annual rates were as follows: New Zealand (-0.8% per year) and Solomon Islands (+54.4% per year).

Import Prices by Country

In 2022, the import price in Australia and Oceania amounted to $X per ton, rising by 13% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 18% against the previous year. Over the period under review, import prices reached the maximum 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 Solomon Islands ($X per ton), while Kiribati ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Solomon Islands (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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