Colombia: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in Colombia

The Colombian market for condensed or evaporated milk (sweetened) reached $X in 2022, almost unchanged from the previous year. In general, the total consumption indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +7.6% against 2019 indices. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Condensed Or Evaporated Milk (Sweetened) in Colombia

In value terms, sweetened condensed and evaporated milk production expanded slightly to $X in 2022 estimated in export price. Overall, the total production indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 -4.4% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 69%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports from Colombia

Sweetened condensed and evaporated milk exports from Colombia surged to X tons in 2022, picking up by 48% against the previous year's figure. Over the period under review, exports posted a buoyant increase. The growth pace was the most rapid in 2017 with an increase of 323% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, sweetened condensed and evaporated milk exports surged to $X in 2022. In general, exports recorded prominent growth. The growth pace was the most rapid in 2017 with an increase of 296% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Ecuador (X tons), Chile (X tons) and Peru (X tons) were the main destinations of sweetened condensed and evaporated milk exports from Colombia, together comprising 82% of total exports. Costa Rica and the United States lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +40.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ecuador ($X), Peru ($X) and Chile ($X) appeared to be the largest markets for sweetened condensed and evaporated milk exported from Colombia worldwide, with a combined 84% share of total exports. Costa Rica and the United States lagged somewhat behind, together comprising a further 15%.

The United States, with a CAGR of +39.8%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for condensed or evaporated milk (sweetened) amounted to $X per ton, picking up by 15% against the previous year. Overall, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sweetened condensed and evaporated milk export price decreased by -7.6% against 2018 indices. The growth pace was the most rapid in 2014 when the average export price increased by 66% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Chile (+7.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports into Colombia

In 2022, sweetened condensed and evaporated milk imports into Colombia skyrocketed to X tons, with an increase of 190% compared with 2021. Over the period under review, imports, however, recorded a perceptible shrinkage. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, sweetened condensed and evaporated milk imports surged to $X in 2022. Overall, imports, however, saw a drastic downturn. The most prominent rate of growth was recorded in 2016 when imports increased by 159% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Peru (X tons) constituted the largest sweetened condensed and evaporated milk supplier to Colombia, with a 80% share of total imports. Moreover, sweetened condensed and evaporated milk imports from Peru exceeded the figures recorded by the second-largest supplier, Mexico (X tons), fivefold.

From 2012 to 2022, the average annual growth rate of volume from Peru totaled +2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+37.1% per year) and the United States (-36.3% per year).

In value terms, Peru ($X) constituted the largest supplier of condensed or evaporated milk (sweetened) to Colombia, comprising 73% of total imports. The second position in the ranking was taken by Mexico ($X), with a 23% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Peru was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+38.8% per year) and the United States (-36.0% per year).

Import Prices by Country

In 2022, the average import price for condensed or evaporated milk (sweetened) amounted to $X per ton, declining by -30.1% against the previous year. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 57%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Peru ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+1.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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