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

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

After four years of growth, the Colombian market for condensed or evaporated milk (unsweetened) decreased by -1.1% to $X in 2021. The market value increased at an average annual rate of +3.4% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020, and then shrank modestly in the following year.

Production of Condensed Or Evaporated Milk (Unsweetened) in Colombia

In value terms, unsweetened condensed and evaporated milk production reduced slightly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +52.2% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 18% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then reduced modestly in the following year.

Exports of Condensed Or Evaporated Milk (Unsweetened)

Exports from Colombia

In 2021, shipments abroad of condensed or evaporated milk (unsweetened) was finally on the rise to reach X tons after three years of decline. Over the period under review, exports, however, continue to indicate a dramatic contraction. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, unsweetened condensed and evaporated milk exports skyrocketed to $X in 2021. In general, exports, however, recorded a sharp descent. The pace of growth was the most pronounced in 2017 when exports increased by 54%. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Peru (X tons) was the main destination for unsweetened condensed and evaporated milk exports from Colombia, accounting for a 96% share of total exports. It was followed by Kuwait (X kg), with a 2.4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Peru totaled -17.2%.

In value terms, Peru ($X) remains the key foreign market for condensed or evaporated milk (unsweetened) exports from Colombia, comprising 92% of total exports. The second position in the ranking was taken by Kuwait ($X), with a 6.7% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Peru amounted to -22.8%.

Export Prices by Country

The average export price for condensed or evaporated milk (unsweetened) stood at $X per ton in 2021, waning by -43.5% against the previous year. Overall, the export price showed a pronounced setback. The most prominent rate of growth was recorded in 2019 when the average export price increased by 25% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while the average price for exports to Peru stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Guatemala (+9.8%).

Imports of Condensed Or Evaporated Milk (Unsweetened)

Imports into Colombia

Unsweetened condensed and evaporated milk imports into Colombia soared to X tons in 2021, growing by 62% against 2020 figures. In general, imports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 706% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, unsweetened condensed and evaporated milk imports surged to $X in 2021. Over the period under review, imports continue to indicate a significant increase. The growth pace was the most rapid in 2013 with an increase of 561%. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Peru (X tons) constituted the largest supplier of unsweetened condensed and evaporated milk to Colombia, with a 82% share of total imports. Moreover, unsweetened condensed and evaporated milk imports from Peru exceeded the figures recorded by the second-largest supplier, the United States (X tons), ninefold. Costa Rica (X tons) ranked third in terms of total imports with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Peru amounted to +30.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+52.2% per year) and Costa Rica (+43.9% per year).

In value terms, Peru ($X) constituted the largest supplier of condensed or evaporated milk (unsweetened) to Colombia, comprising 70% of total imports. The second position in the ranking was taken by the United States ($X), with a 22% share of total imports. It was followed by Costa Rica, with a 5.6% share.

From 2012 to 2021, the average annual growth rate of value from Peru totaled +26.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+59.4% per year) and Costa Rica (+34.3% per year).

Import Prices by Country

The average import price for condensed or evaporated milk (unsweetened) stood at $X per ton in 2021, reducing by -3.4% against the previous year. Overall, the import price saw a slight curtailment. The most prominent rate of growth was recorded in 2015 an increase of 34% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: 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 2021, the most notable rate of growth in terms of prices was attained by the United States (+4.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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