Colombia: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in Colombia

The Colombian evaporated and condensed milk market amounted to $X in 2022, increasing by 2.9% against the previous year. Overall, the total consumption indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.7% against 2020 indices. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Evaporated And Condensed Milk in Colombia

In value terms, evaporated and condensed milk production stood at $X in 2022 estimated in export price. Over the period under review, the total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 -4.3% against 2020 indices. The growth pace was the most rapid in 2014 with an increase of 72% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Exports of Evaporated And Condensed Milk

Exports from Colombia

In 2022, exports of evaporated and condensed milk from Colombia soared to X tons, increasing by 48% on 2021. Over the period under review, exports posted a strong increase. The pace of growth was the most pronounced in 2017 with an increase of 288%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, evaporated and condensed milk exports soared to $X in 2022. Overall, exports recorded a prominent expansion. The growth pace was the most rapid in 2017 with an increase of 266% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Ecuador (X tons), Chile (X tons) and Peru (X tons) were the main destinations of evaporated and condensed milk exports from Colombia, with a combined 82% share 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 evaporated and condensed 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%.

In terms of the main countries of destination, the United States, with a CAGR of +39.8%, recorded the highest growth rate of the value of exports, 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 evaporated and condensed milk export price amounted to $X per ton, with an increase of 15% against the previous year. Over the period under review, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, evaporated and condensed milk export price decreased by -7.8% against 2018 indices. The pace of growth appeared the most rapid in 2014 an increase of 62%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, 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 Evaporated And Condensed Milk

Imports into Colombia

After four years of decline, supplies from abroad of evaporated and condensed milk increased by 30% to X tons in 2022. Over the period under review, imports saw a mild increase. The pace of growth appeared the most rapid in 2016 when imports increased by 107%. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, evaporated and condensed milk imports skyrocketed to $X in 2022. In general, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 116%. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Peru (X tons) constituted the largest evaporated and condensed milk supplier to Colombia, accounting for a 79% share of total imports. Moreover, evaporated and condensed milk imports from Peru exceeded the figures recorded by the second-largest supplier, Mexico (X tons), ninefold. The United States (X tons) ranked third in terms of total imports with a 7.4% share.

From 2012 to 2022, the average annual growth rate of volume from Peru amounted to +33.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+174.7% per year) and the United States (+50.4% per year).

In value terms, Peru ($X) constituted the largest supplier of evaporated and condensed milk to Colombia, comprising 67% of total imports. The second position in the ranking was taken by the United States ($X), with a 17% share of total imports. It was followed by Mexico, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from Peru totaled +30.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+57.7% per year) and Mexico (+206.6% per year).

Import Prices by Country

In 2022, the average evaporated and condensed milk import price amounted to $X per ton, dropping by -6.5% against the previous year. Overall, the import price continues to indicate a slight decrease. The pace of growth was the most pronounced in 2013 an increase of 21%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Costa Rica ($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 (+11.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :