Costa Rica: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in Costa Rica

In 2022, the Costa Rican market for condensed or evaporated milk (sweetened) decreased by -3.3% to $X for the first time since 2018, thus ending a three-year rising trend. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2021, and then fell modestly in the following year.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports from Costa Rica

In 2022, exports of condensed or evaporated milk (sweetened) from Costa Rica skyrocketed to X tons, surging by 85% against 2021 figures. Over the period under review, exports, however, continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2017 with an increase of 501%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, sweetened condensed and evaporated milk exports soared to $X in 2022. In general, exports, however, continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2017 when exports increased by 502%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

El Salvador (X tons), Guatemala (X tons) and Panama (X tons) were the main destinations of sweetened condensed and evaporated milk exports from Costa Rica, together comprising 99.9% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by El Salvador (with a CAGR of +651.0%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for sweetened condensed and evaporated milk exported from Costa Rica were El Salvador ($X), Panama ($X) and Guatemala ($X), together accounting for 99.9% of total exports.

Among the main countries of destination, El Salvador, with a CAGR of +759.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average export price for condensed or evaporated milk (sweetened) amounted to $X per ton, increasing by 22% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average export price increased by 29%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to El Salvador ($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 El Salvador (+14.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports into Costa Rica

In 2022, supplies from abroad of condensed or evaporated milk (sweetened) decreased by -0.8% to X tons, falling for the second year in a row after two years of growth. The total import volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 16% against the previous year. Over the period under review, imports reached the maximum 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 fell modestly to $X in 2022. The total import value increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 when imports increased by 20% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then reduced modestly in the following year.

Imports by Country

In 2022, Chile (X tons) constituted the largest supplier of sweetened condensed and evaporated milk to Costa Rica, with a 72% share of total imports. Moreover, sweetened condensed and evaporated milk imports from Chile exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fivefold. The third position in this ranking was taken by Panama (X tons), with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Chile totaled -1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+382.5% per year) and Panama (+6.2% per year).

In value terms, Chile ($X) constituted the largest supplier of condensed or evaporated milk (sweetened) to Costa Rica, comprising 64% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 14% share of total imports. It was followed by Argentina, with an 8.3% share.

From 2012 to 2022, the average annual growth rate of value from Chile stood at -1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+309.9% per year) and Argentina (+782.7% per year).

Import Prices by Country

The average import price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, with a decrease of -2.3% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 14% against the previous year. As a result, import price attained the peak level of $X per ton, and then dropped slightly in the following year.

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 Argentina ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (-0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform