Costa Rica: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in Costa Rica

In 2022, after two years of growth, there was decline in the Costa Rican evaporated and condensed milk market, when its value decreased by -2.8% to $X. The market value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Evaporated and condensed milk consumption peaked at $X in 2021, and then reduced in the following year.

Exports of Evaporated And Condensed Milk

Exports from Costa Rica

In 2022, shipments abroad of evaporated and condensed milk was finally on the rise to reach X tons after five years of decline. Overall, exports, however, recorded a slight setback. The most prominent rate of growth was recorded in 2015 with an increase of 11%. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, evaporated and condensed milk exports soared to $X in 2022. In general, exports showed a mild expansion. The pace of growth appeared the most rapid in 2016 with an increase of 26%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Honduras (X tons), El Salvador (X tons) and Panama (X tons) were the main destinations of evaporated and condensed milk exports from Costa Rica, together comprising 76% of total exports.

From 2012 to 2022, the biggest increases were recorded for Honduras (with a CAGR of +8.1%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for evaporated and condensed milk exported from Costa Rica were Honduras ($X), Panama ($X) and El Salvador ($X), together comprising 81% of total exports.

Honduras, with a CAGR of +9.0%, recorded the highest rates of growth with regard to the value of exports, in terms of 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

The average evaporated and condensed milk export price stood at $X per ton in 2022, surging by 12% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2016 an increase of 15% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Guatemala ($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 Panama (+9.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Evaporated And Condensed Milk

Imports into Costa Rica

In 2022, evaporated and condensed milk imports into Costa Rica amounted to X tons, flattening at 2021. The total import volume increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 19%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, evaporated and condensed milk imports dropped modestly to $X in 2022. The total import value increased at an average annual rate of +2.2% over the period 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 28%. Over the period under review, imports reached the peak figure at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, Chile (X tons) constituted the largest supplier of evaporated and condensed milk to Costa Rica, accounting for a 51% share of total imports. Moreover, evaporated and condensed milk imports from Chile exceeded the figures recorded by the second-largest supplier, Panama (X tons), twofold. The third position in this ranking was held by Mexico (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from Chile totaled -1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (+0.7% per year) and Mexico (+16.7% per year).

In value terms, Chile ($X) constituted the largest supplier of evaporated and condensed milk to Costa Rica, comprising 45% of total imports. The second position in the ranking was taken by Panama ($X), with a 22% share of total imports. It was followed by Mexico, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Chile amounted to -1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (+1.2% per year) and Mexico (+21.2% per year).

Import Prices by Country

The average evaporated and condensed milk import price stood at $X per ton in 2022, which is down by -2.9% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 12%. As a result, import price attained the peak level of $X per ton, and then contracted in the following year.

Prices varied noticeably by country of origin: 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 Mexico (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform