Eastern Asia: Market for Condensed Or Evaporated Milk (Unsweetened) 2024

Market Size for Condensed Or Evaporated Milk (Unsweetened) in Eastern Asia

The East Asian market for condensed or evaporated milk (unsweetened) was estimated at $X in 2021, approximately reflecting the previous year. The market value increased at an average annual rate of +3.4% over the period 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 in 2021 and is likely to see steady growth in the near future.

Production of Condensed Or Evaporated Milk (Unsweetened) in Eastern Asia

In value terms, unsweetened condensed and evaporated milk production contracted slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.3% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 21% against the previous year. The level of production peaked at $X in 2020, and then reduced modestly in the following year.

Exports of Condensed Or Evaporated Milk (Unsweetened)

Exports in Eastern Asia

In 2021, shipments abroad of condensed or evaporated milk (unsweetened) was finally on the rise to reach X tons for the first time since 2016, thus ending a four-year declining trend. Overall, exports, however, showed a abrupt contraction. The pace of growth was the most pronounced in 2013 when exports increased by 51%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, unsweetened condensed and evaporated milk exports skyrocketed to $X in 2021. In general, exports, however, saw a abrupt curtailment. The pace of growth appeared the most rapid in 2013 when exports increased by 47%. The level of export peaked at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Hong Kong SAR dominates exports structure, finishing at X tons, which was near 80% of total exports in 2021. China (X tons) ranks second in terms of the total exports with a 9.8% share, followed by Taiwan (Chinese) (7.3%). Japan (X tons) took a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to unsweetened condensed and evaporated milk exports from Hong Kong SAR stood at -5.8%. At the same time, Japan (+32.1%) and Taiwan (Chinese) (+12.9%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +32.1% from 2012-2021. By contrast, China (-15.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Hong Kong SAR, Taiwan (Chinese) and Japan increased by +6.3, +6 and +1.7 percentage points, respectively.

In value terms, Hong Kong SAR ($X) remains the largest unsweetened condensed and evaporated milk supplier in Eastern Asia, comprising 70% of total exports. The second position in the ranking was held by China ($X), with an 11% share of total exports. It was followed by Taiwan (Chinese), with a 9% share.

In Hong Kong SAR, unsweetened condensed and evaporated milk exports decreased by an average annual rate of -6.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: China (-13.3% per year) and Taiwan (Chinese) (+17.0% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, growing by 3.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2014 an increase of 20%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+6.6%), while the other leaders experienced more modest paces of growth.

Imports of Condensed Or Evaporated Milk (Unsweetened)

Imports in Eastern Asia

Unsweetened condensed and evaporated milk imports skyrocketed to X tons in 2021, increasing by 20% against the previous year. The total import volume increased at an average annual rate of +3.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 27% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, unsweetened condensed and evaporated milk imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by 22% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

Hong Kong SAR was the largest importer of condensed or evaporated milk (unsweetened) in Eastern Asia, with the volume of imports resulting at X tons, which was near 52% of total imports in 2021. Taiwan (Chinese) (X tons) took a 22% share (based on physical terms) of total imports, which put it in second place, followed by China (22%). Japan (X tons) held a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to unsweetened condensed and evaporated milk imports into Hong Kong SAR stood at -1.6%. At the same time, Taiwan (Chinese) (+31.5%), China (+14.9%) and Japan (+3.1%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +31.5% from 2012-2021. From 2012 to 2021, the share of Taiwan (Chinese) and China increased by +20 and +13 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($X), Taiwan (Chinese) ($X) and China ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 91% of total imports.

In terms of the main importing countries, Taiwan (Chinese), with a CAGR of +29.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, which is down by -3.9% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the import price increased by 9.8%. Over the period under review, import prices hit record highs at $X per ton in 2020, and then shrank in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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