Eastern Asia: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in Eastern Asia

In 2022, the East Asian evaporated and condensed milk market decreased by -0.2% to $X, falling for the second year in a row after two years of growth. In general, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Production of Evaporated And Condensed Milk in Eastern Asia

In value terms, evaporated and condensed milk production stood at $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 29%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

The country with the largest volume of evaporated and condensed milk production was China (X tons), comprising approx. 66% of total volume. Moreover, evaporated and condensed milk production in China exceeded the figures recorded by the second-largest producer, Japan (X tons), threefold.

In China, evaporated and condensed milk production remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Japan (-0.5% per year) and South Korea (+4.2% per year).

Exports of Evaporated And Condensed Milk

Exports in Eastern Asia

In 2022, overseas shipments of evaporated and condensed milk increased by 20% to X tons, rising for the third consecutive year after three years of decline. Total exports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +47.0% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of 55%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, evaporated and condensed milk exports soared to $X in 2022. Total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +63.4% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 54% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.

Exports by Country

South Korea was the main exporter of evaporated and condensed milk in Eastern Asia, with the volume of exports resulting at X tons, which was near 68% of total exports in 2022. China (X tons) ranks second in terms of the total exports with a 15% share, followed by Hong Kong SAR (14%). Taiwan (Chinese) (X tons) followed a long way behind the leaders.

South Korea was also the fastest-growing in terms of the evaporated and condensed milk exports, with a CAGR of +16.5% from 2012 to 2022. China (-3.7%), Hong Kong SAR (-5.0%) and Taiwan (Chinese) (-10.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of South Korea increased by +45 percentage points.

In value terms, South Korea ($X) remains the largest evaporated and condensed milk supplier in Eastern Asia, comprising 62% of total exports. The second position in the ranking was held by China ($X), with a 16% share of total exports. It was followed by Hong Kong SAR, with a 14% share.

From 2012 to 2022, the average annual growth rate of value in South Korea totaled +15.3%. The remaining exporting countries recorded the following average annual rates of exports growth: China (-2.5% per year) and Hong Kong SAR (-4.0% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, surging by 2% against the previous year. Overall, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the export price increased by 11%. The level of export peaked at $X per ton in 2015; afterwards, it flattened through to 2022.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Taiwan (Chinese) ($X per ton) and China ($X per ton), while South Korea ($X per ton) and Hong Kong SAR ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.6%), while the other leaders experienced more modest paces of growth.

Imports of Evaporated And Condensed Milk

Imports in Eastern Asia

In 2022, approx. X tons of evaporated and condensed milk were imported in Eastern Asia; waning by -15.5% on 2021. Total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of 29% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then reduced markedly in the following year.

In value terms, evaporated and condensed milk imports shrank to $X in 2022. Total imports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +51.3% against 2012 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 17%. As a result, imports reached the peak of $X, and then fell in the following year.

Imports by Country

Hong Kong SAR represented the largest importing country with an import of about X tons, which resulted at 46% of total imports. China (X tons) took a 27% share (based on physical terms) of total imports, which put it in second place, followed by Taiwan (Chinese) (25%). Japan (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Taiwan (Chinese) (with a CAGR of +22.3%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest evaporated and condensed milk importing markets in Eastern Asia were Hong Kong SAR ($X), Taiwan (Chinese) ($X) and China ($X), with a combined 94% share of total imports.

Taiwan (Chinese), with a CAGR of +22.2%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, rising by 4.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2014 when the import price increased by 7.8%. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+0.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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