GCC: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in GCC

The GCC market for condensed or evaporated milk (sweetened) reduced remarkably to $X in 2022, waning by -28.6% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then dropped markedly in the following year.

Production of Condensed Or Evaporated Milk (Sweetened) in GCC

In value terms, sweetened condensed and evaporated milk production dropped remarkably to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the production volume increased by 45% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports in GCC

In 2022, after three years of decline, there was significant growth in overseas shipments of condensed or evaporated milk (sweetened), when their volume increased by 23% to X tons. In general, exports, however, recorded a noticeable shrinkage. The growth pace was the most rapid in 2013 with an increase of 143%. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, sweetened condensed and evaporated milk exports skyrocketed to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 120% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia was the main exporter of condensed or evaporated milk (sweetened) in GCC, with the volume of exports recording X tons, which was near 58% of total exports in 2022. The United Arab Emirates (X tons) ranks second in terms of the total exports with a 23% share, followed by Oman (11%) and Kuwait (6.3%).

From 2012 to 2022, average annual rates of growth with regard to sweetened condensed and evaporated milk exports from Saudi Arabia stood at -6.7%. At the same time, Oman (+69.5%) and the United Arab Emirates (+3.4%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +69.5% from 2012-2022. By contrast, Kuwait (-9.7%) illustrated a downward trend over the same period. The United Arab Emirates (+12 p.p.) and Oman (+11 p.p.) significantly strengthened its position in terms of the total exports, while Kuwait and Saudi Arabia saw its share reduced by -5.2% and -17.9% from 2012 to 2022, respectively.

In value terms, Saudi Arabia ($X) remains the largest sweetened condensed and evaporated milk supplier in GCC, comprising 60% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 24% share of total exports. It was followed by Oman, with a 7.5% share.

In Saudi Arabia, sweetened condensed and evaporated milk exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+4.7% per year) and Oman (+66.2% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, standing approx. at the previous year. Over the period under review, the export price, however, enjoyed a perceptible expansion. The pace of growth was the most pronounced in 2020 when the export price increased by 65% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2021, and then reduced in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+6.8%), while the other leaders experienced mixed trends in the export price figures.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports in GCC

In 2022, purchases abroad of condensed or evaporated milk (sweetened) decreased by -8% to X tons, falling for the fourth year in a row after seven years of growth. Overall, imports saw a noticeable setback. The pace of growth appeared the most rapid in 2013 with an increase of 32%. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, sweetened condensed and evaporated milk imports totaled $X in 2022. In general, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when imports increased by 34% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Saudi Arabia represented the key importing country with an import of about X tons, which recorded 58% of total imports. The United Arab Emirates (X tons) took a 20% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (10%) and Oman (6.5%). Bahrain (X tons) and Qatar (X tons) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to sweetened condensed and evaporated milk imports into Saudi Arabia stood at +2.2%. At the same time, Kuwait (+20.5%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of +20.5% from 2012-2022. By contrast, Bahrain (-2.7%), the United Arab Emirates (-7.6%), Qatar (-14.4%) and Oman (-18.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Saudi Arabia and Kuwait increased by +28 and +9.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported condensed or evaporated milk (sweetened) in GCC, comprising 65% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 15% share of total imports. It was followed by Kuwait, with an 8.6% share.

From 2012 to 2022, the average annual growth rate of value in Saudi Arabia stood at +2.9%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+4.1% per year) and Kuwait (+19.2% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, increasing by 9.4% against the previous year. In general, the import price saw a perceptible expansion. The pace of growth was the most pronounced in 2020 an increase of 58% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Qatar ($X per ton) and Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) and Kuwait ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+12.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform