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

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

In 2021, after six years of growth, there was significant decline in the GCC market for condensed or evaporated milk (unsweetened), when its value decreased by -46.5% to $X. Over the period under review, consumption, however, continues to indicate a resilient increase. As a result, consumption reached the peak level of $X, and then dropped dramatically in the following year.

Production of Condensed Or Evaporated Milk (Unsweetened) in GCC

In value terms, unsweetened condensed and evaporated milk production declined notably to $X in 2021 estimated in export price. Overall, production, however, showed a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 182% against the previous year. As a result, production reached the peak level of $X, and then contracted dramatically in the following year.

Exports of Condensed Or Evaporated Milk (Unsweetened)

Exports in GCC

In 2021, overseas shipments of condensed or evaporated milk (unsweetened) increased by 20% to X tons, rising for the fifth consecutive year after two years of decline. Overall, exports showed a prominent increase. The pace of growth appeared the most rapid in 2014 when exports increased by 82% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, unsweetened condensed and evaporated milk exports surged to $X in 2021. Over the period under review, exports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2014 when exports increased by 89%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

Saudi Arabia was the major exporting country with an export of around X tons, which accounted for 64% of total exports. The United Arab Emirates (X tons) ranks second in terms of the total exports with a 23% share, followed by Kuwait (12%).

Saudi Arabia was also the fastest-growing in terms of the condensed or evaporated milk (unsweetened) exports, with a CAGR of +17.6% from 2012 to 2021. At the same time, Kuwait (+10.2%) and the United Arab Emirates (+10.0%) displayed positive paces of growth. While the share of Saudi Arabia (+14 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Kuwait (-4.6 p.p.) and the United Arab Emirates (-9.7 p.p.) displayed negative dynamics.

In value terms, the largest unsweetened condensed and evaporated milk supplying countries in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X), together accounting for 97% of total exports.

Saudi Arabia, with a CAGR of +15.1%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, with a decrease of -2.6% against the previous year. In general, the export price saw a slight slump. The most prominent rate of growth was recorded in 2013 an increase of 6.1% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+0.5%), while the other leaders experienced mixed trends in the export price figures.

Imports of Condensed Or Evaporated Milk (Unsweetened)

Imports in GCC

In 2021, supplies from abroad of condensed or evaporated milk (unsweetened) decreased by -18.4% to X tons for the first time since 2016, thus ending a four-year rising trend. Over the period under review, imports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 56%. As a result, imports attained the peak of X tons, and then dropped significantly in the following year.

In value terms, unsweetened condensed and evaporated milk imports reduced slightly to $X in 2021. Overall, imports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2020 with an increase of 33% against the previous year. As a result, imports attained the peak of $X, and then shrank modestly in the following year.

Imports by Country

In 2021, the United Arab Emirates (X tons) was the largest importer of condensed or evaporated milk (unsweetened), committing 38% of total imports. Saudi Arabia (X tons) held a 21% share (based on physical terms) of total imports, which put it in second place, followed by Oman (20%), Kuwait (11%), Qatar (4.9%) and Bahrain (4.6%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Bahrain (with a CAGR of +21.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest unsweetened condensed and evaporated milk importing markets in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X), together comprising 78% of total imports.

Oman, with a CAGR of +20.1%, recorded 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 more modest paces of growth.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, jumping by 17% against the previous year. In general, the import price, however, showed a perceptible decline. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+2.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform