GCC: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in GCC

The GCC evaporated and condensed milk market expanded remarkably to $X in 2022, growing by 9% against the previous year. Over the period under review, consumption enjoyed buoyant growth. 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 GCC

In value terms, evaporated and condensed milk production expanded notably to $X in 2022 estimated in export price. In general, production recorded a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of 48% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Saudi Arabia (X tons) constituted the country with the largest volume of evaporated and condensed milk production, comprising approx. 89% of total volume. Moreover, evaporated and condensed milk production in Saudi Arabia exceeded the figures recorded by the second-largest producer, Kuwait (X tons), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume in Saudi Arabia totaled +11.4%.

Exports of Evaporated And Condensed Milk

Exports in GCC

In 2022, approx. X tons of evaporated and condensed milk were exported in GCC; which is down by -6.5% on the previous year's figure. In general, exports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of 40%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, evaporated and condensed milk exports dropped slightly to $X in 2022. Overall, exports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2017 with an increase of 64%. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Saudi Arabia was the key exporting country with an export of about X tons, which reached 61% of total exports. The United Arab Emirates (X tons) held the second position in the ranking, distantly followed by Kuwait (X tons). All these countries together held approx. 36% share of total exports. Oman (X tons) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to evaporated and condensed milk exports from Saudi Arabia stood at +7.8%. At the same time, Oman (+73.2%), the United Arab Emirates (+8.6%) and Kuwait (+3.5%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +73.2% from 2012-2022. While the share of Oman (+2.8 p.p.) and the United Arab Emirates (+2.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Kuwait (-4.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 96% of total exports. These countries were followed by Oman, which accounted for a further 2.6%.

Oman, with a CAGR of +65.4%, recorded 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

In 2022, the export price in GCC amounted to $X per ton, growing by 3.9% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the export price increased by 19% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+0.5%), while the other leaders experienced mixed trends in the export price figures.

Imports of Evaporated And Condensed Milk

Imports in GCC

In 2022, purchases abroad of evaporated and condensed milk decreased by -2% to X tons, falling for the third year in a row after eight years of growth. Total imports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -23.2% against 2019 indices. The growth pace was the most rapid in 2019 when imports increased by 22%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, evaporated and condensed milk imports expanded slightly to $X in 2022. Total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -6.7% against 2019 indices. The pace of growth appeared the most rapid in 2019 when imports increased by 24%. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the United Arab Emirates (X tons) and Saudi Arabia (X tons) represented the major importers of evaporated and condensed milk in GCC, together amounting to near 61% of total imports. It was distantly followed by Oman (X tons), Kuwait (X tons) and Bahrain (X tons), together achieving a 35% share of total imports. Qatar (X tons) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +18.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 78% share of total imports. Kuwait, Bahrain and Qatar lagged somewhat behind, together comprising a further 22%.

Kuwait, with a CAGR of +13.9%, recorded the highest growth rate of the value of imports, among 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

The import price in GCC stood at $X per ton in 2022, with an increase of 4% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of 18%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+1.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform