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

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

In 2022, the Guatemalan market for condensed or evaporated milk (sweetened) was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, the total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +7.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports from Guatemala

In 2022, shipments abroad of condensed or evaporated milk (sweetened) increased by 65% to X tons, rising for the seventh consecutive year after two years of decline. In general, exports enjoyed a significant increase. The pace of growth appeared the most rapid in 2021 when exports increased by 1,422%. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in years to come.

In value terms, sweetened condensed and evaporated milk exports surged to $X in 2022. Over the period under review, exports posted a resilient increase. The pace of growth was the most pronounced in 2021 when exports increased by 895%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

Cuba (X tons) and Costa Rica (X tons) were the main destinations of sweetened condensed and evaporated milk exports from Guatemala.

From 2013 to 2022, the biggest increases were recorded for Cuba (with a CAGR of +200.0%).

In value terms, Costa Rica ($X) and Cuba ($X) appeared to be the largest markets for sweetened condensed and evaporated milk exported from Guatemala worldwide.

Among the main countries of destination, Cuba, with a CAGR of +210.6%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The average export price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, dropping by -3.2% against the previous year. In general, the export price saw a perceptible curtailment. The most prominent rate of growth was recorded in 2014 when the average export price increased by 25%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to Cuba totaled $X per ton.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to El Salvador (+13.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports into Guatemala

In 2022, after two years of decline, there was significant growth in overseas purchases of condensed or evaporated milk (sweetened), when their volume increased by 28% to X tons. Over the period under review, imports showed a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, sweetened condensed and evaporated milk imports skyrocketed to $X in 2022. Overall, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Honduras (X tons) constituted the largest supplier of sweetened condensed and evaporated milk to Guatemala, accounting for a 58% share of total imports. Moreover, sweetened condensed and evaporated milk imports from Honduras exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), threefold. Mexico (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from Honduras stood at +20.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+167.8% per year) and Mexico (-5.7% per year).

In value terms, Honduras ($X), the Netherlands ($X) and Mexico ($X) were the largest sweetened condensed and evaporated milk suppliers to Guatemala, with a combined 87% share of total imports.

Among the main suppliers, the Netherlands, with a CAGR of +179.3%, recorded the highest growth rate of 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 average import price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, picking up by 7.2% against the previous year. Overall, the import price, however, continues to indicate a mild descent. The growth pace was the most rapid in 2021 when the average import price increased by 9.1% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Chile ($X per ton), while the price for Honduras ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform