Guatemala: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in Guatemala

The Guatemalan evaporated and condensed milk market amounted to $X in 2022, picking up by 14% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Evaporated and condensed milk consumption peaked in 2022 and is expected to retain growth in years to come.

Exports of Evaporated And Condensed Milk

Exports from Guatemala

In 2022, the amount of evaporated and condensed milk exported from Guatemala soared to X tons, jumping by 68% against 2021 figures. Overall, exports posted a significant increase. The pace of growth was the most pronounced in 2013 when exports increased by 2,786% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, evaporated and condensed milk exports soared to $X in 2022. In general, exports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 3,680%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

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

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cuba (with a CAGR of +200.0%), while the other leaders experienced more modest paces of growth.

In value terms, Costa Rica ($X), Cuba ($X) and El Salvador ($X) were the largest markets for evaporated and condensed milk exported from Guatemala worldwide.

In terms of the main countries of destination, Cuba, with a CAGR of +210.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average evaporated and condensed milk export price amounted to $X per ton, picking up by 2% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 36% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the 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 El Salvador ($X per ton), while the average price for exports to Cuba ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to El Salvador (+15.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Evaporated And Condensed Milk

Imports into Guatemala

In 2022, the amount of evaporated and condensed milk imported into Guatemala rose notably to X tons, surging by 7.4% compared with the previous year's figure. In general, total imports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +4.6% 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 +8.8% against 2020 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 21%. Imports peaked in 2022 and are likely to continue growth in the near future.

In value terms, evaporated and condensed milk imports surged to $X in 2022. The total import value increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when imports increased by 18% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Honduras (X tons) constituted the largest evaporated and condensed milk supplier to Guatemala, with a 34% share of total imports. Moreover, evaporated and condensed milk imports from Honduras exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), twofold. The Netherlands (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from Honduras totaled +20.4%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (-2.4% per year) and the Netherlands (+168.9% per year).

In value terms, New Zealand ($X), Honduras ($X) and El Salvador ($X) appeared to be the largest evaporated and condensed milk suppliers to Guatemala, with a combined 62% share of total imports. The Netherlands, Mexico, Germany, Chile and Panama lagged somewhat behind, together accounting for a further 36%.

The Netherlands, with a CAGR of +180.9%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average evaporated and condensed milk import price amounted to $X per ton, with an increase of 7.7% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 9.4% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 New Zealand ($X per ton), while the price for Honduras ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform