Latin America and the Caribbean: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in Latin America and the Caribbean

After two years of growth, the Latin American market for condensed or evaporated milk (sweetened) decreased by -1.5% to $X in 2022. The market value increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. Over the period under review, the market hit record highs at $X in 2021, and then fell in the following year.

Production of Condensed Or Evaporated Milk (Sweetened) in Latin America and the Caribbean

In value terms, sweetened condensed and evaporated milk production stood at $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 15%. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports in Latin America and the Caribbean

In 2022, approx. X tons of condensed or evaporated milk (sweetened) were exported in Latin America and the Caribbean; growing by 17% compared with the year before. In general, exports, however, saw a noticeable descent. The most prominent rate of growth was recorded in 2020 with an increase of 20% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, sweetened condensed and evaporated milk exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a pronounced shrinkage. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Chile represented the largest exporting country with an export of about X tons, which recorded 56% of total exports. Brazil (X tons) took the second position in the ranking, followed by Mexico (X tons). All these countries together held approx. 31% share of total exports. Honduras (X tons), Peru (X tons), Argentina (X tons) and Jamaica (X tons) held a relatively small share of total exports.

Chile experienced a relatively flat trend pattern with regard to volume of exports of condensed or evaporated milk (sweetened). At the same time, Jamaica (+77.5%), Honduras (+14.9%), Argentina (+13.3%) and Peru (+10.4%) displayed positive paces of growth. Moreover, Jamaica emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +77.5% from 2012-2022. By contrast, Brazil (-9.6%) and Mexico (-9.9%) illustrated a downward trend over the same period. While the share of Chile (+20 p.p.), Honduras (+2.5 p.p.), Peru (+2.3 p.p.) and Jamaica (+1.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Mexico (-12.9 p.p.) and Brazil (-16.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) remains the largest sweetened condensed and evaporated milk supplier in Latin America and the Caribbean, comprising 54% of total exports. The second position in the ranking was taken by Mexico ($X), with an 18% share of total exports. It was followed by Brazil, with a 17% share.

In Chile, sweetened condensed and evaporated milk exports increased at an average annual rate of +1.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Mexico (-6.8% per year) and Brazil (-10.1% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, rising by 10% against the previous year. In general, the export price saw a relatively flat trend pattern. Over the period under review, the export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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 Mexico ($X per ton), while Honduras ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+9.6%), while the other leaders experienced more modest paces of growth.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports in Latin America and the Caribbean

In 2022, imports of condensed or evaporated milk (sweetened) in Latin America and the Caribbean rose to X tons, surging by 3.5% compared with the previous year. Overall, imports, however, recorded a perceptible decrease. The most prominent rate of growth was recorded in 2020 when imports increased by 10%. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, sweetened condensed and evaporated milk imports rose rapidly to $X in 2022. In general, imports, however, showed a pronounced contraction. The most prominent rate of growth was recorded in 2017 with an increase of 13% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Peru (X tons), Costa Rica (X tons), Trinidad and Tobago (X tons), Chile (X tons), Guatemala (X tons), Ecuador (X tons), Haiti (X tons), Belize (X tons), Venezuela (X tons), Barbados (X tons), Paraguay (X tons) and Grenada (X tons) was the key importer of condensed or evaporated milk (sweetened) in Latin America and the Caribbean, comprising 81% of total import.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of +45.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest sweetened condensed and evaporated milk importing markets in Latin America and the Caribbean were Peru ($X), Costa Rica ($X) and Chile ($X), with a combined 38% share of total imports.

Chile, with a CAGR of +49.1%, 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

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by 6.4% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 8.1% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Grenada ($X per ton), while Belize ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Grenada (+4.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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