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

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

The Latin American market for condensed or evaporated milk (unsweetened) expanded remarkably to $X in 2021, with an increase of 7.1% against the previous year. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. As a result, consumption attained the peak level of $X; afterwards, it flattened through to 2021.

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

In value terms, unsweetened condensed and evaporated milk production expanded modestly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 8.9%. The level of production peaked at $X in 2019; afterwards, it flattened through to 2021.

Exports of Condensed Or Evaporated Milk (Unsweetened)

Exports in Latin America and the Caribbean

In 2021, the amount of condensed or evaporated milk (unsweetened) exported in Latin America and the Caribbean contracted remarkably to X tons, declining by -50.4% against 2020 figures. Overall, exports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2020 when exports increased by 99%. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, unsweetened condensed and evaporated milk exports fell rapidly to $X in 2021. Over the period under review, exports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2020 with an increase of 82% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Mexico (X tons) and Peru (X tons) dominates exports structure, together making up 80% of total exports. Nicaragua (X tons) held a 5.6% share (based on physical terms) of total exports, which put it in second place, followed by Panama (4.7%). The following exporters - El Salvador (X tons), Costa Rica (X tons) and Chile (X tons) - together made up 6.8% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Panama (with a CAGR of +227.9%), while the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Peru ($X) and Nicaragua ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 81% share of total exports. Panama, El Salvador, Costa Rica and Chile lagged somewhat behind, together comprising a further 15%.

Panama, with a CAGR of +232.4%, 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 2021, the export price in Latin America and the Caribbean amounted to $X per ton, growing by 21% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.2%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Chile ($X per ton), while Peru ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+15.6%), while the other leaders experienced more modest paces of growth.

Imports of Condensed Or Evaporated Milk (Unsweetened)

Imports in Latin America and the Caribbean

In 2021, approx. X tons of condensed or evaporated milk (unsweetened) were imported in Latin America and the Caribbean; declining by -7.2% compared with 2020. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when imports increased by 8.5% against the previous year. As a result, imports reached the peak of X tons, and then contracted in the following year.

In value terms, unsweetened condensed and evaporated milk imports shrank rapidly to $X in 2021. Over the period under review, imports continue to indicate a pronounced contraction. The growth pace was the most rapid in 2014 when imports increased by 9.8%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Mexico (X tons) represented the main importer of condensed or evaporated milk (unsweetened), making up 48% of total imports. The Dominican Republic (X tons) ranks second in terms of the total imports with a 5.7% share, followed by Bolivia (5.6%) and Chile (5.5%). Bahamas (X tons), El Salvador (X tons), Guatemala (X tons), Costa Rica (X tons), Belize (X tons), Trinidad and Tobago (X tons) and Guyana (X tons) followed a long way behind the leaders.

Mexico was also the fastest-growing in terms of the condensed or evaporated milk (unsweetened) imports, with a CAGR of +18.1% from 2012 to 2021. At the same time, Chile (+12.2%), the Dominican Republic (+11.7%), El Salvador (+6.7%), Trinidad and Tobago (+4.0%), Guatemala (+2.1%) and Costa Rica (+1.3%) displayed positive paces of growth. By contrast, Bolivia (-1.8%), Guyana (-2.2%), Bahamas (-2.3%) and Belize (-3.1%) illustrated a downward trend over the same period. While the share of Mexico (+37 p.p.), the Dominican Republic (+3.5 p.p.), Chile (+3.4 p.p.) and El Salvador (+1.5 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported condensed or evaporated milk (unsweetened) in Latin America and the Caribbean, comprising 26% of total imports. The second position in the ranking was taken by Chile ($X), with an 8.6% share of total imports. It was followed by the Dominican Republic, with a 7.6% share.

In Mexico, unsweetened condensed and evaporated milk imports expanded at an average annual rate of +9.9% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Chile (+13.9% per year) and the Dominican Republic (+10.6% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, reducing by -10.9% against the previous year. Over the period under review, the import price recorded a noticeable slump. The most prominent rate of growth was recorded in 2017 when the import price increased by 3.7% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Guatemala ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guyana (+7.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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