Latin America and the Caribbean: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in Latin America and the Caribbean

The Latin American evaporated and condensed milk market totaled $X in 2022, approximately mirroring the previous year. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the market value increased by 8.9% against the previous year. The level of consumption peaked at $X in 2020; afterwards, it flattened through to 2022.

Production of Evaporated And Condensed Milk in Latin America and the Caribbean

In value terms, evaporated and condensed milk production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 8.7%. The level of production peaked at $X in 2014; afterwards, it flattened through to 2022.

The country with the largest volume of evaporated and condensed milk production was Peru (X tons), comprising approx. 58% of total volume. Moreover, evaporated and condensed milk production in Peru exceeded the figures recorded by the second-largest producer, Mexico (X tons), threefold. Brazil (X tons) ranked third in terms of total production with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Peru totaled +1.8%. In the other countries, the average annual rates were as follows: Mexico (+1.9% per year) and Brazil (+1.2% per year).

Exports of Evaporated And Condensed Milk

Exports in Latin America and the Caribbean

Evaporated and condensed milk exports rose rapidly to X tons in 2022, increasing by 6.2% on the previous year's figure. In general, exports, however, saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2014 when exports increased by 9.4% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, evaporated and condensed milk exports soared to $X in 2022. Overall, exports, however, showed a noticeable reduction. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The biggest shipments were from Chile (X tons), Mexico (X tons) and Peru (X tons), together recording 77% of total export. It was distantly followed by Brazil (X tons), generating an 11% share of total exports. Nicaragua (X tons) and Honduras (X tons) took a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Honduras (with a CAGR of +13.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest evaporated and condensed milk supplying countries in Latin America and the Caribbean were Chile ($X), Mexico ($X) and Peru ($X), together comprising 75% of total exports. Brazil, Nicaragua and Honduras lagged somewhat behind, together comprising a further 16%.

Among the main exporting countries, Honduras, with a CAGR of +13.5%, recorded the highest growth rate of 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 export price in Latin America and the Caribbean amounted to $X per ton, picking up by 11% against the previous year. Over the last decade, 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 Nicaragua ($X per ton), while Honduras ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nicaragua (+2.1%), while the other leaders experienced more modest paces of growth.

Imports of Evaporated And Condensed Milk

Imports in Latin America and the Caribbean

In 2022, approx. X tons of evaporated and condensed milk were imported in Latin America and the Caribbean; increasing by 2.7% against 2021 figures. Over the period under review, imports, however, recorded a pronounced reduction. The pace of growth was the most pronounced in 2020 with an increase of 14% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, evaporated and condensed milk imports amounted to $X in 2022. Overall, imports, however, showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2020 when imports increased by 14%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Costa Rica (X tons), Trinidad and Tobago (X tons), Chile (X tons), Peru (X tons), Bolivia (X tons), the Dominican Republic (X tons), Guatemala (X tons), Bahamas (X tons), El Salvador (X tons), Belize (X tons), Haiti (X tons) and Cayman Islands (X tons) represented roughly 73% of total imports in 2022. Ecuador (X tons) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Cayman Islands (with a CAGR of +23.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest evaporated and condensed milk importing markets in Latin America and the Caribbean were Costa Rica ($X), Chile ($X) and Guatemala ($X), with a combined 25% share of total imports. Peru, the Dominican Republic, Trinidad and Tobago, El Salvador, Bolivia, Bahamas, Ecuador, Cayman Islands, Belize and Haiti lagged somewhat behind, together comprising a further 48%.

In terms of the main importing countries, Cayman Islands, with a CAGR of +21.7%, recorded the highest rates of growth with regard to 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 import price in Latin America and the Caribbean stood at $X per ton in 2022, growing by 5.3% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by 18%. The level of import peaked in 2022 and is expected to retain growth in the near future.

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 El Salvador ($X per ton), while Belize ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belize (+2.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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