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

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

In 2022, the MENA's market for condensed or evaporated milk (sweetened) decreased by -23.6% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption, however, continues to indicate slight growth. As a result, consumption reached the peak level of $X, and then contracted significantly in the following year.

Production of Condensed Or Evaporated Milk (Sweetened) in MENA

In value terms, sweetened condensed and evaporated milk production reduced remarkably to $X in 2022 estimated in export price. Over the period under review, production, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2021 when the production volume increased by 310% against the previous year. As a result, production reached the peak level of $X, and then shrank markedly in the following year.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports in MENA

After three years of decline, shipments abroad of condensed or evaporated milk (sweetened) increased by 22% to X tons in 2022. Overall, exports, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2013 when exports increased by 136% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, sweetened condensed and evaporated milk exports soared to $X in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 111% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Saudi Arabia represented the main exporting country with an export of around X tons, which amounted to 54% of total exports. The United Arab Emirates (X tons) held the second position in the ranking, distantly followed by Oman (X tons), Kuwait (X tons) and Turkey (X tons). All these countries together took approx. 42% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to sweetened condensed and evaporated milk exports from Saudi Arabia stood at -6.7%. At the same time, Oman (+69.5%), Turkey (+11.2%) and the United Arab Emirates (+3.4%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in MENA, with a CAGR of +69.5% from 2012-2022. By contrast, Kuwait (-9.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates, Oman and Turkey increased by +11, +11 and +3.8 percentage points, respectively.

In value terms, Saudi Arabia ($X) remains the largest sweetened condensed and evaporated milk supplier in MENA, comprising 56% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 23% share of total exports. It was followed by Oman, with a 6.9% share.

In Saudi Arabia, sweetened condensed and evaporated milk exports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (+4.7% per year) and Oman (+66.2% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, approximately mirroring the previous year. In general, the export price, however, enjoyed a noticeable increase. The most prominent rate of growth was recorded in 2020 when the export price increased by 65%. Over the period under review, the export prices reached the peak figure at $X per ton in 2021, and then contracted in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+6.8%), while the other leaders experienced mixed trends in the export price figures.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports in MENA

In 2022, overseas purchases of condensed or evaporated milk (sweetened) decreased by -1.6% to X tons, falling for the third consecutive year after eight years of growth. In general, imports continue to indicate a noticeable slump. The growth pace was the most rapid in 2013 when imports increased by 28%. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, sweetened condensed and evaporated milk imports totaled $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when imports increased by 31%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Saudi Arabia (X tons) represented the major importer of condensed or evaporated milk (sweetened), achieving 43% of total imports. It was distantly followed by the United Arab Emirates (X tons), Libya (X tons), Kuwait (X tons) and Oman (X tons), together generating a 38% share of total imports. Iraq (X tons) and Jordan (X tons) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to sweetened condensed and evaporated milk imports into Saudi Arabia stood at +2.2%. At the same time, Iraq (+23.9%), Jordan (+21.9%), Kuwait (+20.5%) and Libya (+15.9%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in MENA, with a CAGR of +23.9% from 2012-2022. By contrast, the United Arab Emirates (-7.6%) and Oman (-18.0%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+16 p.p.), Libya (+8.9 p.p.), Kuwait (+6.7 p.p.), Iraq (+3.4 p.p.) and Jordan (+2.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the United Arab Emirates (-10.4 p.p.) and Oman (-22.2 p.p.) displayed negative dynamics.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported condensed or evaporated milk (sweetened) in MENA, comprising 53% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 12% share of total imports. It was followed by Kuwait, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Saudi Arabia stood at +2.9%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+4.1% per year) and Kuwait (+19.2% per year).

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, picking up by 3.3% against the previous year. Import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sweetened condensed and evaporated milk import price increased by +78.1% against 2018 indices. The most prominent rate of growth was recorded in 2020 an increase of 42% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

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 Saudi Arabia ($X per ton), while Libya ($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 United Arab Emirates (+12.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform