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

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

In 2022, the Mexican market for condensed or evaporated milk (sweetened) increased by 1.8% to $X, rising for the second consecutive year after three years of decline. The market value increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. Sweetened condensed and evaporated milk consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Production of Condensed Or Evaporated Milk (Sweetened) in Mexico

In value terms, sweetened condensed and evaporated milk production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when the production volume increased by 20%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports from Mexico

Sweetened condensed and evaporated milk exports from Mexico reduced to X tons in 2022, with a decrease of -6.2% compared with the year before. Over the period under review, exports recorded a drastic downturn. The growth pace was the most rapid in 2018 with an increase of 108%. The exports 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 rose rapidly to $X in 2022. Overall, exports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2018 with an increase of 126% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for sweetened condensed and evaporated milk exports from Mexico, accounting for a 98% share of total exports. It was followed by Belize (X tons), with a 1.5% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to -9.1%.

In value terms, the United States ($X) remains the key foreign market for condensed or evaporated milk (sweetened) exports from Mexico, comprising 99% of total exports. The second position in the ranking was held by Belize ($X), with a 0.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at -6.1%.

Export Prices by Country

The average export price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, jumping by 17% against the previous year. Over the last decade, it increased at an average annual rate of +3.5%. The growth pace was the most rapid in 2021 when the average export price increased by 27% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Belize stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Peru (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports into Mexico

After four years of decline, purchases abroad of condensed or evaporated milk (sweetened) increased by 116% to X tons in 2022. Over the period under review, imports, however, recorded a significant curtailment. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, sweetened condensed and evaporated milk imports skyrocketed to $X in 2022. In general, imports, however, showed a dramatic setback. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Singapore (X tons) constituted the largest supplier of sweetened condensed and evaporated milk to Mexico, accounting for a 66% share of total imports. Moreover, sweetened condensed and evaporated milk imports from Singapore exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. The third position in this ranking was held by the United States (X tons), with a 3.5% share.

From 2012 to 2022, the average annual growth rate of volume from Singapore stood at -23.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-21.4% per year) and the United States (-35.2% per year).

In value terms, Singapore ($X), Malaysia ($X) and the United States ($X) were the largest sweetened condensed and evaporated milk suppliers to Mexico, with a combined 84% share of total imports.

In terms of the main suppliers, Malaysia, with a CAGR of -11.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average import price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, reducing by -4.4% against the previous year. Over the last decade, it increased at an average annual rate of +3.9%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 35%. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then dropped slightly in the following year.

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 the United States ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+15.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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