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

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

After two years of decline, the Mexican market for condensed or evaporated milk (unsweetened) increased by 26% to $X in 2021. The market value increased at an average annual rate of +4.4% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Unsweetened condensed and evaporated milk consumption peaked in 2021 and is likely to see steady growth in the near future.

Production of Condensed Or Evaporated Milk (Unsweetened) in Mexico

In value terms, unsweetened condensed and evaporated milk production shrank to $X in 2021 estimated in export price. In general, the total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -5.0% against 2018 indices. The pace of growth appeared the most rapid in 2016 with an increase of 106%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Condensed Or Evaporated Milk (Unsweetened)

Exports from Mexico

In 2021, overseas shipments of condensed or evaporated milk (unsweetened) increased by 17% to X tons, rising for the fifth consecutive year after two years of decline. In general, exports posted significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 329%. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, unsweetened condensed and evaporated milk exports skyrocketed to $X in 2021. Overall, exports continue to indicate significant growth. The growth pace was the most rapid in 2019 with an increase of 289%. Over the period under review, the exports reached the peak figure in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Australia (X tons), Belize (X tons) and the Dominican Republic (X tons) were the main destinations of unsweetened condensed and evaporated milk exports from Mexico, together accounting for 77% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +342.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for unsweetened condensed and evaporated milk exported from Mexico were Australia ($X), Belize ($X) and Costa Rica ($X), together comprising 77% of total exports.

In terms of the main countries of destination, Australia, with a CAGR of +447.0%, recorded the highest rates of growth with regard to 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 2021, the average export price for condensed or evaporated milk (unsweetened) amounted to $X per ton, increasing by 6.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.2%. The most prominent rate of growth was recorded in 2016 an increase of 15%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Belize ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+23.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Condensed Or Evaporated Milk (Unsweetened)

Imports into Mexico

Unsweetened condensed and evaporated milk imports into Mexico surged to X tons in 2021, growing by 3,534% against 2020 figures. Overall, imports posted a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, unsweetened condensed and evaporated milk imports soared to $X in 2021. Over the period under review, imports continue to indicate resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X tons) was the main supplier of unsweetened condensed and evaporated milk to Mexico, with a 99% share of total imports. It was followed by Malaysia (X tons), with a 0.8% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled +18.2%.

In value terms, the United States ($X) constituted the largest supplier of condensed or evaporated milk (unsweetened) to Mexico, comprising 98% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 1.1% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled +9.9%.

Import Prices by Country

The average import price for condensed or evaporated milk (unsweetened) stood at $X per ton in 2021, which is down by -36.8% against the previous year. In general, the import price saw a deep contraction. The most prominent rate of growth was recorded in 2020 when the average import price increased by 17% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for the United States totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (-1.4%).

Source: IndexBox Platform

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