Northern America: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in Northern America

The North American evaporated and condensed milk market rose notably to $X in 2022, picking up by 5.5% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Production of Evaporated And Condensed Milk in Northern America

In value terms, evaporated and condensed milk production totaled $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the production volume increased by 33%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

The United States (X tons) remains the largest evaporated and condensed milk producing country in Northern America, comprising approx. 94% of total volume. Moreover, evaporated and condensed milk production in the United States exceeded the figures recorded by the second-largest producer, Canada (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume in the United States was relatively modest.

Exports of Evaporated And Condensed Milk

Exports in Northern America

In 2022, the amount of evaporated and condensed milk exported in Northern America expanded notably to X tons, increasing by 11% on the previous year. Overall, exports, however, showed a slight setback. The growth pace was the most rapid in 2013 when exports increased by 79% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, evaporated and condensed milk exports surged to $X in 2022. Over the period under review, exports saw a tangible expansion. The most prominent rate of growth was recorded in 2013 with an increase of 138% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United States prevails in exports structure, recording X tons, which was approx. 97% of total exports in 2022. Canada (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to evaporated and condensed milk exports from the United States stood at -1.7%. Canada experienced a relatively flat trend pattern. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) remains the largest evaporated and condensed milk supplier in Northern America, comprising 98% of total exports. The second position in the ranking was held by Canada ($X), with a 2.3% share of total exports.

In the United States, evaporated and condensed milk exports expanded at an average annual rate of +3.6% over the period from 2012-2022.

Export Prices by Country

The export price in Northern America stood at $X per ton in 2022, with an increase of 33% against the previous year. Export price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, evaporated and condensed milk export price increased by +78.3% against 2019 indices. The growth pace was the most rapid in 2013 when the export price increased by 33% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while Canada totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.3%).

Imports of Evaporated And Condensed Milk

Imports in Northern America

In 2022, overseas purchases of evaporated and condensed milk were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports posted a notable expansion. The pace of growth appeared the most rapid in 2019 when imports increased by 62% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, evaporated and condensed milk imports surged to $X in 2022. The total import value increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The United States prevails in imports structure, resulting at X tons, which was approx. 96% of total imports in 2022. The following importers - Bermuda (X tons) and Canada (X tons) - each amounted to a 4.1% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to evaporated and condensed milk imports into the United States stood at +2.8%. At the same time, Bermuda (+22.3%) displayed positive paces of growth. Moreover, Bermuda emerged as the fastest-growing importer imported in Northern America, with a CAGR of +22.3% from 2012-2022. By contrast, Canada (-7.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States and Bermuda increased by +1.9 and +1.8 percentage points, respectively.

In value terms, the United States ($X) constitutes the largest market for imported evaporated and condensed milk in Northern America, comprising 97% of total imports. The second position in the ranking was taken by Canada ($X), with a 1.2% share of total imports.

From 2012 to 2022, the average annual growth rate of value in the United States amounted to +3.3%. In the other countries, the average annual rates were as follows: Canada (-8.1% per year) and Bermuda (+19.3% per year).

Import Prices by Country

The import price in Northern America stood at $X per ton in 2022, surging by 9.6% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the import price increased by 83%. Over the period under review, import prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

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 the United States ($X per ton), while Bermuda ($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 States (+0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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