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

Market Size for Condensed Or Evaporated Milk (Sweetened) in the Philippines

The Philippine market for condensed or evaporated milk (sweetened) was finally on the rise to reach $X in 2022, after three years of decline. In general, consumption, however, showed a mild decline. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports from the Philippines

In 2022, approx. X tons of condensed or evaporated milk (sweetened) were exported from the Philippines; waning by -38.8% against 2021 figures. Over the period under review, exports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 969,763% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, sweetened condensed and evaporated milk exports dropped rapidly to $X in 2022. In general, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 645,585% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Canada (X tons), the United Arab Emirates (X tons) and Singapore (X tons) were the main destinations of sweetened condensed and evaporated milk exports from the Philippines, with a combined 49% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +226.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for sweetened condensed and evaporated milk exported from the Philippines were Canada ($X), the United Arab Emirates ($X) and Singapore ($X), with a combined 49% share of total exports.

Singapore, with a CAGR of +238.9%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, picking up by 12% against the previous year. Over the period under review, the export price, however, showed a pronounced curtailment. The growth pace was the most rapid in 2018 when the average export price increased by 66%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Vietnam ($X per ton) and Japan ($X per ton), while the average price for exports to Singapore ($X per ton) and Venezuela ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+30.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports into the Philippines

In 2022, purchases abroad of condensed or evaporated milk (sweetened) was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. In general, imports, however, recorded a noticeable decrease. The growth pace was the most rapid in 2018 with an increase of 119%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, sweetened condensed and evaporated milk imports surged to $X in 2022. Over the period under review, imports saw noticeable growth. The pace of growth was the most pronounced in 2018 with an increase of 134%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Indonesia (X tons), Vietnam (X tons) and Malaysia (X tons) were the main suppliers of sweetened condensed and evaporated milk imports to the Philippines, with a combined 85% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +56.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Vietnam ($X) and Malaysia ($X) constituted the largest sweetened condensed and evaporated milk suppliers to the Philippines, with a combined 85% share of total imports.

Among the main suppliers, Indonesia, with a CAGR of +57.1%, recorded the highest growth rate of 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

In 2022, the average import price for condensed or evaporated milk (sweetened) amounted to $X per ton, with an increase of 12% against the previous year. Over the period under review, the import price saw resilient growth. The pace of growth was the most pronounced in 2019 an increase of 85%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Vietnam ($X per ton) and Indonesia ($X per ton), while the price for Thailand ($X per ton) and Belgium ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+18.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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