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

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

The Philippine market for condensed or evaporated milk (unsweetened) dropped dramatically to $X in 2021, waning by -23.7% against the previous year. Overall, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Production of Condensed Or Evaporated Milk (Unsweetened) in the Philippines

In value terms, unsweetened condensed and evaporated milk production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 4.1%. Unsweetened condensed and evaporated milk production peaked at $X in 2020, and then shrank modestly in the following year.

Exports of Condensed Or Evaporated Milk (Unsweetened)

Exports from the Philippines

In 2021, unsweetened condensed and evaporated milk exports from the Philippines fell rapidly to X tons, waning by -77.4% against the previous year. Over the period under review, exports showed a abrupt contraction. The most prominent rate of growth was recorded in 2014 when exports increased by 2,972% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, unsweetened condensed and evaporated milk exports shrank sharply to $X in 2021. In general, exports faced a abrupt slump. The pace of growth was the most pronounced in 2014 when exports increased by 1,750% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia (X tons) was the main destination for unsweetened condensed and evaporated milk exports from the Philippines, with a 68% share of total exports. Moreover, unsweetened condensed and evaporated milk exports to Malaysia exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), threefold. The third position in this ranking was held by Hong Kong SAR (X tons), with a 5.9% share.

From 2012 to 2021, the average annual growth rate of volume to Malaysia stood at +92.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-10.8% per year) and Hong Kong SAR (-23.3% per year).

In value terms, the largest markets for unsweetened condensed and evaporated milk exported from the Philippines were Malaysia ($X), the United Arab Emirates ($X) and Hong Kong SAR ($X), with a combined 93% share of total exports.

Among the main countries of destination, Malaysia, with a CAGR of +68.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average export price for condensed or evaporated milk (unsweetened) amounted to $X per ton, growing by 8.4% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced contraction. The growth pace was the most rapid in 2019 an increase of 78%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Malaysia ($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 Canada (+7.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Condensed Or Evaporated Milk (Unsweetened)

Imports into the Philippines

In 2021, overseas purchases of condensed or evaporated milk (unsweetened) decreased by -81% to X tons, falling for the second year in a row after two years of growth. Overall, imports showed a deep setback. The most prominent rate of growth was recorded in 2016 with an increase of 687% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, unsweetened condensed and evaporated milk imports fell dramatically to $X in 2021. In general, imports faced a deep downturn. The pace of growth was the most pronounced in 2016 when imports increased by 251% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Brazil (X tons) constituted the largest supplier of unsweetened condensed and evaporated milk to the Philippines, accounting for a 79% share of total imports. Moreover, unsweetened condensed and evaporated milk imports from Brazil exceeded the figures recorded by the second-largest supplier, Denmark (X tons), sevenfold. Malaysia (X tons) ranked third in terms of total imports with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Brazil totaled +33.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+58.2% per year) and Malaysia (-15.6% per year).

In value terms, Brazil ($X) constituted the largest supplier of condensed or evaporated milk (unsweetened) to the Philippines, comprising 80% of total imports. The second position in the ranking was held by Denmark ($X), with a 10% share of total imports. It was followed by Malaysia, with a 5.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Brazil stood at +28.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+39.0% per year) and Malaysia (-3.3% per year).

Import Prices by Country

The average import price for condensed or evaporated milk (unsweetened) stood at $X per ton in 2021, dropping by -3.3% against the previous year. Over the period under review, the import price saw a mild reduction. The pace of growth appeared the most rapid in 2015 an increase of 58%. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Brazil ($X per ton) and Thailand ($X per ton), while the price for Singapore ($X per ton) and Denmark ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+14.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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