Scandinavia: Powdered Milk Market 2024

Powdered Milk Market Size in Scandinavia

For the fourth year in a row, the Scandinavia powdered milk market recorded decline in sales value, which decreased by -2% to $X in 2022. The total consumption indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -39.4% against 2018 indices. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Powdered Milk Production in Scandinavia

In value terms, powdered milk production fell slightly to $X in 2022 estimated in export price. The total production indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.3% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 46% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were Finland (X tons), Sweden (X tons) and Norway (X tons).

From 2012 to 2022, the biggest increases were recorded for Finland (with a CAGR of +12.8%), while production for the other leaders experienced mixed trends in the production figures.

Powdered Milk Exports

Exports in Scandinavia

After two years of growth, overseas shipments of powdered milk decreased by -0.2% to X tons in 2022. The total export volume increased at an average annual rate of +4.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 16% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank slightly in the following year.

In value terms, powdered milk exports surged to $X in 2022. Total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +98.3% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 54%. Over the period under review, the exports reached the peak figure in 2022 and are likely to continue growth in years to come.

Exports by Country

In 2022, Sweden (X tons) represented the key exporter of powdered milk, creating 62% of total exports. It was distantly followed by Finland (X tons), generating a 35% share of total exports. Norway (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +13.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Finland ($X) and Norway ($X) were the countries with the highest levels of exports in 2022.

In terms of the main exporting countries, Norway, with a CAGR of +15.8%, saw 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

The export price in Scandinavia stood at $X per ton in 2022, jumping by 26% against the previous year. Export price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, powdered milk export price increased by +84.7% against 2016 indices. The most prominent rate of growth was recorded in 2013 when the export price increased by 32% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+2.8%), while the other leaders experienced more modest paces of growth.

Powdered Milk Imports

Imports in Scandinavia

In 2022, overseas purchases of powdered milk were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, powdered milk imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Sweden prevails in imports structure, amounting to X tons, which was near 91% of total imports in 2022. It was distantly followed by Finland (X tons), mixing up a 5.9% share of total imports. Norway (X tons) took a minor share of total imports.

Imports into Sweden increased at an average annual rate of +2.7% from 2012 to 2022. At the same time, Norway (+3.5%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +3.5% from 2012-2022. By contrast, Finland (-4.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Sweden increased by +5.2 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) constitutes the largest market for imported powdered milk in Scandinavia, comprising 88% of total imports. The second position in the ranking was taken by Finland ($X), with a 7.4% share of total imports.

In Sweden, powdered milk imports increased at an average annual rate of +4.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Finland (+0.3% per year) and Norway (+1.4% per year).

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per ton, rising by 12% against the previous year. Import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, powdered milk import price increased by +51.4% against 2016 indices. The most prominent rate of growth was recorded in 2013 an increase of 29% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Norway ($X per ton), while Sweden ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+5.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform