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

Market Size for Condensed Or Evaporated Milk (Sweetened) in Singapore

The Singaporean market for condensed or evaporated milk (sweetened) dropped modestly to $X in 2022, falling by -2.3% against the previous year. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Production of Condensed Or Evaporated Milk (Sweetened) in Singapore

In value terms, sweetened condensed and evaporated milk production declined modestly to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the production volume increased by 37% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports from Singapore

Sweetened condensed and evaporated milk exports from Singapore shrank sharply to X tons in 2022, reducing by -61.1% against the previous year. Over the period under review, exports saw a precipitous slump. The pace of growth was the most pronounced in 2020 with an increase of 19% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, sweetened condensed and evaporated milk exports dropped rapidly to $X in 2022. Overall, exports recorded a sharp downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 7.7% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Myanmar (X tons), Maldives (X tons) and the United States (X tons) were the main destinations of sweetened condensed and evaporated milk exports from Singapore, together comprising 65% of total exports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +185.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Myanmar ($X) emerged as the key foreign market for condensed or evaporated milk (sweetened) exports from Singapore, comprising 39% of total exports. The second position in the ranking was taken by the United States ($X), with a 17% share of total exports. It was followed by Brunei Darussalam, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Myanmar totaled -27.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+195.6% per year) and Brunei Darussalam (+20.3% per year).

Export Prices by Country

The average export price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, growing by 71% against the previous year. Overall, export price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sweetened condensed and evaporated milk export price increased by +50.2% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Brunei Darussalam ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+14.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports into Singapore

In 2022, approx. X tons of condensed or evaporated milk (sweetened) were imported into Singapore; falling by -8.7% against 2021. Over the period under review, imports showed a abrupt decrease. The pace of growth appeared the most rapid in 2020 when imports increased by 3%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, sweetened condensed and evaporated milk imports rose notably to $X in 2022. In general, imports showed a deep slump. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Thailand (X tons) constituted the largest sweetened condensed and evaporated milk supplier to Singapore, with a 58% share of total imports. Moreover, sweetened condensed and evaporated milk imports from Thailand exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), twofold. The third position in this ranking was taken by Germany (X tons), with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand stood at +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-15.0% per year) and Germany (-8.0% per year).

In value terms, Thailand ($X) constituted the largest supplier of condensed or evaporated milk (sweetened) to Singapore, comprising 45% of total imports. The second position in the ranking was held by Malaysia ($X), with a 22% share of total imports. It was followed by Germany, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Thailand stood at +6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-15.4% per year) and Germany (-7.5% per year).

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 26% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2013; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+2.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :