Singapore: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in Singapore

The Singaporean evaporated and condensed milk market contracted modestly to $X in 2022, remaining constant against the previous year. Overall, consumption, however, showed a pronounced contraction. Evaporated and condensed milk consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Evaporated And Condensed Milk in Singapore

In value terms, evaporated and condensed milk production reduced slightly to $X in 2022 estimated in export price. Overall, production recorded a abrupt decrease. The growth pace was the most rapid in 2018 with an increase of 24%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Evaporated And Condensed Milk

Exports from Singapore

In 2022, exports of evaporated and condensed milk from Singapore contracted notably to X tons, waning by -55.2% on 2021 figures. Overall, exports saw a dramatic contraction. The pace of growth appeared the most rapid in 2021 with an increase of 6.4% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, evaporated and condensed milk exports dropped significantly to $X in 2022. Over the period under review, exports continue to indicate a precipitous decline. The pace of growth appeared the most rapid in 2021 when exports increased by 14% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Kuwait (X tons), Hong Kong SAR (X tons) and Myanmar (X tons) were the main destinations of evaporated and condensed milk exports from Singapore, together accounting for 41% of total exports. Sri Lanka, Brunei Darussalam, Maldives, the United States, the Philippines, Indonesia, Taiwan (Chinese), Thailand, Marshall Islands and Palau lagged somewhat behind, together comprising a further 54%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +185.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for evaporated and condensed milk exported from Singapore were Myanmar ($X), Kuwait ($X) and Hong Kong SAR ($X), with a combined 44% share of total exports. Brunei Darussalam, Sri Lanka, the United States, Maldives, Thailand, the Philippines, Taiwan (Chinese), Indonesia, Marshall Islands and Palau lagged somewhat behind, together accounting for a further 50%.

The United States, with a CAGR of +195.6%, recorded 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

In 2022, the average evaporated and condensed milk export price amounted to $X per ton, surging by 30% against the previous year. Over the period under review, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.9% 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 +90.9% against 2017 indices. As a result, the export price reached 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 Myanmar ($X per ton), while the average price for exports to Indonesia ($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 Thailand (+10.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Evaporated And Condensed Milk

Imports into Singapore

In 2022, evaporated and condensed milk imports into Singapore contracted to X tons, falling by -4.6% on the previous year's figure. Over the period under review, imports showed a abrupt descent. The pace of growth was the most pronounced in 2018 with an increase of 2.6% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, evaporated and condensed milk imports soared to $X in 2022. Overall, imports showed a abrupt decline. Imports peaked 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 supplier of evaporated and condensed milk to Singapore, with a 56% share of total imports. Moreover, evaporated and condensed 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 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand amounted to +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-15.4% per year) and Germany (-7.1% per year).

In value terms, Thailand ($X) constituted the largest supplier of evaporated and condensed milk to Singapore, comprising 43% of total imports. The second position in the ranking was taken by Malaysia ($X), with an 18% share of total imports. It was followed by Germany, with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Thailand stood at +5.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-15.7% per year) and Germany (-6.8% per year).

Import Prices by Country

In 2022, the average evaporated and condensed milk import price amounted to $X per ton, growing by 21% against the previous year. Overall, the import price showed a relatively flat trend pattern. Over the period under review, average import prices attained the maximum at $X per ton in 2014; 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 New Zealand ($X per ton), while the price for Thailand ($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 more modest paces of growth.

Source: IndexBox Platform

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