South-Eastern Asia: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in South-Eastern Asia

The Southeast Asian market for condensed or evaporated milk (sweetened) contracted to $X in 2022, therefore, remained relatively stable against the previous year. Over the period under review, consumption continues to indicate a slight contraction. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Production of Condensed Or Evaporated Milk (Sweetened) in South-Eastern Asia

In value terms, sweetened condensed and evaporated milk production reduced slightly to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 24% against the previous year. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports in South-Eastern Asia

In 2022, after two years of growth, there was decline in shipments abroad of condensed or evaporated milk (sweetened), when their volume decreased by -3.8% to X tons. Overall, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 14% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, sweetened condensed and evaporated milk exports contracted modestly to $X in 2022. Over the period under review, exports continue to indicate a slight curtailment. The pace of growth appeared the most rapid in 2018 with an increase of 14%. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia dominates exports structure, accounting for X tons, which was approx. 77% of total exports in 2022. Vietnam (X tons) ranks second in terms of the total exports with an 8.3% share, followed by Thailand (7.2%). Indonesia (X tons) and the Philippines (X tons) held a relatively small share of total exports.

Malaysia experienced a relatively flat trend pattern with regard to volume of exports of condensed or evaporated milk (sweetened). At the same time, the Philippines (+119.5%) and Vietnam (+11.3%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +119.5% from 2012-2022. Indonesia experienced a relatively flat trend pattern. By contrast, Thailand (-6.2%) illustrated a downward trend over the same period. While the share of Malaysia (+6.5 p.p.), Vietnam (+5.5 p.p.) and the Philippines (+2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Thailand (-6.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) remains the largest sweetened condensed and evaporated milk supplier in South-Eastern Asia, comprising 66% of total exports. The second position in the ranking was held by Vietnam ($X), with a 14% share of total exports. It was followed by Thailand, with a 9.7% share.

In Malaysia, sweetened condensed and evaporated milk exports plunged by an average annual rate of -1.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+18.4% per year) and Thailand (-6.1% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, remaining stable against the previous year. Overall, the export price, however, recorded a slight slump. The pace of growth was the most pronounced in 2018 an increase of 8.4% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+6.4%), while the other leaders experienced mixed trends in the export price figures.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports in South-Eastern Asia

For the fourth year in a row, South-Eastern Asia recorded decline in purchases abroad of condensed or evaporated milk (sweetened), which decreased by -3.5% to X tons in 2022. Over the period under review, imports saw a drastic downturn. The pace of growth was the most pronounced in 2018 with an increase of 71%. As a result, imports attained 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 rose rapidly to $X in 2022. In general, imports saw a perceptible setback. The pace of growth was the most pronounced in 2018 when imports increased by 67% against the previous year. 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 was the largest importing country with an import of about X tons, which recorded 40% of total imports. It was distantly followed by the Philippines (X tons), Singapore (X tons), Cambodia (X tons), Brunei Darussalam (X tons), Vietnam (X tons) and Myanmar (X tons), together generating a 51% share of total imports.

Imports into Indonesia increased at an average annual rate of +9.6% from 2012 to 2022. At the same time, Brunei Darussalam (+10.9%), Cambodia (+10.4%) and Vietnam (+9.6%) displayed positive paces of growth. Moreover, Brunei Darussalam emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +10.9% from 2012-2022. By contrast, the Philippines (-3.7%), Singapore (-8.0%) and Myanmar (-17.2%) illustrated a downward trend over the same period. While the share of Indonesia (+31 p.p.), Cambodia (+5.2 p.p.), Brunei Darussalam (+5.1 p.p.), Vietnam (+4.5 p.p.) and the Philippines (+2.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Singapore (-3.2 p.p.) and Myanmar (-16.7 p.p.) displayed negative dynamics.

In value terms, Indonesia ($X), the Philippines ($X) and Singapore ($X) were the countries with the highest levels of imports in 2022, together comprising 67% of total imports. Vietnam, Brunei Darussalam, Cambodia and Myanmar lagged somewhat behind, together comprising a further 22%.

Cambodia, with a CAGR of +13.8%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, increasing by 9.6% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the import price increased by 36% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Philippines ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+7.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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