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

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

In 2021, the Southeast Asian market for condensed or evaporated milk (unsweetened) decreased by -1.1% to $X for the first time since 2017, thus ending a three-year rising trend. Overall, consumption, however, saw a drastic downturn. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

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

In value terms, unsweetened condensed and evaporated milk production fell to $X in 2021 estimated in export price. Over the period under review, production saw a abrupt decline. The pace of growth appeared the most rapid in 2020 when the production volume increased by 13% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Condensed Or Evaporated Milk (Unsweetened)

Exports in South-Eastern Asia

In 2021, after seven years of growth, there was significant decline in overseas shipments of condensed or evaporated milk (unsweetened), when their volume decreased by -49.2% to X tons. Overall, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 68% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2020, and then fell dramatically in the following year.

In value terms, unsweetened condensed and evaporated milk exports declined significantly to $X in 2021. Total exports indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when exports increased by 55%. The level of export peaked at $X in 2020, and then fell dramatically in the following year.

Exports by Country

Malaysia dominates exports structure, recording X tons, which was near 91% of total exports in 2021. It was distantly followed by Singapore (X tons), making up a 6.1% share of total exports.

Malaysia was also the fastest-growing in terms of the condensed or evaporated milk (unsweetened) exports, with a CAGR of +11.3% from 2012 to 2021. Singapore (-10.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Malaysia increased by +35 percentage points.

In value terms, Malaysia ($X) remains the largest unsweetened condensed and evaporated milk supplier in South-Eastern Asia, comprising 84% of total exports. The second position in the ranking was taken by Singapore ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Malaysia amounted to +8.0%.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, picking up by 12% against the previous year. Over the period under review, the export price, however, saw a perceptible curtailment. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+1.0%).

Imports of Condensed Or Evaporated Milk (Unsweetened)

Imports in South-Eastern Asia

For the third consecutive year, South-Eastern Asia recorded decline in overseas purchases of condensed or evaporated milk (unsweetened), which decreased by -7.3% to X tons in 2021. In general, imports continue to indicate a noticeable decrease. The pace of growth appeared the most rapid in 2016 with an increase of 109% against the previous year. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, unsweetened condensed and evaporated milk imports rose markedly to $X in 2021. Over the period under review, imports showed a noticeable contraction. The pace of growth was the most pronounced in 2014 when imports increased by 104%. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Malaysia (X tons) represented the main importer of condensed or evaporated milk (unsweetened), comprising 33% of total imports. Singapore (X tons) ranks second in terms of the total imports with a 15% share, followed by Indonesia (14%), Brunei Darussalam (10%), the Philippines (9.6%), Vietnam (8.4%) and Thailand (6.2%).

Imports into Malaysia increased at an average annual rate of +11.8% from 2012 to 2021. At the same time, Thailand (+56.8%), Indonesia (+20.8%) and Vietnam (+4.3%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +56.8% from 2012-2021. By contrast, Singapore (-3.0%), Brunei Darussalam (-4.4%) and the Philippines (-12.2%) illustrated a downward trend over the same period. While the share of Malaysia (+25 p.p.), Indonesia (+12 p.p.), Thailand (+6.1 p.p.), Vietnam (+4.7 p.p.) and Singapore (+2.3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of the Philippines (-10.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) constitutes the largest market for imported condensed or evaporated milk (unsweetened) in South-Eastern Asia, comprising 33% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 15% share of total imports. It was followed by Singapore, with a 14% share.

In Malaysia, unsweetened condensed and evaporated milk imports increased at an average annual rate of +12.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (+22.2% per year) and Singapore (-3.7% per year).

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per ton, increasing by 15% against the previous year. Over the last nine years, it increased at an average annual rate of +1.7%. The pace of growth appeared the most rapid in 2014 an increase of 39%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Thailand ($X per ton), while Brunei Darussalam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+3.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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