South-Eastern Asia: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in South-Eastern Asia

The Southeast Asian evaporated and condensed milk market shrank slightly to $X in 2022, remaining relatively unchanged against the previous year. Overall, consumption showed a noticeable decrease. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Evaporated And Condensed Milk in South-Eastern Asia

In value terms, evaporated and condensed milk production dropped modestly to $X in 2022 estimated in export price. In general, production showed a perceptible descent. The pace of growth was the most pronounced in 2018 when the production volume increased by 23%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

The countries with the highest volumes of production in 2022 were Malaysia (X tons), Singapore (X tons) and Thailand (X tons), together comprising 92% of total production. Vietnam and Indonesia lagged somewhat behind, together comprising a further 7.8%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Vietnam (with a CAGR of +8.7%), while production for the other leaders experienced mixed trends in the production figures.

Exports of Evaporated And Condensed Milk

Exports in South-Eastern Asia

In 2022, evaporated and condensed milk exports in South-Eastern Asia rose modestly to X tons, increasing by 3.2% compared with 2021 figures. The total export volume increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 18% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, evaporated and condensed milk exports reached $X in 2022. In general, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when exports increased by 17% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia dominates exports structure, reaching X tons, which was approx. 81% of total exports in 2022. It was distantly followed by Vietnam (X tons) and Thailand (X tons), together committing a 13% share of total exports. Indonesia (X tons) and the Philippines (X tons) held a minor share of total exports.

Exports from Malaysia increased at an average annual rate of +2.7% from 2012 to 2022. At the same time, the Philippines (+30.9%) and Vietnam (+11.2%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +30.9% from 2012-2022. Indonesia experienced a relatively flat trend pattern. By contrast, Thailand (-6.7%) illustrated a downward trend over the same period. While the share of Malaysia (+11 p.p.), Vietnam (+4.1 p.p.) and the Philippines (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Thailand (-7.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) remains the largest evaporated and condensed milk supplier in South-Eastern Asia, comprising 70% of total exports. The second position in the ranking was held by Vietnam ($X), with an 11% share of total exports. It was followed by Thailand, with an 8.3% share.

In Malaysia, evaporated and condensed milk exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+18.1% per year) and Thailand (-6.5% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, almost unchanged from the previous year. Overall, the export price showed a mild setback. The pace of growth appeared the most rapid in 2018 when the export price increased by 8.1% against the previous year. Over the period under review, the export prices reached the maximum 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 (+6.3%), while the other leaders experienced mixed trends in the export price figures.

Imports of Evaporated And Condensed Milk

Imports in South-Eastern Asia

In 2022, the amount of evaporated and condensed milk imported in South-Eastern Asia fell to X tons, reducing by -5.5% on the previous year's figure. Over the period under review, imports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2018 when imports increased by 66% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, evaporated and condensed milk imports expanded slightly to $X in 2022. In general, imports saw a noticeable shrinkage. The pace of growth appeared the most rapid in 2018 with an increase of 59%. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Indonesia represented the key importing country with an import of about X tons, which reached 38% of total imports. The Philippines (X tons) took a 17% share (based on physical terms) of total imports, which put it in second place, followed by Singapore (9.7%), Malaysia (6.5%), Brunei Darussalam (6.4%), Cambodia (6.2%), Vietnam (6%) and Myanmar (5.2%).

From 2012 to 2022, average annual rates of growth with regard to evaporated and condensed milk imports into Indonesia stood at +9.8%. At the same time, Cambodia (+10.4%), Malaysia (+10.1%), Vietnam (+8.1%) and Brunei Darussalam (+5.4%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +10.4% from 2012-2022. By contrast, the Philippines (-4.5%), Singapore (-7.0%) and Myanmar (-18.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Indonesia, Malaysia, Cambodia, Vietnam and Brunei Darussalam increased by +29, +5.1, +4.9, +4.4 and +4.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest evaporated and condensed milk importing markets in South-Eastern Asia were Indonesia ($X), the Philippines ($X) and Singapore ($X), with a combined 64% share of total imports. Malaysia, Vietnam, Brunei Darussalam, Cambodia and Myanmar lagged somewhat behind, together accounting for a further 29%.

Cambodia, with a CAGR of +13.6%, saw the highest growth rate of the value of imports, in terms of 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, picking up by 8.2% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the import price increased by 32%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, 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 (+7.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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