U.S.: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in the U.S.

The U.S. market for condensed or evaporated milk (sweetened) amounted to $X in 2022, approximately reflecting the previous year. Overall, consumption recorded a mild setback. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Condensed Or Evaporated Milk (Sweetened) in the U.S.

In value terms, sweetened condensed and evaporated milk production totaled $X in 2022. Over the period under review, production showed a slight reduction. The most prominent rate of growth was recorded in 2013 when the production volume increased by 28% 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 the U.S.

In 2022, shipments abroad of condensed or evaporated milk (sweetened) was finally on the rise to reach X tons after five years of decline. Over the period under review, exports, however, recorded a abrupt slump. The growth pace was the most rapid in 2013 when exports increased by 158%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, sweetened condensed and evaporated milk exports soared to $X in 2022. In general, exports, however, showed a deep contraction. The most prominent rate of growth was recorded in 2013 when exports increased by 232% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Mexico (X tons), China (X tons) and the Dominican Republic (X tons) were the main destinations of sweetened condensed and evaporated milk exports from the United States, with a combined 63% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Dominican Republic (with a CAGR of +15.4%), while the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) remains the key foreign market for condensed or evaporated milk (sweetened) exports from the United States, comprising 37% of total exports. The second position in the ranking was taken by China ($X), with a 14% share of total exports. It was followed by Bahamas, with a 6.6% share.

From 2012 to 2022, the average annual growth rate of value to Mexico totaled -1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+8.9% per year) and Bahamas (+16.6% per year).

Export Prices by Country

In 2022, the average export price for condensed or evaporated milk (sweetened) amounted to $X per ton, which is down by -2.5% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 29%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Aruba ($X per ton), while the average price for exports to the Dominican Republic ($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 Aruba (+6.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports into the U.S.

In 2022, the amount of condensed or evaporated milk (sweetened) imported into the United States soared to X tons, rising by 63% against 2021. Overall, imports posted a tangible expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 67%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, sweetened condensed and evaporated milk imports surged to $X in 2022. Over the period under review, total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Chile (X tons) constituted the largest supplier of sweetened condensed and evaporated milk to the United States, with a 61% share of total imports. Moreover, sweetened condensed and evaporated milk imports from Chile exceeded the figures recorded by the second-largest supplier, Mexico (X tons), twofold. Brazil (X tons) ranked third in terms of total imports with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Chile totaled +15.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (-7.2% per year) and Brazil (+24.7% per year).

In value terms, Chile ($X) constituted the largest supplier of condensed or evaporated milk (sweetened) to the United States, comprising 59% of total imports. The second position in the ranking was taken by Mexico ($X), with a 28% share of total imports. It was followed by Ukraine, with a 3.3% share.

From 2012 to 2022, the average annual growth rate of value from Chile stood at +14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (-7.0% per year) and Ukraine (+30.7% per year).

Import Prices by Country

In 2022, the average import price for condensed or evaporated milk (sweetened) amounted to $X per ton, surging by 11% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 86% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ukraine ($X per ton), while the price for Peru ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+6.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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