U.S.: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in the U.S.

The U.S. evaporated and condensed milk market rose rapidly to $X in 2022, picking up by 5.9% against the previous year. In general, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Production of Evaporated And Condensed Milk in the U.S.

In value terms, evaporated and condensed milk production rose rapidly to $X in 2022. Overall, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 35% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Exports of Evaporated And Condensed Milk

Exports from the U.S.

Evaporated and condensed milk exports from the United States expanded significantly to X tons in 2022, growing by 11% compared with the previous year's figure. Over the period under review, exports, however, saw a mild curtailment. The most prominent rate of growth was recorded in 2013 when exports increased by 79% against the previous year. 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, evaporated and condensed milk exports surged to $X in 2022. Overall, exports recorded moderate growth. The pace of growth was the most pronounced in 2013 with an increase of 142% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Mexico (X tons) was the main destination for evaporated and condensed milk exports from the United States, accounting for a 65% share of total exports. Moreover, evaporated and condensed milk exports to Mexico exceeded the volume sent to the second major destination, Cayman Islands (X tons), more than tenfold. The third position in this ranking was held by China (X tons), with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Mexico was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Cayman Islands (+63.1% per year) and China (-0.1% per year).

In value terms, Mexico ($X) remains the key foreign market for evaporated and condensed milk exports from the United States, comprising 73% of total exports. The second position in the ranking was held by Bahamas ($X), with a 3.8% share of total exports. It was followed by China, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Mexico totaled +10.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahamas (+7.2% per year) and China (+2.4% per year).

Export Prices by Country

In 2022, the average evaporated and condensed milk export price amounted to $X per ton, growing by 34% against the previous year. In general, export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +5.3% 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 +80.6% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by 35%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to the Dominican Republic ($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 Mexico (+9.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Evaporated And Condensed Milk

Imports into the U.S.

After two years of decline, purchases abroad of evaporated and condensed milk increased by 61% to X tons in 2022. In general, imports posted a pronounced expansion. The growth pace was the most rapid in 2018 when imports increased by 64%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, evaporated and condensed milk imports surged to $X in 2022. Overall, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.3% 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

Chile (X tons), Mexico (X tons) and Peru (X tons) were the main suppliers of evaporated and condensed milk imports to the United States, together comprising 84% of total imports. The Netherlands, Lithuania, Brazil and Ukraine lagged somewhat behind, together comprising a further 11%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Lithuania (with a CAGR of +79.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X), Mexico ($X) and the Netherlands ($X) constituted the largest evaporated and condensed milk suppliers to the United States, with a combined 80% share of total imports. Peru, Ukraine, Lithuania and Brazil lagged somewhat behind, together accounting for a further 13%.

Among the main suppliers, Lithuania, with a CAGR of +65.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average evaporated and condensed milk import price amounted to $X per ton, rising by 8.8% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 92% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

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