Uruguay: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in Uruguay

The Uruguayan evaporated and condensed milk market rose rapidly to $X in 2022, growing by 12% against the previous year. Overall, consumption, however, showed a noticeable descent. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Production of Evaporated And Condensed Milk in Uruguay

In value terms, evaporated and condensed milk production expanded remarkably to $X in 2022 estimated in export price. Overall, production posted a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of 64%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Evaporated And Condensed Milk

Exports from Uruguay

In 2022, after three years of growth, there was significant decline in overseas shipments of evaporated and condensed milk, when their volume decreased by -8.5% to X tons. Over the period under review, exports, however, posted a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 2,827% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, evaporated and condensed milk exports fell to $X in 2022. In general, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 3,399%. Over the period under review, the exports hit record highs at $X in 2021, and then declined in the following year.

Exports by Country

Saint Lucia (X tons) and Brunei Darussalam (X tons) were the main destinations of evaporated and condensed milk exports from Uruguay.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Brunei Darussalam (with a CAGR of +28.4%).

In value terms, Saint Lucia ($X) emerged as the key foreign market for evaporated and condensed milk exports from Uruguay, comprising 74% of total exports. The second position in the ranking was taken by Brunei Darussalam ($X), with a 25% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Saint Lucia totaled +29.2%.

Export Prices by Country

In 2022, the average evaporated and condensed milk export price amounted to $X per ton, shrinking by -3% against the previous year. Overall, the export price, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2015 an increase of 36%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2021, and then shrank modestly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Saint Lucia ($X per ton), while the average price for exports to Brunei Darussalam totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saint Lucia (+13.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Evaporated And Condensed Milk

Imports into Uruguay

In 2022, after three years of growth, there was significant decline in purchases abroad of evaporated and condensed milk, when their volume decreased by -12.6% to X tons. Overall, imports, however, continue to indicate a resilient increase. The pace of growth was the most pronounced in 2017 when imports increased by 96% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2021, and then reduced in the following year.

In value terms, evaporated and condensed milk imports shrank to $X in 2022. Over the period under review, imports, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2017 when imports increased by 120%. Imports peaked at $X in 2021, and then fell modestly in the following year.

Imports by Country

In 2022, Brazil (X tons) constituted the largest supplier of evaporated and condensed milk to Uruguay, with a 70% share of total imports. Moreover, evaporated and condensed milk imports from Brazil exceeded the figures recorded by the second-largest supplier, Argentina (X tons), threefold. Chile (X tons) ranked third in terms of total imports with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil totaled +15.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+294.0% per year) and Chile (+7.8% per year).

In value terms, Brazil ($X) constituted the largest supplier of evaporated and condensed milk to Uruguay, comprising 68% of total imports. The second position in the ranking was held by Argentina ($X), with a 25% share of total imports. It was followed by Chile, with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Brazil totaled +16.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+179.7% per year) and Chile (+9.4% per year).

Import Prices by Country

The average evaporated and condensed milk import price stood at $X per ton in 2022, growing by 14% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. Over the period under review, average import prices attained the maximum at $X per ton in 2012; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+21.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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