Vietnam: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in Vietnam

In 2022, after two years of decline, there was significant growth in the Vietnamese evaporated and condensed milk market, when its value increased by 5.3% to $X. In general, consumption enjoyed strong growth. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Evaporated And Condensed Milk in Vietnam

In value terms, evaporated and condensed milk production totaled $X in 2022 estimated in export price. Over the period under review, production saw a strong expansion. The pace of growth was the most pronounced in 2014 with an increase of 87% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Evaporated And Condensed Milk

Exports from Vietnam

In 2022, the amount of evaporated and condensed milk exported from Vietnam rose modestly to X tons, growing by 4.1% compared with 2021. Overall, exports showed a resilient increase. The growth pace was the most rapid in 2013 when exports increased by 70%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, evaporated and condensed milk exports amounted to $X in 2022. Over the period under review, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2020 with an increase of 102% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The Philippines (X tons) was the main destination for evaporated and condensed milk exports from Vietnam, with a 35% share of total exports. Moreover, evaporated and condensed milk exports to the Philippines exceeded the volume sent to the second major destination, the United States (X tons), threefold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume to the Philippines totaled +24.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+95.4% per year) and Taiwan (Chinese) (+35.9% per year).

In value terms, the Philippines ($X) remains the key foreign market for evaporated and condensed milk exports from Vietnam, comprising 42% of total exports. The second position in the ranking was held by the United States ($X), with a 14% share of total exports. It was followed by Taiwan (Chinese), with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Philippines stood at +33.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+123.0% per year) and Taiwan (Chinese) (+45.1% per year).

Export Prices by Country

In 2022, the average evaporated and condensed milk export price amounted to $X per ton, remaining relatively unchanged against the previous year. Overall, the export price, however, continues to indicate a strong expansion. The growth pace was the most rapid in 2019 when the average export price increased by 49%. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Angola ($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 the United States (+14.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Evaporated And Condensed Milk

Imports into Vietnam

After three years of decline, overseas purchases of evaporated and condensed milk increased by 19% to X tons in 2022. Over the period under review, imports recorded a prominent expansion. The growth pace was the most rapid in 2014 with an increase of 121%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, evaporated and condensed milk imports surged to $X in 2022. Overall, imports saw a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 162%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Malaysia (X tons), Cambodia (X tons) and New Zealand (X tons) were the main suppliers of evaporated and condensed milk imports to Vietnam, with a combined 76% share of total imports.

From 2012 to 2022, the biggest increases were recorded for New Zealand (with a CAGR of +51.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) constituted the largest supplier of evaporated and condensed milk to Vietnam, comprising 42% of total imports. The second position in the ranking was taken by Cambodia ($X), with a 21% share of total imports. It was followed by Australia, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia amounted to +46.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Cambodia (+32.5% per year) and Australia (+49.7% per year).

Import Prices by Country

The average evaporated and condensed milk import price stood at $X per ton in 2022, approximately reflecting the previous year. Over the period under review, the import price recorded a mild slump. The growth pace was the most rapid in 2014 an increase of 19%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Australia ($X per ton), while the price for New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+4.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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