Vietnam: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in Vietnam

In 2022, the Vietnamese market for condensed or evaporated milk (sweetened) was finally on the rise to reach $X after two years of decline. Over the period under review, consumption continues to indicate a resilient expansion. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Condensed Or Evaporated Milk (Sweetened) in Vietnam

In value terms, sweetened condensed and evaporated milk production rose modestly to $X in 2022 estimated in export price. Overall, production continues to indicate prominent growth. The pace of growth was the most pronounced in 2014 with an increase of 88%. 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 Condensed Or Evaporated Milk (Sweetened)

Exports from Vietnam

Sweetened condensed and evaporated milk exports from Vietnam expanded modestly to X tons in 2022, growing by 3.7% against the year before. Overall, exports continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2013 with an increase of 75%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, sweetened condensed and evaporated milk exports stood at $X in 2022. Over the period under review, exports saw a prominent increase. The growth pace was the most rapid in 2020 when exports increased by 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 somewhat lower figure.

Exports by Country

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

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines amounted to +26.2%. 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 ($X) remains the key foreign market for condensed or evaporated milk (sweetened) exports from Vietnam, comprising 43% of total exports. The second position in the ranking was held by the United States ($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 totaled +34.8%. 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

The average export price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, standing approx. at the previous year. Over the period under review, the export price, however, saw strong growth. The pace of growth was the most pronounced in 2019 an increase of 50%. The export price peaked at $X per ton in 2021, and then dropped modestly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, 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 Condensed Or Evaporated Milk (Sweetened)

Imports into Vietnam

In 2022, overseas purchases of condensed or evaporated milk (sweetened) increased by 34% to X tons for the first time since 2018, thus ending a three-year declining trend. In general, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of 177%. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, sweetened condensed and evaporated milk imports soared to $X in 2022. Over the period under review, imports saw a buoyant expansion. The pace of growth was the most pronounced in 2014 when imports increased by 206%. 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 sweetened condensed and evaporated milk imports to Vietnam, with a combined 83% share of total imports. Australia, Germany, the Philippines and Thailand lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +59.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) constituted the largest supplier of condensed or evaporated milk (sweetened) to Vietnam, comprising 46% of total imports. The second position in the ranking was held by Cambodia ($X), with a 23% share of total imports. It was followed by Australia, with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia amounted to +54.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Cambodia (+32.5% per year) and Australia (+46.8% per year).

Import Prices by Country

The average import price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, leveling off at the previous year. In general, the import price recorded a pronounced downturn. The pace of growth appeared the most rapid in 2018 when the average import price increased by 11% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 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 Germany ($X per ton), while the price for New Zealand ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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