Vietnam: Powdered Milk Market 2024

Powdered Milk Market Size in Vietnam

In 2022, after three years of growth, there was decline in the Vietnamese powdered milk market, when its value decreased by -2.3% to $X. The market value increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Powdered Milk Production in Vietnam

In value terms, powdered milk production expanded modestly to $X in 2022 estimated in export price. Overall, the total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +9.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.1% against 2020 indices. The growth pace was the most rapid in 2013 when the production volume increased by 77% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Powdered Milk Exports

Exports from Vietnam

In 2022, after three years of decline, there was growth in shipments abroad of powdered milk, when their volume increased by 0.6% to X tons. Over the period under review, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2013 when exports increased by 1,755%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, powdered milk exports reduced to $X in 2022. Overall, exports saw a significant expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 1,677%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Iraq (X tons) was the main destination for powdered milk exports from Vietnam, with a 88% share of total exports. Moreover, powdered milk exports to Iraq exceeded the volume sent to the second major destination, Cambodia (X tons), tenfold. The Philippines (X tons) ranked third in terms of total exports with a 1.2% share.

From 2012 to 2022, the average annual growth rate of volume to Iraq amounted to -6.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+21.3% per year) and the Philippines (-10.8% per year).

In value terms, Iraq ($X) remains the key foreign market for powdered milk exports from Vietnam, comprising 89% of total exports. The second position in the ranking was held by Cambodia ($X), with an 8.5% share of total exports. It was followed by China, with a 1.6% share.

From 2012 to 2022, the average annual growth rate of value to Iraq stood at -4.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+21.4% per year) and China (+13.2% per year).

Export Prices by Country

In 2022, the average powdered milk export price amounted to $X per ton, reducing by -5.7% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of 33%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the Philippines ($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 China (+13.9%), while the prices for the other major destinations experienced more modest paces of growth.

Powdered Milk Imports

Imports into Vietnam

In 2022, supplies from abroad of powdered milk increased by 2% to X tons for the first time since 2019, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 20%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, powdered milk imports dropped slightly to $X in 2022. Overall, total imports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +49.4% against 2016 indices. The most prominent rate of growth was recorded in 2014 with an increase of 24%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

New Zealand (X tons), the United States (X tons) and Australia (X tons) were the main suppliers of powdered milk imports to Vietnam, with a combined 79% share of total imports. Belgium, Poland, France, the Netherlands, Lithuania, Germany and Canada lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +17.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest powdered milk suppliers to Vietnam were New Zealand ($X), the United States ($X) and Australia ($X), together comprising 80% of total imports. Belgium, France, Poland, the Netherlands, Lithuania, Germany and Canada lagged somewhat behind, together accounting for a further 18%.

Belgium, with a CAGR of +16.6%, saw the highest growth rate of the value of imports, in terms of the main suppliers 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 powdered milk import price amounted to $X per ton, declining by -6% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 26%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were New Zealand ($X per ton) and France ($X per ton), while the price for Poland ($X per ton) and Canada ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (-0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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