Asia: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in Asia

The Asian evaporated and condensed milk market soared to $X in 2023, jumping by X% against the previous year. Overall, consumption, however, enjoyed a buoyant increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Evaporated And Condensed Milk in Asia

In value terms, evaporated and condensed milk production expanded significantly to $X in 2023 estimated in export price. Over the period under review, production, however, saw a mild expansion. The pace of growth was the most pronounced in 2020 when the production volume increased by X% against the previous year. The level of production peaked in 2023 and is likely to continue growth in years to come.

The countries with the highest volumes of production in 2023 were Malaysia (X tons), Saudi Arabia (X tons) and Singapore (X tons), together comprising X% of total production.

From 2012 to 2023, the biggest increases were recorded for Saudi Arabia (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

Exports of Evaporated And Condensed Milk

Exports in Asia

In 2023, overseas shipments of evaporated and condensed milk increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. In general, exports showed a buoyant expansion. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2023, the exports failed to regain momentum.

In value terms, evaporated and condensed milk exports skyrocketed to $X in 2023. Total exports indicated a resilient expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2023, the exports failed to regain momentum.

Exports by Country

Saudi Arabia was the key exporter of evaporated and condensed milk in Asia, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2023. It was distantly followed by the United Arab Emirates (X tons), Malaysia (X tons) and Kuwait (X tons), together comprising a X% share of total exports. Bahrain (X tons), Oman (X tons) and South Korea (X tons) took a minor share of total exports.

From 2012 to 2023, average annual rates of growth with regard to evaporated and condensed milk exports from Saudi Arabia stood at X%. At the same time, Oman (X%), Bahrain (X%), South Korea (X%), Kuwait (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2023. By contrast, Malaysia (X%) illustrated a downward trend over the same period. While the share of Saudi Arabia (X p.p.), Oman (X p.p.), Bahrain (X p.p.) and Kuwait (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of the United Arab Emirates (X p.p.) and Malaysia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) emerged as the largest evaporated and condensed milk supplier in Asia, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total exports. It was followed by Malaysia, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Saudi Arabia totaled X%. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Malaysia (X% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2023, reducing by X% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2022 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then declined significantly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Bahrain (X%), while the other leaders experienced more modest paces of growth.

Imports of Evaporated And Condensed Milk

Imports in Asia

In 2023, purchases abroad of evaporated and condensed milk was finally on the rise to reach X tons for the first time since 2019, thus ending a three-year declining trend. Total imports indicated a modest increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2019 indices. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2023, imports stood at a somewhat lower figure.

In value terms, evaporated and condensed milk imports soared to $X in 2023. The total import value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, the United Arab Emirates (X tons) represented the main importer of evaporated and condensed milk, generating X% of total imports. Oman (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Saudi Arabia (X%), Kuwait (X%) and Hong Kong SAR (X%). Iraq (X tons), Bahrain (X tons), Qatar (X tons), Indonesia (X tons), Taiwan (Chinese) (X tons), China (X tons), the Philippines (X tons) and Kazakhstan (X tons) held a relatively small share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of X% from 2012 to 2023. At the same time, Iraq (X%), Taiwan (Chinese) (X%), Kuwait (X%), Bahrain (X%), China (X%), Indonesia (X%) and Oman (X%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in Asia, with a CAGR of X% from 2012-2023. The Philippines experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (X%), Saudi Arabia (X%), Qatar (X%) and Kazakhstan (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.), Kuwait (X p.p.), Iraq (X p.p.), Bahrain (X p.p.), Taiwan (Chinese) (X p.p.), Oman (X p.p.) and China (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Hong Kong SAR (X p.p.), Kazakhstan (X p.p.), Qatar (X p.p.) and Saudi Arabia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest evaporated and condensed milk importing markets in Asia were the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X), with a combined X% share of total imports. Kuwait, Hong Kong SAR, Qatar, Bahrain, Taiwan (Chinese), the Philippines, Iraq, China, Indonesia and Kazakhstan lagged somewhat behind, together comprising a further X%.

Among the main importing countries, Iraq, with a CAGR of X%, recorded the highest growth rate of 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

The import price in Asia stood at $X per ton in 2023, picking up by X% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Philippines ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Philippines (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform