Eastern Asia: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in Eastern Asia

In 2022, after four years of growth, there was significant decline in the East Asian market for condensed or evaporated milk (sweetened), when its value decreased by -9.5% to $X. The total consumption indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2021, and then declined in the following year.

Production of Condensed Or Evaporated Milk (Sweetened) in Eastern Asia

In value terms, sweetened condensed and evaporated milk production reached $X in 2022 estimated in export price. Overall, production, however, showed a noticeable contraction. The growth pace was the most rapid in 2020 with an increase of 36%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports in Eastern Asia

For the fifth consecutive year, Eastern Asia recorded growth in overseas shipments of condensed or evaporated milk (sweetened), which increased by 24% to X tons in 2022. Over the period under review, exports saw a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 57%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, sweetened condensed and evaporated milk exports surged to $X in 2022. Overall, exports showed a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of 58% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

South Korea represented the key exporting country with an export of around X tons, which resulted at 78% of total exports. It was distantly followed by China (X tons), creating a 15% share of total exports. The following exporters - Hong Kong SAR (X tons) and Taiwan (Chinese) (X tons) - together made up 5.4% of total exports.

South Korea was also the fastest-growing in terms of the condensed or evaporated milk (sweetened) exports, with a CAGR of +16.5% from 2012 to 2022. China (-1.5%), Hong Kong SAR (-2.8%) and Taiwan (Chinese) (-12.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of South Korea increased by +42 percentage points.

In value terms, South Korea ($X) remains the largest sweetened condensed and evaporated milk supplier in Eastern Asia, comprising 72% of total exports. The second position in the ranking was held by China ($X), with a 16% share of total exports. It was followed by Hong Kong SAR, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in South Korea totaled +15.3%. In the other countries, the average annual rates were as follows: China (-0.8% per year) and Hong Kong SAR (-2.1% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, leveling off at the previous year. In general, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the export price increased by 6.6% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+8.2%), while the other leaders experienced more modest paces of growth.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports in Eastern Asia

In 2022, the amount of condensed or evaporated milk (sweetened) imported in Eastern Asia fell notably to X tons, waning by -23.2% against 2021 figures. Overall, imports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2016 when imports increased by 43% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then shrank sharply in the following year.

In value terms, sweetened condensed and evaporated milk imports declined markedly to $X in 2022. In general, imports, however, enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 27%. Over the period under review, imports reached the peak figure at $X in 2021, and then fell rapidly in the following year.

Imports by Country

In 2022, China (X tons) was the key importer of condensed or evaporated milk (sweetened), making up 55% of total imports. Taiwan (Chinese) (X tons) ranks second in terms of the total imports with a 22% share, followed by Hong Kong SAR (21%).

China was also the fastest-growing in terms of the condensed or evaporated milk (sweetened) imports, with a CAGR of +37.4% from 2012 to 2022. At the same time, Taiwan (Chinese) (+12.5%) displayed positive paces of growth. By contrast, Hong Kong SAR (-5.1%) illustrated a downward trend over the same period. While the share of China (+50 p.p.) and Taiwan (Chinese) (+8.2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Hong Kong SAR (-50.9 p.p.) displayed negative dynamics.

In value terms, China ($X) constitutes the largest market for imported condensed or evaporated milk (sweetened) in Eastern Asia, comprising 53% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 21% share of total imports.

In China, sweetened condensed and evaporated milk imports increased at an average annual rate of +37.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+11.9% per year) and Hong Kong SAR (-4.8% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, surging by 8.8% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 16% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+0.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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