New Zealand: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in New Zealand

The New Zealand market for condensed or evaporated milk (sweetened) rose significantly to $X in 2022, picking up by 15% against the previous year. Over the period under review, the total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +82.8% against 2018 indices. Sweetened condensed and evaporated milk consumption peaked in 2022 and is expected to retain growth in the near future.

Production of Condensed Or Evaporated Milk (Sweetened) in New Zealand

In value terms, sweetened condensed and evaporated milk production expanded to $X in 2022 estimated in export price. In general, production continues to indicate a resilient increase. The pace of growth was the most pronounced in 2018 with an increase of 230% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

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Exports of Condensed Or Evaporated Milk (Sweetened)

Exports from New Zealand

In 2022, shipments abroad of condensed or evaporated milk (sweetened) increased by 273% to X tons for the first time since 2018, thus ending a three-year declining trend. In general, exports recorded a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 700%. 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 skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 638%. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

Malaysia (X tons) was the main destination for sweetened condensed and evaporated milk exports from New Zealand, with a 35% share of total exports. Moreover, sweetened condensed and evaporated milk exports to Malaysia exceeded the volume sent to the second major destination, Papua New Guinea (X tons), threefold. The third position in this ranking was taken by Singapore (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia stood at +107.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Papua New Guinea (+57.0% per year) and Singapore (+152.4% per year).

In value terms, the largest markets for sweetened condensed and evaporated milk exported from New Zealand were Malaysia ($X), Hong Kong SAR ($X) and China ($X), together accounting for 52% of total exports. Vietnam, Singapore, Fiji, Papua New Guinea and the Philippines lagged somewhat behind, together comprising a further 34%.

In terms of the main countries of destination, Fiji, with a CAGR of +519.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, falling by -31.9% against the previous year. Over the period under review, the export price saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2016 an increase of 57% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Papua New Guinea ($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 Fiji (+15.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports into New Zealand

In 2022, after three years of growth, there was significant decline in purchases abroad of condensed or evaporated milk (sweetened), when their volume decreased by -29.2% to X tons. Over the period under review, imports continue to indicate a slight downturn. The most prominent rate of growth was recorded in 2019 when imports increased by 19%. Over the period under review, imports hit record highs at X tons in 2021, and then dropped significantly in the following year.

In value terms, sweetened condensed and evaporated milk imports dropped markedly to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 25% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Spain (X tons), the Netherlands (X tons) and Australia (X tons) were the main suppliers of sweetened condensed and evaporated milk imports to New Zealand, together comprising 76% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +56.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest sweetened condensed and evaporated milk suppliers to New Zealand were Spain ($X), the Netherlands ($X) and Australia ($X), with a combined 76% share of total imports.

Spain, with a CAGR of +59.3%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, surging by 15% against the previous year. Overall, the import price showed a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Philippines ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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