Vietnam: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in Vietnam

In 2022, the Vietnamese evaporated and condensed milk market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption enjoyed a strong increase. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Evaporated And Condensed Milk in Vietnam

In value terms, evaporated and condensed milk production stood at $X in 2022 estimated in export price. In general, the total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

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Exports of Evaporated And Condensed Milk

Exports from Vietnam

Evaporated and condensed milk exports from Vietnam contracted rapidly to X tons in 2022, declining by X% compared with the year before. In general, exports showed a drastic downturn. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, evaporated and condensed milk exports contracted to $X in 2022. Overall, exports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2018 when exports increased by X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The Philippines (X tons) was the main destination for evaporated and condensed milk exports from Vietnam, with a X% share of total exports. Moreover, evaporated and condensed milk exports to the Philippines exceeded the volume sent to the second major destination, the United States (X tons), threefold. Malaysia (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Malaysia (X% per year).

In value terms, the Philippines ($X) remains the key foreign market for evaporated and condensed milk exports from Vietnam, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with a X% share of total exports. It was followed by Malaysia, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Philippines was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Malaysia (X% per year).

Export Prices by Country

The average evaporated and condensed milk export price stood at $X per ton in 2022, rising by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the United Arab Emirates ($X per ton) and the Philippines ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Iraq (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Evaporated And Condensed Milk

Imports into Vietnam

In 2022, supplies from abroad of evaporated and condensed milk was finally on the rise to reach X tons after three years of decline. In general, imports enjoyed significant growth. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, evaporated and condensed milk imports skyrocketed to $X in 2022. Overall, imports recorded significant growth. The pace of growth was the most pronounced in 2014 when imports increased by X%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Australia (X tons) constituted the largest supplier of evaporated and condensed milk to Vietnam, with a X% share of total imports. Moreover, evaporated and condensed milk imports from Australia exceeded the figures recorded by the second-largest supplier, Cambodia (X tons), twofold. The third position in this ranking was held by Malaysia (X tons), with an X% share.

From 2012 to 2022, the average annual growth rate of volume from Australia totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Cambodia (X% per year) and Malaysia (X% per year).

In value terms, the largest evaporated and condensed milk suppliers to Vietnam were Australia ($X), Cambodia ($X) and Malaysia ($X), with a combined X% share of total imports.

In terms of the main suppliers, Australia, with a CAGR of X%, recorded the highest rates of growth with regard to 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 average evaporated and condensed milk import price stood at $X per ton in 2022, surging by X% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Malaysia ($X per ton) and Cambodia ($X per ton), while the price for Australia ($X per ton) and Thailand ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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