Overview of the Global Market for Evaporated And Condensed Milk
The global market for evaporated and condensed milk saw mixed trends in 2024. While overall consumption grew significantly compared to 2020, the market value dipped slightly after hitting a peak the previous year. Trade figures revealed strong export growth, though import prices fell during the same period.
Global consumption of evaporated and condensed milk rose by 42.9% in 2024 when measured against 2020 levels. Over a longer period, demand increased steadily at an average annual rate of 1.8% from 2012 to 2024. However, the market value dropped by 0.8% to $11.5 billion in 2024, reversing the peak recorded in 2023.
Imports surged in 2024, with volumes climbing by a notable percentage compared to 2023. Yet the average import price fell by a small margin, settling at a lower figure per ton than the previous year. Exports also grew for the second consecutive year, recovering from two earlier years of decline. Production remained concentrated in a few key regions. The United States, the Netherlands, and Germany led output in 2024. Meanwhile, New Zealand and the European Union—particularly the Netherlands and Ireland—dominated exports, shipping around 1.4 million and 1.2 million tons respectively. The average export price stayed nearly unchanged from 2023, holding steady at a fixed value per ton.
The 2024 figures highlight a market in transition. Consumption continues to climb, yet price fluctuations and shifting trade volumes suggest ongoing adjustments in supply and demand. The dominance of a few major producers and exporters further shapes the sector’s dynamics.
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