Venezuela: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in Venezuela

In 2022, the Venezuelan market for condensed or evaporated milk (sweetened) increased by 15% to $X for the first time since 2014, thus ending a seven-year declining trend. In general, consumption, however, showed a deep reduction. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Production of Condensed Or Evaporated Milk (Sweetened) in Venezuela

In value terms, sweetened condensed and evaporated milk production reached $X in 2022 estimated in export price. Overall, production continues to indicate buoyant growth. The growth pace was the most rapid in 2016 with an increase of 149%. Sweetened condensed and evaporated milk production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports from Venezuela

In 2022, the amount of condensed or evaporated milk (sweetened) exported from Venezuela soared to X tons, picking up by 47% on the previous year's figure. Over the period under review, exports showed a significant expansion. The pace of growth was the most pronounced in 2013 with an increase of 1,545% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, sweetened condensed and evaporated milk exports surged to $X in 2022. In general, exports saw a significant increase. The pace of growth appeared the most rapid in 2013 when exports increased by 763%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Aruba (X tons) was the main destination for sweetened condensed and evaporated milk exports from Venezuela, with a 71% share of total exports. Moreover, sweetened condensed and evaporated milk exports to Aruba exceeded the volume sent to the second major destination, Chile (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume to Aruba stood at +17.6%.

In value terms, Chile ($X) remains the key foreign market for condensed or evaporated milk (sweetened) exports from Venezuela, comprising 91% of total exports. The second position in the ranking was taken by Aruba ($X), with an 8.5% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Chile totaled +63.9%.

Export Prices by Country

The average export price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, growing by 3% against the previous year. Over the period under review, the export price continues to indicate a resilient increase. The growth pace was the most rapid in 2016 an increase of 131%. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to Aruba amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Aruba (-10.9%).

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports into Venezuela

In 2022, after seven years of decline, there was significant growth in supplies from abroad of condensed or evaporated milk (sweetened), when their volume increased by 24% to X tons. In general, imports, however, recorded a abrupt setback. The pace of growth was the most pronounced in 2014 with an increase of 56% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, sweetened condensed and evaporated milk imports skyrocketed to $X in 2022. Over the period under review, imports, however, showed a deep contraction. The pace of growth appeared the most rapid in 2014 with an increase of 59%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Brazil (X tons) constituted the largest supplier of sweetened condensed and evaporated milk to Venezuela, with a 69% share of total imports. Moreover, sweetened condensed and evaporated milk imports from Brazil exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), more than tenfold. Costa Rica (X tons) ranked third in terms of total imports with a 3.1% share.

From 2012 to 2022, the average annual growth rate of volume from Brazil totaled -11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-7.2% per year) and Costa Rica (+59.0% per year).

In value terms, Brazil ($X) constituted the largest supplier of condensed or evaporated milk (sweetened) to Venezuela, comprising 68% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 4.7% share of total imports. It was followed by Costa Rica, with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Brazil totaled -14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-10.6% per year) and Costa Rica (+53.2% per year).

Import Prices by Country

The average import price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, reducing by -2.7% against the previous year. In general, the import price showed a pronounced downturn. The growth pace was the most rapid in 2013 an increase of 5.4%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (-0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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