Concentrated or sweetened milk and cream market in ASEAN

Earlier Report Observations

Between 2018 and 2020, the ASEAN market for concentrated or sweetened milk and cream was shaped by regional brand expansion and the COVID-19 pandemic. Vinamilk's increased penetration in Southeast Asia and Fraser & Neave's launch of innovative condensed milk products like Milk Stix in Malaysia supported market activity in 2018. The pandemic in 2020 boosted home cooking and baking, driving consumption higher and lifting market volume to 2.24 million tonnes.

After the pandemic peak, market volume stabilized near 2.22 million tonnes in 2021 as companies such as Nestlé rolled out new flavor variants and convenient tube packaging. In 2022, investments in milk-processing technology and a shift in consumer preferences toward more natural and organic products helped push the market to 2.42 million tonnes.

The market contracted sharply to 1.8 million tonnes in 2023, even as major players like Vinamilk strengthened their domestic and export reach. Regulatory developments also influenced the landscape, including stricter labeling rules to prevent sweetened condensed milk from being marketed as regular milk, a measure reinforced by Indonesia's BPOM Regulation No. 20 of 2021. Through 2024, innovation continued with new plant-based variants, flavors, and a focus on sustainable packaging.

Production concentrated or sweetened milk and cream in ASEAN

In kind, 2017-2020, K t

Top producers of concentrated or sweetened milk and cream, 2017-2020

World map of production of concentrated or sweetened milk and cream, 2017-2020

ASEAN's production of concentrated or sweetened milk and cream declined for the second year in a row. In 2020, the region produced 1 261 thousand tonnes, marking a 2.3% decrease compared to the previous year. Looking at the period from 2017 to 2020, overall production grew by 6.9%, which translates to an average annual increase of 2.2%. The highest production level was recorded in 2018 at 1 311 thousand tonnes, with that year also seeing the largest annual growth of 11.1%.

Annual dynamics of production in ASEAN in kind, 2017-2020, K t

In value, 2017-2020, M $ US

In 2020, the value of concentrated or sweetened milk and cream production in ASEAN reached 3 098 million US dollars, showing a strong year-on-year increase of 20.7%. From 2017 to 2020, the production value rose by 31.2%, averaging a compound annual growth rate (CAGR) of 9.5%. The peak value occurred in 2018 at 3 221 million US dollars, which also saw the largest annual increase of 36.4%. In contrast, 2019 experienced the most significant decline, with a drop of 20.3%.

Annual dynamics of production in ASEAN in value, 2017-2020, M $ US

Exports concentrated or sweetened milk and cream from ASEAN

Exports in kind, K t

In 2020, ASEAN exported 212 thousand tonnes of concentrated or sweetened milk and cream, representing a 21.4% decrease from the previous year. Over the 2017-2020 period, exports fell by 20.7%, equating to an average annual decline of 7.4%. The highest export volume was recorded in 2019 at 269 thousand tonnes, with that year also posting the largest annual increase of 23.0%.

Annual dynamics of product's exports from ASEAN in kind, 2017-2020, K t

From 2017 to 2020, ASEAN's exports of concentrated or sweetened milk and cream in volume terms were highly diversified across countries. Japan accounted for 14.4% of exports, Iraq for 4.8%, and Mexico for 4.5%, together making up just 23.7% of total flows. The remaining 76.3% was distributed among a wide range of smaller markets.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from ASEAN in kind, 2017-2020

Exports in value, M $ US

ASEAN's exports of concentrated or sweetened milk and cream in value terms declined for the second consecutive year. In 2020, exports amounted to 520 million US dollars, a slight decrease of 3.0% compared to the previous year. Over the 2017-2020 period, export value dropped by 2.6%, with an average annual decline of 0.9%. The highest value was recorded in 2018 at 538 million US dollars, which also saw the largest annual increase of 0.8%.

Annual dynamics of product's exports from ASEAN in value, 2017-2020, M $ US

Between 2017 and 2020, ASEAN's exports of concentrated or sweetened milk and cream in value terms were spread across a broad range of partner countries. Japan was the largest destination with 17.1% of exports, followed by Iraq at 8.0% and Sudan at 4.3%. Together, these three countries accounted for just 29.3% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from ASEAN in value, 2017-2020

Imports concentrated or sweetened milk and cream to ASEAN

Imports in kind, K t

In 2020, ASEAN imported 1 195 thousand tonnes of concentrated or sweetened milk and cream, reflecting a 16.9% increase compared to 2019. Over the 2017-2020 period, imports grew by 23%, with an average annual growth rate (CAGR) of 7.1%. The largest decline occurred in 2019, with a drop of 0.9%.

Annual dynamics of product's imports to ASEAN in kind, 2017-2020, K t

From 2017 to 2020, the main suppliers of concentrated or sweetened milk and cream to ASEAN in volume terms were New Zealand, accounting for 33.3% of imports, the United States with 21.4%, and Australia at 8.4%. Together, these three countries formed 63.0% of total imports in kind.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to ASEAN in kind, 2017-2020

Imports in value, M $ US

ASEAN's imports of concentrated or sweetened milk and cream in value terms increased for the third consecutive year. In 2020, import value reached 3 055 million US dollars, which is 15.1% higher than in 2019. Over the 2017-2020 period, imports grew by 23%, with an average annual growth rate (CAGR) of 7.1%.

Annual dynamics of product's imports to ASEAN in value, 2017-2020, M $ US

Throughout 2017 to 2020, the key sources for ASEAN's imports of concentrated or sweetened milk and cream in value terms were New Zealand, representing 40.7% of imports, the United States with 19.9%, and Australia at 8.1%. Together, these three countries accounted for 68.7% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to ASEAN in value, 2017-2020