Concentrated or sweetened milk and cream market in Latin America and the Caribbean

Earlier Report Observations

Between 2018 and 2020, the market volume for concentrated or sweetened milk and cream in Latin America and the Caribbean expanded from 3 494 thousand tons to 3 640 thousand tons. Initial growth was supported by rising global demand for condensed milk as a sweetener in beverages like coffee and tea, particularly from Asian and European consumers, which stimulated production and trade. The market value surged by 23% to 13.7 billion US dollars in 2020, even as volume increases remained moderate.

Market volume fluctuated from 2021 to 2023, declining to 3 469 thousand tons in 2021 before recovering to 3 537 thousand tons in 2022 and dropping again to 3 453 thousand tons in 2023. During this period, the Brazilian dairy sector saw increasing concentration of production among large producers and technological advancements that aimed to enhance efficiency, though these structural changes coincided with regional volume volatility.

In 2024, new dairy investments in Mexico, including a plant inauguration in Iztapalapa and a government-funded drying facility for Liconsa in Michoacán, were launched to strengthen local production capacity. Concurrently, Argentina experienced a sharp drop in domestic dairy consumption as rising prices and reduced purchasing power led consumers to shift toward more affordable products, while Brazil reported lower milk production due to increased input costs and squeezed farmer profitability.

Production concentrated or sweetened milk and cream in Latin America and the Caribbean

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

Latin America and the Caribbean saw production of concentrated or sweetened milk and cream rise for the third year in a row. In 2020, the region produced 3 223 thousand tonnes, marking a modest 2.4% increase from 2019. Looking at the period from 2017 to 2020, production grew by 5.5%, with an average annual growth rate of 1.8%.

Annual dynamics of production in Latin America and the Caribbean in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Following two years of decline, Latin America and the Caribbean's production of concentrated or sweetened milk and cream rebounded in value terms. In 2020, output was valued at 12 821 million US dollars, representing a significant 24.5% increase compared to 2019. Over the 2017-2020 period, production value rose by 13.4%, translating to an average annual growth rate of 4.3%. The lowest value was recorded in 2019 at 10 299 million US dollars, while the largest drop occurred in 2018 with a 7.3% decrease.

Annual dynamics of production in Latin America and the Caribbean in value, 2017-2020, M $ US

Exports concentrated or sweetened milk and cream from Latin America and the Caribbean

Exports in kind, K t

Exports of concentrated or sweetened milk and cream from Latin America and the Caribbean fell for the second consecutive year. In 2020, export volume reached 339.7 thousand tonnes, showing a moderate decline of 4.8% from the previous year. Between 2017 and 2020, exports overall increased by 8.4%, averaging 2.7% growth per year. The peak volume was in 2018 at 404.5 thousand tonnes. The largest decrease happened in 2019 with an 11.8% drop, while the biggest increase occurred in 2018 with a 29.0% rise.

Annual dynamics of product's exports from Latin America and the Caribbean in kind, 2017-2020, K t

From 2017 to 2020, Algeria, the United States, and Russia were the top buyers of concentrated or sweetened milk and cream from Latin America and the Caribbean, accounting for 23.7%, 8.3%, and 3.2% of exports in volume, respectively. However, their combined share was just 35.2% of total exports, highlighting a diversified export structure across many countries.

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

World map of product's exports from Latin America and the Caribbean in kind, 2017-2020

Exports in value, M $ US

In 2020, Latin America and the Caribbean's exports of concentrated or sweetened milk and cream were valued at 1 351 million US dollars, reflecting a strong 15.7% increase from the year before. Over the 2017-2020 period, export value grew by 16.5%, with an average annual rate of 5.2%. The highest value was recorded in 2018 at 1 360 million US dollars. The largest decline was in 2019 with a 14.1% drop, while the biggest increase was in 2018 with a 17.2% rise.

Annual dynamics of product's exports from Latin America and the Caribbean in value, 2017-2020, M $ US

The value-based export structure from 2017 to 2020 shows a wide range of trading partners. Algeria, the United States, and Russia accounted for 27.4%, 6.3%, and 3.6% of export value, respectively, but together made up only 37.3% of total flows. The remaining 62.7% was spread across numerous smaller markets, underscoring the region's diversified export portfolio.

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

World map of product's exports from Latin America and the Caribbean in value, 2017-2020

Imports concentrated or sweetened milk and cream to Latin America and the Caribbean

Imports in kind, K t

In 2020, Latin America and the Caribbean imported 756.6 thousand tonnes of concentrated or sweetened milk and cream, up by 1.1% from 2019. The highest import volume was in 2018 at 778.2 thousand tonnes. The largest decrease occurred in 2019 with a 3.8% drop, while the biggest increase was in 2018 with a 4.5% rise.

Annual dynamics of product's imports to Latin America and the Caribbean in kind, 2017-2020, K t

Between 2017 and 2020, the United States, New Zealand, and the Netherlands were the main sources for imports of concentrated or sweetened milk and cream into Latin America and the Caribbean, representing 46.5%, 6.4%, and 3.2% of import volume, respectively. Together, they accounted for 56.1% of total imports.

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

World map of product's imports to Latin America and the Caribbean in kind, 2017-2020

Imports in value, M $ US

In 2020, the value of concentrated or sweetened milk and cream imports into Latin America and the Caribbean totaled 2 263 million US dollars, an 11.6% increase from 2019. From 2017 to 2020, import value grew by 13.1%, averaging 4.2% per year. The largest decline was in 2019 with a 3.0% decrease.

Annual dynamics of product's imports to Latin America and the Caribbean in value, 2017-2020, M $ US

From 2017 to 2020, the United States, New Zealand, and the Netherlands were key suppliers for imports of concentrated or sweetened milk and cream to Latin America and the Caribbean in value terms, accounting for 43.2%, 8.3%, and 3.6% of import value, respectively. Collectively, they represented 55.0% of total import flows.

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

World map of product's imports to Latin America and the Caribbean in value, 2017-2020