Concentrated or sweetened milk and cream market in South-eastern Asia

Earlier Report Observations

The market volume for concentrated or sweetened milk and cream in South-eastern Asia fluctuated between 2018 and 2022. Starting at 2 127 thousand tons in 2018, it dipped to 2 046 thousand tons in 2019 before recovering to 2 246 thousand tons in 2020. The market stabilized in 2021 at 2 217 thousand tons and then grew to 2 417 thousand tons in 2022.

In 2023, the market volume sharply contracted to 1 802 thousand tons, a drop of over 25% from the previous year. This decline coincided with the growing traction of plant-based dairy products, driven by health, sustainability, and ethical concerns among consumers. A simultaneous shift in preferences towards localized flavors and healthier product portfolios reduced demand for traditional sweetened milk and cream.

Market dynamics continued to evolve in 2024, with major players like Vinamilk focusing on brand expansion across Southeast Asia and Fraser & Neave launching innovative condensed milk products. Consumer preferences further leaned towards locally sourced, organic, and sustainable options, while new packaging formats and the growth of e-commerce channels reshaped distribution.

Production concentrated or sweetened milk and cream in South-eastern Asia

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

Production of concentrated or sweetened milk and cream in South-eastern Asia has declined for the second year in a row. In 2020, the region produced 1 261 thousand tonnes, which represents a 2.3% decrease compared to the previous year. Looking at the period from 2017 to 2020, overall production grew by 6.9%, with an average annual growth rate of 2.2%. The highest production level was recorded in 2018 at 1 311 thousand tonnes, which also saw the largest annual increase of 11.1%.

Annual dynamics of production in South-eastern Asia 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 South-eastern Asia reached 3 090 million US dollars, showing a substantial year-over-year increase of 20.4%. From 2017 to 2020, the production value rose by 30.6%, translating to an average annual growth rate of 9.3%. The peak value occurred in 2018 at 3 250 million US dollars, which also experienced the largest annual increase of 37.3%. In contrast, 2019 saw the most significant decline, with a drop of 21.0%.

Annual dynamics of production in South-eastern Asia in value, 2017-2020, M $ US

Exports concentrated or sweetened milk and cream from South-eastern Asia

Exports in kind, K t

In 2020, South-eastern Asia exported 212 thousand tonnes of concentrated or sweetened milk and cream, which is a 21.2% decrease from 2019. Over the period from 2017 to 2020, exports fell by 20.3%, corresponding to an average annual decline of 7.3%. The highest export volume was recorded in 2019 at 269 thousand tonnes, which also marked the largest annual increase of 24.1%.

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

Between 2017 and 2020, the export structure for concentrated or sweetened milk and cream in South-eastern Asia was quite diversified. Japan accounted for 14.4% of exports in kind, Iraq for 4.8%, and Mexico for 4.5%. Together, these three countries represented just 23.7% of total exports, with no single country holding a clearly dominant position.

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

World map of product's exports from South-eastern Asia in kind, 2017-2020

Exports in value, M $ US

Exports of concentrated or sweetened milk and cream from South-eastern Asia have decreased for the second consecutive year. In 2020, the region exported 520 million US dollars worth of these products, reflecting a 3.0% decline compared to the previous year. From 2017 to 2020, export value dropped by 2.6%, with an average annual decrease 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 South-eastern Asia in value, 2017-2020, M $ US

From 2017 to 2020, the value-based exports of concentrated or sweetened milk and cream from South-eastern Asia were distributed across a wide range of partner countries. Japan accounted for 17.1% of exports in value terms, Iraq for 8.0%, and Sudan for 4.3%. Collectively, these three countries made up 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 South-eastern Asia in value, 2017-2020

Imports concentrated or sweetened milk and cream to South-eastern Asia

Imports in kind, K t

In 2020, South-eastern Asia imported 1 197 thousand tonnes of concentrated or sweetened milk and cream, representing a 16.8% increase from the previous year. Over the period from 2017 to 2020, imports grew by 23.1%, with an average annual growth rate of 7.2%. The largest decline occurred in 2019, with a decrease of 0.8%.

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

Between 2017 and 2020, New Zealand, the United States, and Australia were consistently the main sources for imports of concentrated or sweetened milk and cream in South-eastern Asia. New Zealand accounted for 33.2% of imports in kind, the United States for 21.3%, and Australia for 8.3%. Together, these three countries represented 62.8% of total import flows.

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

World map of product's imports to South-eastern Asia in kind, 2017-2020

Imports in value, M $ US

Imports of concentrated or sweetened milk and cream into South-eastern Asia have increased for the third year in a row. In 2020, the region imported 3 061 million US dollars worth of these products, reflecting a solid 15.2% advance compared to the previous year. From 2017 to 2020, import value rose by 23.1%, with an average annual growth rate of 7.2%.

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

From 2017 to 2020, New Zealand, the United States, and Australia continued to be the primary suppliers of concentrated or sweetened milk and cream to South-eastern Asia in value terms. New Zealand accounted for 40.7% of imports in value terms, the United States for 19.9%, and Australia for 8.0%. Collectively, these three countries formed 68.6% of total import value.

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

World map of product's imports to South-eastern Asia in value, 2017-2020