Concentrated or sweetened milk and cream market in Vietnam

Earlier Report Observations

Between 2018 and 2023, domestic production of concentrated or sweetened milk and cream in Vietnam demonstrated consistent growth, more than doubling from 45.9 thousand tons to 79.3 thousand tons. The market's physical volume followed a more volatile path, expanding to 191.0 thousand tons in 2019 before contracting the following year and subsequently recovering to 197.8 thousand tons by 2023.

A notable shift occurred in 2020 when the market volume fell to 149.4 thousand tons, yet its total value rose to $554.3 million, continuing an upward trend from $431.7 million in 2018. This divergence suggests changing product mix or price levels within the market, which saw its total value peak at $750.2 million in 2022.

Import volumes, a key component of market supply, declined sharply in 2020 to 105.3 thousand tons but largely recovered in the following years. The market's overall value growth over the period, culminating at $674.6 million in 2023, coincided with the steady expansion of local production capacity.

Production concentrated or sweetened milk and cream in Vietnam

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

Vietnam's production of concentrated or sweetened milk and cream has grown for the third year in a row. In 2020, the country produced 68.4 K t, which represents a significant 41.1% increase compared to the previous year. Looking at the period from 2017 to 2020, production rose by 58.6%, translating to an average annual growth rate of 16.6%.

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

In value, 2017-2020, M $ US

Vietnam's production value of concentrated or sweetened milk and cream has increased for the second consecutive year. In 2020, the output was valued at 201.1 M $ US, showing a modest 3.6% year-over-year rise. Between 2017 and 2020, production value grew by 7.2%, which corresponds to an annualized rate of 2.3%. The lowest value was recorded in 2018 at 142.0 M $ US, when it fell by 24.3%. The largest increase occurred in 2019, with a jump of 36.7%.

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

Exports concentrated or sweetened milk and cream from Vietnam

Exports in kind, K t

After two years of decline, Vietnam's exports of concentrated or sweetened milk and cream have rebounded. In 2020, exports reached 24.3 K t, marking a 28.9% increase from 2019. However, over the 2017-2020 period, exports decreased by 69.8%, with an average annual decline of 32.9%. The lowest volume was recorded in 2019 at 18.8 K t, following the largest drop of 67.1% in 2018.

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

From 2017 to 2020, three key markets—Iraq, the Philippines, and Cambodia—collectively accounted for 75.7% of Vietnam's total exports of concentrated or sweetened milk and cream by volume.

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

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

Exports in value, M $ US

Vietnam's export value of concentrated or sweetened milk and cream has declined for the second year in a row. In 2020, exports amounted to 71.4 M $ US, down 5.4% from the previous year. Despite this recent drop, between 2017 and 2020, export value increased by 31.3%, averaging an annual growth rate of 9.5%. The peak was in 2018 at 81.8 M $ US, which saw the largest increase of 50.4%. The largest decline occurred in 2019, with a 7.7% decrease.

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

During 2017-2020, Iraq, the Philippines, and Cambodia remained the top buyers of concentrated or sweetened milk and cream from Vietnam in value terms. Iraq accounted for 59.9% of exports, the Philippines for 9.1%, and Cambodia for 5.4%, together making up 74.4% of total export value.

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

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

Imports concentrated or sweetened milk and cream to Vietnam

Imports in kind, K t

Following two years of growth, Vietnam's imports of concentrated or sweetened milk and cream have decreased. In 2020, imports totaled 105.3 K t, a sharp 34.7% drop compared to the previous year. Over the 2017-2020 period, imports fell by 24.7%, with an average annual decline of 9.0%. The highest volume was recorded in 2019 at 161.4 K t, after the largest increase of 8.2% in 2018.

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

From 2017 to 2020, New Zealand, the United States, and Australia were the main suppliers of concentrated or sweetened milk and cream to Vietnam by volume. New Zealand contributed 32.7% of imports, the United States 31.1%, and Australia 5.6%, collectively accounting for 69.4% of total import volume.

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

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

Imports in value, M $ US

Vietnam's import value of concentrated or sweetened milk and cream has risen for the third consecutive year. In 2020, imports reached 424.6 M $ US, up 7.7% from the previous year. Between 2017 and 2020, import value increased by 18.2%, with an average annual growth rate of 5.7%.

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

Over the 2017-2020 period, New Zealand, the United States, and Australia were the leading contributors to Vietnam's import value of concentrated or sweetened milk and cream. New Zealand made up 43.4% of imports, the United States 26.9%, and Australia 4.9%, together representing 75.2% of total import value.

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

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