Philippines: Bacon And Ham Market 2024

Bacon And Ham Market Size in the Philippines

After three years of growth, the Philippine bacon and ham market decreased by -90.8% to $X in 2022. Over the period under review, consumption continues to indicate a deep setback. Over the period under review, the market attained the peak level at $X in 2021, and then contracted notably in the following year.

Bacon And Ham Exports

Exports from the Philippines

In 2022, the amount of bacon, ham and other dried, salted or smoked pig meat exported from the Philippines declined remarkably to X tons, dropping by -26.6% against the previous year's figure. Over the period under review, exports faced a deep setback. The growth pace was the most rapid in 2021 when exports increased by 113% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, bacon and ham exports contracted sharply to $X in 2022. Overall, exports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 169%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons), Qatar (X tons) and Hong Kong SAR (X tons) were the main destinations of bacon and ham exports from the Philippines, with a combined 91% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hong Kong SAR (with a CAGR of +35.1%), while the other leaders experienced a decline.

In value terms, the largest markets for bacon and ham exported from the Philippines were the United Arab Emirates ($X), Qatar ($X) and Bahrain ($X), with a combined 92% share of total exports. Hong Kong SAR lagged somewhat behind, accounting for a further 5.5%.

Among the main countries of destination, Hong Kong SAR, with a CAGR of +42.1%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average bacon and ham export price stood at $X per ton in 2022, dropping by -6.6% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 33% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bahrain (+6.2%), while the prices for the other major destinations experienced more modest paces of growth.

Bacon And Ham Imports

Imports into the Philippines

In 2022, supplies from abroad of bacon, ham and other dried, salted or smoked pig meat decreased by -86.8% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports saw a abrupt descent. The most prominent rate of growth was recorded in 2014 with an increase of 118%. 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, bacon and ham imports dropped sharply to $X in 2022. In general, imports recorded a perceptible decrease. The most prominent rate of growth was recorded in 2021 with an increase of 91% against the previous year. As a result, imports attained the peak of $X, and then dropped notably in the following year.

Imports by Country

In 2022, Italy (X tons) constituted the largest bacon and ham supplier to the Philippines, accounting for a 56% share of total imports. Moreover, bacon and ham imports from Italy exceeded the figures recorded by the second-largest supplier, Spain (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Italy stood at +31.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+84.1% per year) and the United States (-20.6% per year).

In value terms, Spain ($X), the United States ($X) and Italy ($X) were the largest bacon and ham suppliers to the Philippines, with a combined 96% share of total imports.

Spain, with a CAGR of +97.9%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average bacon and ham import price amounted to $X per ton, with an increase of 81% against the previous year. Over the period under review, import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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