Philippines: Market for Butter And Dairy Spreads 2024

Market Size for Butter And Dairy Spreads in the Philippines

The Philippine butter and dairy spreads market surged to $X in 2022, growing by 43% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption posted a resilient expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Butter And Dairy Spreads

Exports from the Philippines

In 2022, shipments abroad of butter and dairy spreads decreased by -13.8% to X tons, falling for the second year in a row after two years of growth. Overall, exports, however, showed a significant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 1,435%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, butter and dairy spreads exports expanded remarkably to $X in 2022. In general, exports, however, posted a significant increase. The growth pace was the most rapid in 2014 when exports increased by 1,699%. Over the period under review, the exports attained the peak figure at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons) was the main destination for butter and dairy spreads exports from the Philippines, accounting for a 50% share of total exports. Moreover, butter and dairy spreads exports to Malaysia exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), threefold. The third position in this ranking was held by the United States (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia amounted to +92.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+61.9% per year) and the United States (+8.8% per year).

In value terms, Malaysia ($X) remains the key foreign market for butter and dairy spreads exports from the Philippines, comprising 47% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 16% share of total exports. It was followed by the United States, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Malaysia totaled +95.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+82.2% per year) and the United States (+20.6% per year).

Export Prices by Country

The average butter and dairy spreads export price stood at $X per ton in 2022, increasing by 26% against the previous year. Over the period under review, the export price enjoyed prominent growth. The pace of growth was the most pronounced in 2013 an increase of 28% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were South Korea ($X per ton) and the United States ($X per ton), while the average price for exports to Kuwait ($X per ton) and Canada ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+31.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Butter And Dairy Spreads

Imports into the Philippines

In 2022, approx. X tons of butter and dairy spreads were imported into the Philippines; picking up by 18% against 2021 figures. Overall, imports recorded a buoyant increase. The growth pace was the most rapid in 2014 with an increase of 32%. Imports peaked at X tons in 2019; afterwards, it flattened through to 2022.

In value terms, butter and dairy spreads imports soared to $X in 2022. In general, imports showed a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, New Zealand (X tons) constituted the largest supplier of butter and dairy spreads to the Philippines, with a 73% share of total imports. Moreover, butter and dairy spreads imports from New Zealand exceeded the figures recorded by the second-largest supplier, China (X tons), ninefold. The third position in this ranking was taken by Denmark (X tons), with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from New Zealand totaled +9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+15.7% per year) and Denmark (+20.1% per year).

In value terms, New Zealand ($X) constituted the largest supplier of butter and dairy spreads to the Philippines, comprising 73% of total imports. The second position in the ranking was taken by China ($X), with an 8.4% share of total imports. It was followed by Denmark, with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from New Zealand stood at +13.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+25.6% per year) and Denmark (+18.9% per year).

Import Prices by Country

In 2022, the average butter and dairy spreads import price amounted to $X per ton, surging by 36% against the previous year. Over the last decade, it increased at an average annual rate of +4.8%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Australia ($X per ton) and Thailand ($X per ton), while the price for China ($X per ton) and France ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+10.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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