Philippines: Cereal Flour Market 2024

Cereal Flour Market Size in the Philippines

The Philippine cereal flour market amounted to $X in 2022, with an increase of X% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Cereal flour consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Cereal Flour Production in the Philippines

In value terms, cereal flour production expanded to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the production volume increased by X% against the previous year. Cereal flour production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Cereal Flour Exports

Exports from the Philippines

For the third year in a row, the Philippines recorded decline in shipments abroad of cereal flours, which decreased by X% to X tons in 2022. Overall, exports recorded a deep slump. The growth pace was the most rapid in 2014 when exports increased by X% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, cereal flour exports dropped significantly to $X in 2022. Over the period under review, exports showed a deep contraction. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Hong Kong SAR (X tons), Myanmar (X tons) and the United States (X tons) were the main destinations of cereal flour exports from the Philippines, with a combined X% 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 Myanmar (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cereal flour exported from the Philippines were Hong Kong SAR ($X), Myanmar ($X) and the United States ($X), with a combined X% share of total exports.

In terms of the main countries of destination, Myanmar, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average cereal flour export price amounted to $X per ton, rising by X% against the previous year. Overall, export price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cereal flour export price increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by X%. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Canada ($X per ton) and the United Arab Emirates ($X per ton), while the average price for exports to Myanmar ($X per ton) and Hong Kong SAR ($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 Hong Kong SAR (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cereal Flour Imports

Imports into the Philippines

In 2022, supplies from abroad of cereal flours was finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. In general, imports, however, saw a abrupt descent. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, cereal flour imports surged to $X in 2022. Over the period under review, imports, however, showed a abrupt curtailment. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest supplier of cereal flour to the Philippines, with a X% share of total imports. Moreover, cereal flour imports from Vietnam exceeded the figures recorded by the second-largest supplier, Thailand (X tons), twofold. Turkey (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Vietnam totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and Turkey (X% per year).

In value terms, the largest cereal flour suppliers to the Philippines were Vietnam ($X), Thailand ($X) and Turkey ($X), with a combined X% share of total imports. The United States, Taiwan (Chinese), the UK, Indonesia and Australia lagged somewhat behind, together comprising a further X%.

The United States, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average cereal flour import price stood at $X per ton in 2022, increasing by X% against the previous year. In general, the import price posted resilient growth. The most prominent rate of growth was recorded in 2020 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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

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

Source: IndexBox Platform

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