Philippines: Cheese And Curd Market 2024

Cheese And Curd Market Size in the Philippines

The Philippine cheese and curd market was estimated at $X in 2022, with an increase of 3.2% against the previous year. In general, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.5% against 2020 indices. Cheese and curd consumption peaked at $X in 2020; afterwards, it flattened through to 2022.

Cheese And Curd Production in the Philippines

In value terms, cheese and curd production reached $X in 2022 estimated in export price. Overall, the total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.1% against 2020 indices. The pace of growth was the most pronounced in 2019 with an increase of 50%. Cheese and curd production peaked at $X in 2020; afterwards, it flattened through to 2022.

Cheese And Curd Exports

Exports from the Philippines

For the fourth consecutive year, the Philippines recorded growth in overseas shipments of cheese and curd, which increased by 5.5% to X tons in 2022. Over the period under review, exports, however, continue to indicate a perceptible shrinkage. The pace of growth was the most pronounced in 2021 when exports increased by 212% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, cheese and curd exports expanded significantly to $X in 2022. In general, exports saw a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of 228% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Canada (X tons), the United States (X tons) and Singapore (X tons) were the main destinations of cheese and curd exports from the Philippines, together comprising 65% 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 Canada (with a CAGR of +35.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cheese and curd exported from the Philippines were Canada ($X), the United States ($X) and Singapore ($X), with a combined 63% share of total exports.

In terms of the main countries of destination, Canada, with a CAGR of +47.7%, 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

The average cheese and curd export price stood at $X per ton in 2022, with an increase of 8.2% against the previous year. Over the period under review, the export price continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2015 when the average export price increased by 155%. The export price peaked in 2022 and is likely to see gradual growth in the near future.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Brunei Darussalam ($X per ton) and Saudi Arabia ($X per ton), while the average price for exports to China ($X per ton) and Singapore ($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 China (+21.4%), while the prices for the other major destinations experienced more modest paces of growth.

Cheese And Curd Imports

Imports into the Philippines

In 2022, overseas purchases of cheese and curd increased by 23% to X tons, rising for the second year in a row after two years of decline. In general, imports enjoyed a resilient increase. The pace of growth was the most pronounced in 2016 with an increase of 33% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, cheese and curd imports skyrocketed to $X in 2022. Over the period under review, imports posted a resilient increase. 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 cheese and curd to the Philippines, accounting for a 41% share of total imports. Moreover, cheese and curd imports from New Zealand exceeded the figures recorded by the second-largest supplier, Australia (X tons), threefold. The United States (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from New Zealand amounted to +4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+10.9% per year) and the United States (+4.7% per year).

In value terms, New Zealand ($X) constituted the largest supplier of cheese and curd to the Philippines, comprising 42% of total imports. The second position in the ranking was taken by Australia ($X), with a 16% share of total imports. It was followed by the United States, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value from New Zealand totaled +8.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+12.8% per year) and the United States (+8.8% per year).

Import Prices by Country

The average cheese and curd import price stood at $X per ton in 2022, increasing by 11% against the previous year. Over the last decade, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2019 when the average import price increased by 17% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were India ($X per ton) and New Zealand ($X per ton), while the price for Uruguay ($X per ton) and Denmark ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (+14.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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