Philippines: Cheese Market 2024

Cheese Market Size in the Philippines

For the third year in a row, the Philippine cheese market recorded growth in sales value, which increased by 13% to $X in 2021. Overall, the total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +96.7% against 2013 indices. Cheese consumption peaked in 2021 and is expected to retain growth in years to come.

Cheese Production in the Philippines

In value terms, cheese production expanded slightly to $X in 2021 estimated in export price. In general, the total production indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +60.7% against 2018 indices. The growth pace was the most rapid in 2015 when the production volume increased by 43% against the previous year. Over the period under review, production hit record highs in 2021 and is expected to retain growth in the near future.

Cheese Exports

Exports from the Philippines

In 2021, approx. X tons of cheese were exported from the Philippines; rising by 238% against the previous year. Overall, exports, however, saw a perceptible downturn. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, cheese exports skyrocketed to $X in 2021. In general, exports saw measured growth. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Canada (X tons), the United States (X tons) and Hong Kong SAR (X tons) were the main destinations of cheese exports from the Philippines, with a combined 68% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +38.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X), Hong Kong SAR ($X) and the United States ($X) were the largest markets for cheese exported from the Philippines worldwide, together accounting for 65% of total exports.

Among the main countries of destination, Canada, with a CAGR of +51.4%, saw 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 export price stood at $X per ton in 2021, dropping by -3.1% against the previous year. Over the period under review, the export price, however, continues to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2015 an increase of 152%. Over the period under review, the average export prices hit record highs at $X per ton in 2020, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+44.1%), while the prices for the other major destinations experienced more modest paces of growth.

Cheese Imports

Imports into the Philippines

In 2021, supplies from abroad of cheese was finally on the rise to reach X tons after two years of decline. Over the period under review, imports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 34% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, cheese imports skyrocketed to $X in 2021. Overall, imports recorded a prominent increase. The pace of growth appeared the most rapid in 2017 when imports increased by 27% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to continue growth in the near future.

Imports by Country

In 2021, New Zealand (X tons) constituted the largest cheese supplier to the Philippines, with a 41% share of total imports. Moreover, cheese imports from New Zealand exceeded the figures recorded by the second-largest supplier, Australia (X tons), twofold. The United States (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from New Zealand amounted to +2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+11.2% per year) and the United States (+0.6% per year).

In value terms, New Zealand ($X) constituted the largest supplier of cheese to the Philippines, comprising 42% of total imports. The second position in the ranking was taken by Australia ($X), with a 19% share of total imports. It was followed by the United States, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from New Zealand amounted to +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+12.5% per year) and the United States (+3.4% per year).

Import Prices by Country

In 2021, the average cheese import price amounted to $X per ton, with an increase of 5.5% against the previous year. Over the last nine years, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2019 when the average import price increased by 12% against the previous year. Over the period under review, average import prices reached the maximum in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was India ($X per ton), while the price for Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uruguay (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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