Philippines: Cream Market 2021

Cream Market Size in the Philippines

For the fourth consecutive year, the Philippine cream market recorded growth in sales value, which increased by X% to $X in 2020. The market value increased at an average annual rate of +X% from 2007 to 2020; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2011 when the market value increased by X% against the previous year. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2020, consumption failed to regain the momentum.

Cream Production in the Philippines

In value terms, cream production rose to $X in 2020 estimated in export prices. The total output value increased at an average annual rate of +X% from 2007 to 2020; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2011 with an increase of X% y-o-y. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2020, production remained at a lower figure.

Cream Exports

Exports from the Philippines

For the sixth consecutive year, the Philippines recorded decline in shipments abroad of cream, which decreased by -X% to X kg in 2020. In general, exports showed a drastic downturn. The most prominent rate of growth was recorded in 2014 with an increase of X% y-o-y. As a result, exports attained the peak of X tons. From 2015 to 2020, the growth exports failed to regain the momentum.

In value terms, cream exports shrank to $X in 2020. Overall, exports faced a deep contraction. The pace of growth appeared the most rapid in 2014 when exports increased by X% year-to-year. As a result, exports attained the peak of $X. From 2015 to 2020, the growth exports remained at a somewhat lower figure.

Exports by Country

South Korea (X kg) was the main destination for cream exports from the Philippines, accounting for a X% share of total exports. Moreover, cream exports to South Korea exceeded the volume sent to the second major destination, Japan (X kg), more than tenfold.

From 2007 to 2020, the average annual rate of growth in terms of volume to South Korea stood at -X%.

In value terms, South Korea ($X) remains the key foreign market for cream exports from the Philippines, comprising X% of total exports. The second position in the ranking was occupied by Japan ($X), with a X% share of total exports.

From 2007 to 2020, the average annual rate of growth in terms of value to South Korea totaled -X%.

Export Prices by Country

The average cream export price stood at $X per ton in 2020, which is down by -X% against the previous year. Over the period under review, the export price saw a mild contraction. The growth pace was the most rapid in 2008 an increase of X% year-to-year. The export price peaked at $X per ton in 2011; however, from 2012 to 2020, export prices remained at a lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Japan ($X per ton), while the average price for exports to South Korea totaled $X per ton.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Japan.

Cream Imports

Imports into the Philippines

For the fourth consecutive year, the Philippines recorded decline in supplies from abroad of cream, which decreased by -X% to X tons in 2020. In general, imports recorded a drastic downturn. The most prominent rate of growth was recorded in 2011 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2012 to 2020, the growth imports failed to regain the momentum.

In value terms, cream imports fell modestly to $X in 2020. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2010 with an increase of X% year-to-year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2020, imports remained at a lower figure.

Imports by Country

The UK (X tons), France (X tons) and Australia (X tons) were the main suppliers of cream imports to the Philippines, together accounting for X% of total imports. These countries were followed by Brazil, Uruguay, New Zealand and Denmark, which together accounted for a further X 2007 to 2020, the biggest increases were in Uruguay, while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Australia ($X) and Brazil ($X) constituted the largest cream suppliers to the Philippines, together accounting for X% of total imports. New Zealand, the UK, Uruguay and Denmark lagged somewhat behind, together accounting for a further 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 cream import price stood at $X per ton in 2020, increasing by X% against the previous year. Over the period under review, import price indicated a resilient expansion from 2007 to 2020: its price increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, cream import price increased by +X% against 2016 indices. The pace of growth appeared the most rapid in 2008 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2020, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was New Zealand ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by New Zealand, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :