Philippines: Crispbread Market 2024

Crispbread Market Size in the Philippines

The Philippine crispbread market was finally on the rise to reach $X in 2021, after two years of decline. In general, consumption saw perceptible growth. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Crispbread Production in the Philippines

In value terms, crispbread production skyrocketed to $X in 2021 estimated in export price. In general, production recorded a measured expansion. The pace of growth appeared the most rapid in 2018 with an increase of 157% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Crispbread Exports

Exports from the Philippines

In 2021, approx. X tons of crispbread were exported from the Philippines; falling by -75.5% against the year before. In general, exports faced a drastic downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 67% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, crispbread exports reduced rapidly to $X in 2021. Overall, exports continue to indicate a sharp shrinkage. The most prominent rate of growth was recorded in 2017 when exports increased by 80% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Taiwan (Chinese) (X tons), the UK (X tons) and Hong Kong SAR (X tons) were the main destinations of crispbread exports from the Philippines, together comprising 43% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hong Kong SAR (with a CAGR of +4.3%), while the other leaders experienced mixed trend patterns.

In value terms, Taiwan (Chinese) ($X), the UK ($X) and Hong Kong SAR ($X) were the largest markets for crispbread exported from the Philippines worldwide, together accounting for 60% of total exports.

Hong Kong SAR, with a CAGR of +0.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average crispbread export price amounted to $X per ton, growing by 12% against the previous year. Over the period under review, the export price, however, continues to indicate a perceptible setback. The growth pace was the most rapid in 2016 when the average export price increased by 15% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was the UK ($X per ton), while the average price for exports to Japan ($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 Taiwan (Chinese) (+0.1%), while the prices for the other major destinations experienced a decline.

Crispbread Imports

Imports into the Philippines

In 2021, supplies from abroad of crispbread decreased by -31.3% to X tons, falling for the second consecutive year after four years of growth. Overall, imports, however, enjoyed a measured increase. The pace of growth was the most pronounced in 2017 with an increase of 35% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, crispbread imports fell notably to $X in 2021. Over the period under review, total imports indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when imports increased by 28% against the previous year. Over the period under review, imports attained the peak figure at $X in 2020, and then contracted remarkably in the following year.

Imports by Country

Vietnam (X tons), Hong Kong SAR (X tons) and China (X tons) were the main suppliers of crispbread imports to the Philippines, with a combined 78% share of total imports. Singapore, Switzerland, Italy, the United States and Thailand lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +45.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constituted the largest supplier of crispbread to the Philippines, comprising 40% of total imports. The second position in the ranking was held by China ($X), with a 16% share of total imports. It was followed by Vietnam, with a 7.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Singapore stood at +46.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-9.9% per year) and Vietnam (+0.0% per year).

Import Prices by Country

The average crispbread import price stood at $X per ton in 2021, rising by 9.6% against the previous year. Overall, import price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, crispbread import price increased by +12.4% against 2019 indices. The pace of growth appeared the most rapid in 2015 when the average import price increased by 56%. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Singapore ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :