Philippines: Frozen Crustaceans Market 2024

Frozen Crustaceans Market Size in the Philippines

The Philippine frozen crustaceans market dropped to $X in 2022, shrinking by X% against the previous year. Overall, consumption, however, enjoyed buoyant growth. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Frozen Crustaceans Production in the Philippines

In value terms, frozen crustaceans production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, posted resilient growth. The growth pace was the most rapid in 2018 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Frozen Crustaceans Exports

Exports from the Philippines

Frozen crustaceans exports from the Philippines contracted rapidly to X tons in 2022, waning by X% against 2021 figures. Overall, exports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, frozen crustaceans exports reduced markedly to $X in 2022. In general, exports saw a drastic downturn. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for frozen crustaceans exports from the Philippines, with a X% share of total exports. Moreover, frozen crustaceans exports to Japan exceeded the volume sent to the second major destination, France (X tons), threefold. The United States (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Japan stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (X% per year) and the United States (X% per year).

In value terms, Japan ($X) remains the key foreign market for frozen crustaceans exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by France ($X), with a X% share of total exports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (X% per year) and the United States (X% per year).

Export Prices by Country

In 2022, the average frozen crustaceans export price amounted to $X per ton, flattening at the previous year. In general, export price indicated prominent growth 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, frozen crustaceans export price increased by X% against 2016 indices. The growth pace was the most rapid in 2014 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the United States ($X per ton) and Vietnam ($X per ton), while the average price for exports to South Korea ($X per ton) and Taiwan (Chinese) ($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 Malaysia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Crustaceans Imports

Imports into the Philippines

In 2022, supplies from abroad of frozen crustaceans increased by X% to X tons, rising for the second year in a row after two years of decline. In general, imports, however, continue to indicate a pronounced curtailment. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, frozen crustaceans imports surged to $X in 2022. Over the period under review, imports saw a buoyant expansion. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest supplier of frozen crustaceans to the Philippines, with a X% share of total imports. Moreover, frozen crustaceans imports from Vietnam exceeded the figures recorded by the second-largest supplier, China (X tons), fivefold.

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

In value terms, Vietnam ($X) constituted the largest supplier of frozen crustaceans to the Philippines, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Vietnam stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Indonesia (X% per year).

Import Prices by Country

In 2022, the average frozen crustaceans import price amounted to $X per ton, increasing by X% against the previous year. Over the period under review, the import price posted buoyant growth. The pace of growth was the most pronounced in 2019 an increase of X% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see steady growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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