Philippines: Dairy Spread Market 2024

Dairy Spread Market Size in the Philippines

The Philippine dairy spread market reduced modestly to $X in 2022, waning by -3.1% against the previous year. The market value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Dairy spread consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Dairy Spread Production in the Philippines

In value terms, dairy spread production dropped to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 55% against the previous year. Dairy spread production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Dairy Spread Exports

Exports from the Philippines

For the third consecutive year, the Philippines recorded decline in shipments abroad of dairy spreads, which decreased by -19.5% to X tons in 2022. Overall, exports, however, showed a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of 2,732% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, dairy spread exports reduced slightly to $X in 2022. In general, exports, however, recorded a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 2,713%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons) was the main destination for dairy spread exports from the Philippines, accounting for a 66% share of total exports. Moreover, dairy spread exports to Malaysia exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), sixfold. Australia (X tons) ranked third in terms of total exports with a 7.1% share.

From 2013 to 2022, the average annual rate of growth in terms of volume to Malaysia stood at +92.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+22.4% per year) and Australia (+66.3% per year).

In value terms, Malaysia ($X) remains the key foreign market for dairy spreads exports from the Philippines, comprising 66% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 12% share of total exports. It was followed by Australia, with a 7.1% share.

From 2013 to 2022, the average annual rate of growth in terms of value to Malaysia amounted to +95.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+30.3% per year) and Australia (+88.7% per year).

Export Prices by Country

The average dairy spread export price stood at $X per ton in 2022, increasing by 22% against the previous year. In general, export price indicated strong growth from 2013 to 2022: its price increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, dairy spread export price increased by +101.2% against 2016 indices. The growth pace was the most rapid in 2017 when the average export price increased by 30%. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in the near future.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Australia ($X per ton) and Malaysia ($X per ton), while the average price for exports to the United States ($X per ton) and Kuwait ($X per ton) were amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+14.2%), while the prices for the other major destinations experienced more modest paces of growth.

Dairy Spread Imports

Imports into the Philippines

Dairy spread imports into the Philippines soared to X tons in 2022, growing by 96% compared with the previous year. Overall, imports enjoyed a significant expansion. The growth pace was the most rapid in 2019 when imports increased by 74,922% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, dairy spread imports skyrocketed to $X in 2022. In general, imports showed a significant expansion. The growth pace was the most rapid in 2019 when imports increased by 94,835%. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) was the main dairy spread supplier to the Philippines, accounting for a 97% share of total imports. It was followed by Ireland (X kg), with a 2.3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +848.2%.

In value terms, China ($X) constituted the largest supplier of dairy spreads to the Philippines, comprising 97% of total imports. The second position in the ranking was taken by Ireland ($X), with a 2.3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +1,061.7%.

Import Prices by Country

In 2022, the average dairy spread import price amounted to $X per ton, picking up by 23% against the previous year. Overall, the import price showed a prominent expansion. The most prominent rate of growth was recorded in 2016 an increase of 568% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+73.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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