Philippines: Powdered Milk Market 2024

Powdered Milk Market Size in the Philippines

The Philippine powdered milk market soared to $X in 2022, with an increase of 36% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +72.4% against 2018 indices. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in years to come.

Powdered Milk Exports

Exports from the Philippines

In 2022, approx. X tons of powdered milk were exported from the Philippines; which is down by -6.1% compared with 2021 figures. Overall, exports saw a abrupt curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 691% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, powdered milk exports skyrocketed to $X in 2022. In general, exports showed a deep slump. The pace of growth appeared the most rapid in 2018 with an increase of 669%. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for powdered milk exports from the Philippines, with a 64% share of total exports. Moreover, powdered milk exports to Malaysia exceeded the volume sent to the second major destination, Bangladesh (X tons), fourfold. Vietnam (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia stood at -3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (-11.2% per year) and Vietnam (+4.8% per year).

In value terms, Malaysia ($X) remains the key foreign market for powdered milk exports from the Philippines, comprising 70% of total exports. The second position in the ranking was taken by Bangladesh ($X), with a 13% share of total exports. It was followed by Vietnam, with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia stood at +1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (-10.2% per year) and Vietnam (+3.9% per year).

Export Prices by Country

In 2022, the average powdered milk export price amounted to $X per ton, growing by 36% against the previous year. Overall, export price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 an increase of 37%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Malaysia ($X per ton) and Taiwan (Chinese) ($X per ton), while the average price for exports to Vietnam ($X per ton) and Thailand ($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 Indonesia (+5.2%), while the prices for the other major destinations experienced more modest paces of growth.

Powdered Milk Imports

Imports into the Philippines

In 2022, after two years of decline, there was significant growth in purchases abroad of powdered milk, when their volume increased by 13% to X tons. Over the period under review, total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when imports increased by 74%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, powdered milk imports surged to $X in 2022. Overall, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +112.3% against 2018 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) constituted the largest powdered milk supplier to the Philippines, accounting for a 57% share of total imports. Moreover, powdered milk imports from the United States exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), fourfold. Belgium (X tons) ranked third in terms of total imports with an 8.9% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (-5.3% per year) and Belgium (+49.1% per year).

In value terms, the United States ($X) constituted the largest supplier of powdered milk to the Philippines, comprising 57% of total imports. The second position in the ranking was taken by New Zealand ($X), with a 16% share of total imports. It was followed by Belgium, with an 8.8% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +10.0%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (-3.9% per year) and Belgium (+52.6% per year).

Import Prices by Country

The average powdered milk import price stood at $X per ton in 2022, growing by 28% against the previous year. Overall, import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, powdered milk import price increased by +96.4% against 2016 indices. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Singapore ($X per ton) and New Zealand ($X per ton), while the price for France ($X per ton) and Belgium ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+15.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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