Philippines: Market for Dried Or Smoked Fish 2025

Market Size for Dried Or Smoked Fish in the Philippines

The Philippine dried or smoked fish market expanded rapidly to $X in 2021, surging by 10% against the previous year. Overall, the total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -6.8% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Production of Dried Or Smoked Fish in the Philippines

In value terms, dried or smoked fish production surged to $X in 2021 estimated in export price. In general, the total production indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -12.2% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 41%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Exports of Dried Or Smoked Fish

Exports from the Philippines

In 2021, shipments abroad of dried or smoked fish decreased by -15.7% to X tons, falling for the fourth consecutive year after two years of growth. In general, exports continue to indicate a deep slump. The most prominent rate of growth was recorded in 2016 with an increase of 33%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, dried or smoked fish exports reduced remarkably to $X in 2021. Over the period under review, exports saw a perceptible reduction. The most prominent rate of growth was recorded in 2013 with an increase of 27% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for dried or smoked fish exports from the Philippines, accounting for a 52% share of total exports. Moreover, dried or smoked fish exports to Japan exceeded the volume sent to the second major destination, South Korea (X tons), threefold. The United States (X tons) ranked third in terms of total exports with an 18% share.

From 2012 to 2021, the average annual growth rate of volume to Japan totaled -6.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+2.1% per year) and the United States (-9.8% per year).

In value terms, Japan ($X) remains the key foreign market for dried or smoked fish exports from the Philippines, comprising 50% of total exports. The second position in the ranking was taken by South Korea ($X), with a 20% share of total exports. It was followed by the United States, with a 19% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan amounted to -4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+4.9% per year) and the United States (-4.9% per year).

Export Prices by Country

The average dried or smoked fish export price stood at $X per ton in 2021, waning by -5.3% against the previous year. Over the period under review, export price indicated a measured expansion from 2012 to 2021: its price increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, dried or smoked fish export price increased by +79.1% against 2018 indices. The growth pace was the most rapid in 2019 when the average export price increased by 47%. The export price peaked at $X per ton in 2020, and then fell in the following year.

Average prices varied somewhat for the major export markets. In 2021, the highest price was recorded for prices to Australia ($X per ton) and South Korea ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+7.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Dried Or Smoked Fish

Imports into the Philippines

In 2021, approx. X tons of dried or smoked fish were imported into the Philippines; with an increase of 12% against the previous year's figure. In general, imports, however, continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2017 with an increase of 63%. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, dried or smoked fish imports skyrocketed to $X in 2021. Overall, total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -17.0% against 2019 indices. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Australia (X tons), China (X tons) and Vietnam (X tons) were the main suppliers of dried or smoked fish imports to the Philippines, together accounting for 67% of total imports. These countries were followed by Indonesia, Italy, Norway, the United States, Japan, South Korea, Taiwan (Chinese) and Singapore, which together accounted for a further 29%.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +191.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Vietnam ($X) and Australia ($X) were the largest dried or smoked fish suppliers to the Philippines, together comprising 68% of total imports. Indonesia, Norway, Japan, Italy, the United States, South Korea, Taiwan (Chinese) and Singapore lagged somewhat behind, together accounting for a further 25%.

Among the main suppliers, Italy, with a CAGR of +92.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average dried or smoked fish import price stood at $X per ton in 2021, growing by 53% against the previous year. Over the period under review, the import price enjoyed a significant expansion. The growth pace was the most rapid in 2016 when the average import price increased by 201%. The import price peaked in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Norway ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+47.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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