Philippines: Pasta Products Market 2024

Pasta Products Market Size in the Philippines

The Philippine pasta products market rose sharply to $X in 2022, surging by 12% against the previous year. Over the period under review, consumption continues to indicate a remarkable increase. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Pasta Products Production in the Philippines

In value terms, pasta products production expanded remarkably to $X in 2022 estimated in export price. Over the period under review, production recorded a strong increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 217%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Pasta Products Exports

Exports from the Philippines

In 2022, shipments abroad of dried, undried and frozen pasta and pasta products decreased by -32.9% to X tons, falling for the third year in a row after two years of growth. Over the period under review, exports saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2014 when exports increased by 31%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, pasta products exports dropped remarkably to $X in 2022. In general, exports saw a deep contraction. The most prominent rate of growth was recorded in 2018 with an increase of 53% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Singapore (X tons), the United States (X tons) and the United Arab Emirates (X tons) were the main destinations of pasta products exports from the Philippines, together comprising 41% of total exports.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +21.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), the United States ($X) and Singapore ($X) were the largest markets for pasta products exported from the Philippines worldwide, with a combined 45% share of total exports.

Singapore, with a CAGR of +22.4%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average pasta products export price stood at $X per ton in 2022, falling by -2.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.3%. The most prominent rate of growth was recorded in 2018 an increase of 25% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+9.6%), while the prices for the other major destinations experienced more modest paces of growth.

Pasta Products Imports

Imports into the Philippines

In 2022, supplies from abroad of dried, undried and frozen pasta and pasta products increased by 15% to X tons, rising for the third consecutive year after two years of decline. Over the period under review, imports recorded a buoyant increase. The most prominent rate of growth was recorded in 2017 with an increase of 293%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, pasta products imports skyrocketed to $X in 2022. In general, imports showed a buoyant expansion. The pace of growth appeared the most rapid in 2017 with an increase of 228% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

South Korea (X tons), China (X tons) and Indonesia (X tons) were the main suppliers of pasta products imports to the Philippines, together comprising 80% of total imports. Japan, the United Arab Emirates, the United States, Vietnam and Italy lagged somewhat behind, together accounting for a further 13%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +41.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest pasta products suppliers to the Philippines were Indonesia ($X), China ($X) and South Korea ($X), with a combined 78% share of total imports. Japan, Vietnam, the United Arab Emirates, the United States and Italy lagged somewhat behind, together comprising a further 13%.

In terms of the main suppliers, Vietnam, with a CAGR of +59.1%, saw 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 pasta products import price stood at $X per ton in 2022, with an increase of 3% against the previous year. Over the last decade, it increased at an average annual rate of +3.1%. The pace of growth appeared the most rapid in 2019 an increase of 21%. Over the period under review, average import prices reached the peak figure at $X per ton in 2020; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+12.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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