Philippines: Market for Buttermilk And Buttermilk Powder 2024

Market Size for Buttermilk And Buttermilk Powder in the Philippines

In 2022, the Philippine buttermilk and buttermilk powder market increased by 20% to $X, rising for the second year in a row after two years of decline. In general, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Buttermilk And Buttermilk Powder in the Philippines

In value terms, buttermilk and buttermilk powder production declined to $X in 2022 estimated in export price. In general, production saw a noticeable setback. The pace of growth was the most pronounced in 2018 when the production volume increased by 46%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Exports of Buttermilk And Buttermilk Powder

Exports from the Philippines

After ten years of growth, overseas shipments of buttermilk and buttermilk powder decreased by -51.7% to X tons in 2022. In general, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 88% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then dropped notably in the following year.

In value terms, buttermilk and buttermilk powder exports reduced dramatically to $X in 2022. Over the period under review, exports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2017 with an increase of 115% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then shrank remarkably in the following year.

Exports by Country

Vietnam (X tons) was the main destination for buttermilk and buttermilk powder exports from the Philippines, with a 71% share of total exports. Moreover, buttermilk and buttermilk powder exports to Vietnam exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), fourfold. Thailand (X tons) ranked third in terms of total exports with a 9% share.

From 2012 to 2022, the average annual growth rate of volume to Vietnam stood at +67.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+14.4% per year) and Thailand (+14.9% per year).

In value terms, Vietnam ($X) remains the key foreign market for buttermilk and buttermilk powder exports from the Philippines, comprising 71% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 17% share of total exports. It was followed by Thailand, with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam stood at +33.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+14.5% per year) and Thailand (-2.2% per year).

Export Prices by Country

In 2022, the average buttermilk and buttermilk powder export price amounted to $X per ton, growing by 9.7% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 33%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Vietnam ($X per ton) and the United Arab Emirates ($X per ton), while the average price for exports to Kuwait ($X per ton) and Thailand ($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 Kuwait (+5.5%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Buttermilk And Buttermilk Powder

Imports into the Philippines

In 2022, approx. X tons of buttermilk and buttermilk powder were imported into the Philippines; jumping by 33% against the previous year. Overall, imports posted a buoyant increase. The pace of growth was the most pronounced in 2019 with an increase of 62%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, buttermilk and buttermilk powder imports skyrocketed to $X in 2022. Over the period under review, imports continue to indicate strong growth. The most prominent rate of growth was recorded in 2017 with an increase of 42%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

New Zealand (X tons), the United States (X tons) and Germany (X tons) were the main suppliers of buttermilk and buttermilk powder imports to the Philippines, together comprising 59% of total imports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +63.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, New Zealand ($X), the United States ($X) and Germany ($X) appeared to be the largest buttermilk and buttermilk powder suppliers to the Philippines, with a combined 59% share of total imports.

In terms of the main suppliers, Germany, with a CAGR of +64.2%, 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 buttermilk and buttermilk powder import price stood at $X per ton in 2022, increasing by 6.3% against the previous year. Overall, the import price, however, recorded a perceptible setback. The most prominent rate of growth was recorded in 2017 when the average import price increased by 27%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Australia ($X per ton) and the United States ($X per ton), while the price for Ireland ($X per ton) and Belgium ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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