Philippines: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in the Philippines

The Philippine fish fat and oil market rose significantly to $X in 2022, with an increase of 6.9% against the previous year. The market value increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Fish fat and oil consumption peaked in 2022 and is expected to retain growth in the near future.

Production of Fish Fats And Oils in the Philippines

In value terms, fish fat and oil production rose slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.9% 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 2015 when the production volume increased by 27%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Fish Fats And Oils

Exports from the Philippines

Fish fat and oil exports from the Philippines shrank remarkably to X tons in 2022, waning by -29.8% compared with the year before. Overall, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 294%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, fish fat and oil exports reduced dramatically to $X in 2022. Over the period under review, exports, however, recorded a resilient expansion. The growth pace was the most rapid in 2020 with an increase of 177%. Over the period under review, the exports reached the peak figure at $X in 2021, and then declined markedly in the following year.

Exports by Country

Chile (X tons) was the main destination for fish fat and oil exports from the Philippines, accounting for a 73% share of total exports. Moreover, fish fat and oil exports to Chile exceeded the volume sent to the second major destination, Ecuador (X tons), sixfold. Spain (X tons) ranked third in terms of total exports with a 6.3% share.

From 2012 to 2022, the average annual growth rate of volume to Chile amounted to +100.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (0.0% per year) and Spain (0.0% per year).

In value terms, Chile ($X) emerged as the key foreign market for fish fats and oils exports from the Philippines, comprising 76% of total exports. The second position in the ranking was held by Ecuador ($X), with a 13% share of total exports. It was followed by Spain, with a 5.4% share.

From 2012 to 2022, the average annual growth rate of value to Chile totaled +145.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (0.0% per year) and Spain (0.0% per year).

Export Prices by Country

In 2022, the average fish fat and oil export price amounted to $X per ton, almost unchanged from the previous year. In general, the export price recorded a abrupt downturn. The most prominent rate of growth was recorded in 2021 an increase of 60% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while the average price for exports to Vietnam ($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 Chile (+22.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into the Philippines

In 2022, the amount of fish fats and oils imported into the Philippines reduced modestly to X tons, declining by -4.7% on 2021 figures. In general, imports showed a abrupt setback. The pace of growth was the most pronounced in 2014 with an increase of 68% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, fish fat and oil imports surged to $X in 2022. Overall, imports, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of 47%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

Chile (X tons), India (X tons) and Japan (X tons) were the main suppliers of fish fat and oil imports to the Philippines, with a combined 84% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +119.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X) constituted the largest supplier of fish fats and oils to the Philippines, comprising 52% of total imports. The second position in the ranking was held by Chile ($X), with a 16% share of total imports. It was followed by India, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from Switzerland totaled +85.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (+4.7% per year) and India (+79.3% per year).

Import Prices by Country

The average fish fat and oil import price stood at $X per ton in 2022, increasing by 26% against the previous year. In general, the import price saw prominent growth. The growth pace was the most rapid in 2013 an increase of 161%. The import price peaked in 2022 and is expected to retain growth in years to come.

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 Switzerland ($X per ton), while the price for Chile ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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