Philippines: Preserved Fish Fillet Market 2024

Preserved Fish Fillet Market Size in the Philippines

The Philippine preserved fish fillet market contracted to $X in 2021, approximately mirroring the previous year. Overall, the total consumption indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +2.2% 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 increased by +2.2% against 2019 indices. Preserved fish fillet consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Preserved Fish Fillet Production in the Philippines

In value terms, preserved fish fillet production stood at $X in 2021 estimated in export price. Over the period under review, the total production indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +2.2% 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 -36.1% against 2015 indices. The growth pace was the most rapid in 2014 when the production volume increased by 44%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Preserved Fish Fillet Exports

Exports from the Philippines

In 2021, overseas shipments of fish fillets (dried, salted or in brine, but not smoked) were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, continue to indicate a dramatic downturn. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, preserved fish fillet exports surged to $X in 2021. In general, exports, however, continue to indicate a abrupt downturn. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for preserved fish fillet exports from the Philippines, accounting for a 60% share of total exports. Moreover, preserved fish fillet exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), fivefold. The third position in this ranking was taken by the Netherlands (X tons), with a 7% share.

From 2017 to 2021, the average annual growth rate of volume to the United States stood at -9.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-40.2% per year) and the Netherlands (-25.1% per year).

In value terms, the United States ($X) remains the key foreign market for fish fillets (dried, salted or in brine, but not smoked) exports from the Philippines, comprising 40% of total exports. The second position in the ranking was held by Japan ($X), with a 15% share of total exports. It was followed by the Netherlands, with an 11% share.

From 2017 to 2021, the average annual rate of growth in terms of value to the United States totaled +2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-14.4% per year) and the Netherlands (+8.0% per year).

Export Prices by Country

The average preserved fish fillet export price stood at $X per ton in 2021, picking up by 138% against the previous year. Over the period under review, the export price posted a significant increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Australia ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2017 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+71.2%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Fish Fillet Imports

Imports into the Philippines

After two years of growth, overseas purchases of fish fillets (dried, salted or in brine, but not smoked) decreased by -67.5% to X kg in 2021. Overall, imports, however, saw a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 4,598% against the previous year. As a result, imports reached the peak of X tons, and then dropped sharply in the following year.

In value terms, preserved fish fillet imports declined sharply to $X in 2021. In general, imports, however, saw a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 5,988%. As a result, imports reached the peak of $X, and then reduced dramatically in the following year.

Imports by Country

Norway (X kg), Sweden (X kg) and South Korea (X kg) were the main suppliers of preserved fish fillet imports to the Philippines, together comprising 76% of total imports.

From 2017 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sweden (with a CAGR of +263.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Norway ($X), South Korea ($X) and Sweden ($X) appeared to be the largest preserved fish fillet suppliers to the Philippines, with a combined 60% share of total imports.

Among the main suppliers, Sweden, with a CAGR of +240.4%, 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

In 2021, the average preserved fish fillet import price amounted to $X per ton, with a decrease of -38.8% against the previous year. In general, the import price, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2020 an increase of 30% against the previous year. As a result, import price reached the peak level of $X per ton, and then fell remarkably in the following year.

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

From 2017 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+28.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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