Philippines: Battered Fish Fillet Market 2024

Battered Fish Fillet Market Size in the Philippines

The Philippine battered fish fillet market amounted to $X in 2021, picking up by 4.6% against the previous year. In general, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.4% 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 -4.0% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Battered Fish Fillet Production in the Philippines

In value terms, battered fish fillet production rose sharply to $X in 2021 estimated in export price. In general, the total production indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -5.7% against 2019 indices. The growth pace was the most rapid in 2019 when the production volume increased by 41% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Battered Fish Fillet Exports

Exports from the Philippines

In 2021, overseas shipments of fish fillets in batter or breadcrumbs increased by 32% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, recorded a sharp curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 2,036%. Over the period under review, the exports reached the maximum at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, battered fish fillet exports surged to $X in 2021. In general, exports, however, showed a precipitous curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 1,793%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for battered fish fillet exports from the Philippines, accounting for a 30% share of total exports. Moreover, battered fish fillet exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), twofold. The third position in this ranking was taken by the United Arab Emirates (X tons), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled -14.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+11.1% per year) and the United Arab Emirates (+5.6% per year).

In value terms, the United States ($X) remains the key foreign market for fish fillets in batter or breadcrumbs exports from the Philippines, comprising 33% of total exports. The second position in the ranking was held by Canada ($X), with a 14% share of total exports. It was followed by Guam, with a 10% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at -11.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+21.6% per year) and Guam (+26.6% per year).

Export Prices by Country

In 2021, the average battered fish fillet export price amounted to $X per ton, with an increase of 12% against the previous year. Over the period under review, export price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, battered fish fillet export price decreased by -0.5% against 2019 indices. The most prominent rate of growth was recorded in 2018 an increase of 41% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+9.5%), while the prices for the other major destinations experienced more modest paces of growth.

Battered Fish Fillet Imports

Imports into the Philippines

For the third consecutive year, the Philippines recorded growth in supplies from abroad of fish fillets in batter or breadcrumbs, which increased by 46% to X tons in 2021. Over the period under review, imports continue to indicate a noticeable increase. The most prominent rate of growth was recorded in 2017 when imports increased by 220%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, battered fish fillet imports stood at $X in 2021. Overall, imports posted a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 358% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Thailand (X tons) was the main battered fish fillet supplier to the Philippines, with a 92% share of total imports. Moreover, battered fish fillet imports from Thailand exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold. The third position in this ranking was taken by China (X tons), with a 2.2% share.

From 2012 to 2021, the average annual growth rate of volume from Thailand amounted to +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+23.8% per year) and China (-11.7% per year).

In value terms, Thailand ($X) constituted the largest supplier of fish fillets in batter or breadcrumbs to the Philippines, comprising 76% of total imports. The second position in the ranking was held by Malaysia ($X), with an 18% share of total imports. It was followed by China, with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Thailand stood at +9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+31.2% per year) and China (+4.8% per year).

Import Prices by Country

In 2021, the average battered fish fillet import price amounted to $X per ton, with a decrease of -25.4% against the previous year. In general, the import price, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2018 when the average import price increased by 317% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+28.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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