Philippines: Market for Flours, Meals And Pellets Of Meat Or Meat Offal 2024

Market Size for Flours, Meals And Pellets Of Meat Or Meat Offal in the Philippines

The Philippine meat meals and pellets market soared to $X in 2021, picking up by 30% against the previous year. The market value increased at an average annual rate of +4.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Flours, Meals And Pellets Of Meat Or Meat Offal in the Philippines

In value terms, meat meals and pellets production contracted markedly to $X in 2021 estimated in export price. Overall, production saw a abrupt decrease. The most prominent rate of growth was recorded in 2017 when the production volume increased by 573%. Meat meals and pellets production peaked at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Exports of Flours, Meals And Pellets Of Meat Or Meat Offal

Exports from the Philippines

In 2021, overseas shipments of flours, meals and pellets of meat or meat offal were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports recorded prominent growth. The pace of growth was the most pronounced in 2013 with an increase of 588%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, meat meals and pellets exports surged to $X in 2021. Over the period under review, exports continue to indicate significant growth. The growth pace was the most rapid in 2013 with an increase of 821% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Japan (X tons), Bangladesh (X tons) and India (X tons) were the main destinations of meat meals and pellets exports from the Philippines, together comprising 83% of total exports.

From 2012 to 2021, the biggest increases were recorded for Bangladesh (with a CAGR of +102.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for meat meals and pellets exported from the Philippines were Bangladesh ($X), Japan ($X) and India ($X), with a combined 82% share of total exports. Thailand, Vietnam and Indonesia lagged somewhat behind, together comprising a further 18%.

Indonesia, with a CAGR of +109.1%, recorded the highest rates of growth with regard to the value of exports, in terms of 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 meat meals and pellets export price stood at $X per ton in 2021, surging by 6% against the previous year. Overall, the export price enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2015 when the average export price increased by 184% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Thailand ($X per ton) and Vietnam ($X per ton), while the average price for exports to Japan ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+55.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Flours, Meals And Pellets Of Meat Or Meat Offal

Imports into the Philippines

In 2021, imports of flours, meals and pellets of meat or meat offal into the Philippines rose significantly to X tons, growing by 6.4% compared with the previous year. Overall, total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -20.5% against 2019 indices. The most prominent rate of growth was recorded in 2018 with an increase of 51%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, meat meals and pellets imports soared to $X in 2021. Over the period under review, total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +7.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Italy (X tons) constituted the largest meat meals and pellets supplier to the Philippines, accounting for a 59% share of total imports. Moreover, meat meals and pellets imports from Italy exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. Canada (X tons) ranked third in terms of total imports with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Italy amounted to +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+11.1% per year) and Canada (+31.2% per year).

In value terms, Italy ($X) constituted the largest supplier of flours, meals and pellets of meat or meat offal to the Philippines, comprising 57% of total imports. The second position in the ranking was held by the United States ($X), with a 23% share of total imports. It was followed by Canada, with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Italy totaled +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+11.5% per year) and Canada (+31.4% per year).

Import Prices by Country

The average meat meals and pellets import price stood at $X per ton in 2021, with an increase of 42% against the previous year. Overall, import price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, meat meals and pellets import price increased by +54.9% against 2019 indices. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Germany ($X per ton) and the Netherlands ($X per ton), while the price for Italy ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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