Philippines: Fresh Fish Fillet Market 2024

Fresh Fish Fillet Market Size in the Philippines

In 2021, after four years of growth, there was significant decline in the Philippine fresh fish fillet market, when its value decreased by -24.3% to $X. Over the period under review, consumption, however, enjoyed a buoyant increase. As a result, consumption attained the peak level of $X, and then reduced markedly in the following year.

Fresh Fish Fillet Production in the Philippines

In value terms, fresh fish fillet production dropped remarkably to $X in 2021 estimated in export price. In general, production, however, showed a buoyant increase. The pace of growth was the most pronounced in 2020 when the production volume increased by 96% against the previous year. As a result, production reached the peak level of $X, and then fell markedly in the following year.

Fresh Fish Fillet Exports

Exports from the Philippines

In 2021, fresh fish fillet exports from the Philippines fell dramatically to X tons, waning by -18.1% compared with the previous year. Overall, exports saw a dramatic downturn. The most prominent rate of growth was recorded in 2019 with an increase of 158%. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, fresh fish fillet exports dropped remarkably to $X in 2021. Over the period under review, exports recorded a dramatic shrinkage. The growth pace was the most rapid in 2019 when exports increased by 186%. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), Switzerland (X tons) and the Netherlands (X tons) were the main destinations of fresh fish fillet exports from the Philippines, together comprising 50% of total exports. These countries were followed by Germany, Italy, Canada and Hong Kong SAR, which together accounted for a further 17%.

From 2017 to 2021, the biggest increases were recorded for Italy (with a CAGR of -15.8%), while shipments for the other leaders experienced a decline.

In value terms, Switzerland ($X), the Netherlands ($X) and the United States ($X) constituted the largest markets for fresh fish fillet exported from the Philippines worldwide, with a combined 45% share of total exports. Germany, Italy, Canada and Hong Kong SAR lagged somewhat behind, together comprising a further 20%.

In terms of the main countries of destination, Italy, with a CAGR of -10.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average fresh fish fillet export price stood at $X per ton in 2021, surging by 3% against the previous year. Over the last four years, it increased at an average annual rate of +4.7%. The pace of growth was the most pronounced in 2020 an increase of 28% against the previous year. The export price peaked in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to the United States ($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 Germany (+8.3%), while the prices for the other major destinations experienced more modest paces of growth.

Fresh Fish Fillet Imports

Imports into the Philippines

In 2021, approx. X tons of fresh or chilled fish fillets were imported into the Philippines; growing by 96% compared with 2020 figures. Overall, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 779%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, fresh fish fillet imports skyrocketed to $X in 2021. In general, imports showed a mild expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Maldives (X tons) constituted the largest supplier of fresh fish fillet to the Philippines, with a 41% share of total imports. Moreover, fresh fish fillet imports from Maldives exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), twofold. The UK (X tons) ranked third in terms of total imports with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Maldives amounted to +48.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+235.0% per year) and the UK (-1.0% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of fresh or chilled fish fillets to the Philippines, comprising 34% of total imports. The second position in the ranking was held by New Zealand ($X), with a 7.4% share of total imports. It was followed by Maldives, with a 3.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the Netherlands stood at +199.5%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+34.1% per year) and Maldives (+18.2% per year).

Import Prices by Country

In 2021, the average fresh fish fillet import price amounted to $X per ton, rising by 41% against the previous year. In general, the import price showed mild growth. The growth pace was the most rapid in 2016 an increase of 243% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 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 New Zealand ($X per ton), while the price for Maldives ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+39.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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