Philippines: Market for Frozen Crabs And Crabs Meat 2024

Market Size for Frozen Crabs And Crabs Meat in the Philippines

The Philippine market for frozen crabs and crabs meat skyrocketed to $X in 2021, rising by 58% against the previous year. Overall, consumption continues to indicate prominent growth. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Production of Frozen Crabs And Crabs Meat in the Philippines

In value terms, frozen crab and crab meat production reduced modestly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2016 with an increase of 138% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Exports of Frozen Crabs And Crabs Meat

Exports from the Philippines

In 2021, approx. X tons of frozen crabs and crabs meat were exported from the Philippines; which is down by -41% on the previous year's figure. In general, exports continue to indicate a abrupt slump. The growth pace was the most rapid in 2014 with an increase of 143% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, frozen crab and crab meat exports fell dramatically to $X in 2021. Over the period under review, exports faced a deep setback. The pace of growth was the most pronounced in 2016 when exports increased by 119%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Taiwan (Chinese) (X tons), Hong Kong SAR (X tons) and the United States (X tons) were the main destinations of frozen crab and crab meat exports from the Philippines.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of +29.8%), while shipments for the other leaders experienced a decline.

In value terms, Hong Kong SAR ($X) remains the key foreign market for frozen crabs and crabs meat exports from the Philippines, comprising 61% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 24% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Hong Kong SAR amounted to -3.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-11.0% per year) and the United States (+58.6% per year).

Export Prices by Country

The average export price for frozen crabs and crabs meat stood at $X per ton in 2021, with an increase of 18% against the previous year. Overall, the export price, however, saw a pronounced downturn. The growth pace was the most rapid in 2016 when the average export price increased by 161%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 the United States (+22.2%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Frozen Crabs And Crabs Meat

Imports into the Philippines

In 2021, the amount of frozen crabs and crabs meat imported into the Philippines surged to X tons, picking up by 130% against the previous year. In general, imports showed a modest expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 380%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, frozen crab and crab meat imports surged to $X in 2021. Over the period under review, imports recorded a measured increase. The most prominent rate of growth was recorded in 2014 when imports increased by 422% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest frozen crab and crab meat supplier to the Philippines, accounting for a 85% share of total imports. Moreover, frozen crab and crab meat imports from the United States exceeded the figures recorded by the second-largest supplier, South Korea (X tons), more than tenfold. The third position in this ranking was held by Singapore (X kg), with a 2.5% share.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled +30.3%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+55.3% per year) and Singapore (-16.6% per year).

In value terms, the United States ($X) constituted the largest supplier of frozen crabs and crabs meat to the Philippines, comprising 75% of total imports. The second position in the ranking was held by Singapore ($X), with a 4.2% share of total imports. It was followed by Hong Kong SAR, with a 3.7% share.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to +19.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-21.6% per year) and Hong Kong SAR (+26.0% per year).

Import Prices by Country

The average import price for frozen crabs and crabs meat stood at $X per ton in 2021, reducing by -14.6% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 70% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2020, and then declined in the following year.

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 Canada ($X per ton), while the price for South Korea ($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 (+56.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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