Philippines: Market for Frozen Fish And Seafood 2024

Market Size for Frozen Fish And Seafood in the Philippines

The Philippine frozen fish and seafood market expanded sharply to $X in 2022, rising by X% against the previous year. In general, consumption saw buoyant growth. Frozen fish and seafood consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Production of Frozen Fish And Seafood in the Philippines

In value terms, frozen fish and seafood production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 when the production volume increased by X% against the previous year. Frozen fish and seafood production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Frozen Fish And Seafood

Exports from the Philippines

In 2022, approx. X tons of frozen fish and seafood were exported from the Philippines; rising by X% compared with the previous year's figure. In general, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of X%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, frozen fish and seafood exports soared to $X in 2022. Overall, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by X%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X tons), Japan (X tons) and Vietnam (X tons) were the main destinations of frozen fish and seafood exports from the Philippines, together accounting for X% of total exports. Italy, Thailand, Spain, Canada, Taiwan (Chinese), South Korea, Hong Kong SAR and China lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for frozen fish and seafood exported from the Philippines were the United States ($X), Japan ($X) and Vietnam ($X), together accounting for X% of total exports. South Korea, Taiwan (Chinese), Canada, Italy, Thailand, Spain, China and Hong Kong SAR lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, China, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average frozen fish and seafood export price amounted to $X per ton, increasing by X% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Fish And Seafood

Imports into the Philippines

In 2022, purchases abroad of frozen fish and seafood increased by X% to X tons, rising for the second year in a row after three years of decline. Overall, total imports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, frozen fish and seafood imports soared to $X in 2022. In general, imports continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2017 when imports increased by X%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Papua New Guinea (X tons) and Vietnam (X tons) were the main suppliers of frozen fish and seafood imports to the Philippines, with a combined X% share of total imports. Taiwan (Chinese), Micronesia, Nauru, South Korea, Japan, Kiribati and the United States lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Nauru (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of frozen fish and seafood to the Philippines, comprising X% of total imports. The second position in the ranking was held by Vietnam ($X), with a X% share of total imports. It was followed by Papua New Guinea, with a X% share.

From 2012 to 2022, the average annual growth rate of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Papua New Guinea (X% per year).

Import Prices by Country

The average frozen fish and seafood import price stood at $X per ton in 2022, surging by X% against the previous year. In general, the import price continues to indicate a buoyant increase. The pace of growth was the most pronounced in 2019 an increase of X%. The import price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Micronesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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