Philippines: Frozen Fish Meat Market 2024

Frozen Fish Meat Market Size in the Philippines

The Philippine frozen fish meat market surged to $X in 2021, jumping by 4,728% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Frozen Fish Meat Production in the Philippines

In value terms, frozen fish meat production stood at $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 26%. Frozen fish meat production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Frozen Fish Meat Exports

Exports from the Philippines

After two years of growth, overseas shipments of frozen fish meat decreased by -27.3% to X tons in 2021. Overall, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 1,277%. Over the period under review, the exports reached the peak figure at X tons in 2020, and then fell rapidly in the following year.

In value terms, frozen fish meat exports expanded to $X in 2021. Over the period under review, exports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 1,012%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Japan (X tons) was the main destination for frozen fish meat exports from the Philippines, with a 71% share of total exports. Moreover, frozen fish meat exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), threefold.

From 2017 to 2021, the average annual rate of growth in terms of volume to Japan amounted to +86.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+73.5% per year) and Canada (+356.4% per year).

In value terms, Japan ($X) remains the key foreign market for frozen fish meat exports from the Philippines, comprising 79% of total exports. The second position in the ranking was taken by the United States ($X), with a 12% share of total exports.

From 2017 to 2021, the average annual growth rate of value to Japan amounted to +96.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+71.9% per year) and Canada (+377.2% per year).

Export Prices by Country

In 2021, the average frozen fish meat export price amounted to $X per ton, with an increase of 42% against the previous year. Overall, export price indicated temperate growth from 2017 to 2021: its price increased at an average annual rate of +4.8% over the last four-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

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 Japan (+4.9%), while the prices for the other major destinations experienced mixed trend patterns.

Frozen Fish Meat Imports

Imports into the Philippines

Frozen fish meat imports into the Philippines expanded notably to X tons in 2021, growing by 9.9% on the previous year. In general, total imports indicated tangible growth from 2017 to 2021: its volume increased at an average annual rate of +2.2% over the last four-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -23.7% against 2019 indices. The pace of growth appeared the most rapid in 2019 with an increase of 113%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, frozen fish meat imports soared to $X in 2021. Overall, imports continue to indicate significant growth. The pace of growth was the most pronounced in 2019 with an increase of 243% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of frozen fish meat to the Philippines, with a 79% share of total imports. Moreover, frozen fish meat imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), more than tenfold. Norway (X tons) ranked third in terms of total imports with a 5.4% share.

From 2017 to 2021, the average annual growth rate of volume from China amounted to +1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+21.0% per year) and Norway (+77.6% per year).

In value terms, China ($X) constituted the largest supplier of frozen fish meat to the Philippines, comprising 90% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 5% share of total imports. It was followed by Norway, with a 2.2% share.

From 2017 to 2021, the average annual rate of growth in terms of value from China stood at +28.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+80.0% per year) and Norway (+111.7% per year).

Import Prices by Country

In 2021, the average frozen fish meat import price amounted to $X per ton, with an increase of 28% against the previous year. Overall, the import price showed a significant increase. The most prominent rate of growth was recorded in 2019 an increase of 61%. The import price peaked in 2021 and is likely to continue growth in the near future.

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

From 2017 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+48.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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