Philippines: Market for Prepared Dishes And Meals 2024

Market Size for Prepared Dishes And Meals in the Philippines

For the third year in a row, the Philippine prepared dish and meal market recorded growth in sales value, which increased by 13% to $X in 2021. Over the period under review, consumption recorded prominent growth. Over the period under review, the market attained the maximum level in 2021 and is likely to see gradual growth in the near future.

Exports of Prepared Dishes And Meals

Exports from the Philippines

Prepared dish and meal exports from the Philippines soared to X tons in 2021, growing by 34% compared with the previous year. Over the period under review, exports saw moderate growth. The pace of growth was the most pronounced in 2014 when exports increased by 97%. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, prepared dish and meal exports soared to $X in 2021. Overall, exports continue to indicate a strong expansion. The pace of growth was the most pronounced in 2014 when exports increased by 108%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Vietnam (X tons), Malaysia (X tons) and the United States (X tons) were the main destinations of prepared dish and meal exports from the Philippines, together comprising 41% of total exports. Japan, the Netherlands, the UK, the United Arab Emirates, Indonesia, Taiwan (Chinese), Canada, Qatar, Germany and China lagged somewhat behind, together comprising a further 47%.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +74.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for prepared dish and meal exported from the Philippines were the United States ($X), Malaysia ($X) and Vietnam ($X), together accounting for 43% of total exports. These countries were followed by the United Arab Emirates, Japan, Indonesia, Taiwan (Chinese), the Netherlands, the UK, Canada, Qatar, Germany and China, which together accounted for a further 38%.

Among the main countries of destination, Indonesia, with a CAGR of +75.3%, recorded the highest growth rate of 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

The average prepared dish and meal export price stood at $X per ton in 2021, surging by 13% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.4%. The most prominent rate of growth was recorded in 2017 an increase of 18% against the previous year. Over the period under review, the average export prices reached the peak figure in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the Netherlands ($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 (+12.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Prepared Dishes And Meals

Imports into the Philippines

Prepared dish and meal imports into the Philippines surged to X tons in 2021, rising by 20% compared with 2020 figures. In general, total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +21.8% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of 90%. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the near future.

In value terms, prepared dish and meal imports expanded sharply to $X in 2021. Overall, total imports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +9.6% 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 increased by +31.7% against 2018 indices. The growth pace was the most rapid in 2016 when imports increased by 30% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

Vietnam (X tons), China (X tons) and Malaysia (X tons) were the main suppliers of prepared dish and meal imports to the Philippines, together accounting for 53% of total imports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +55.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constituted the largest supplier of prepared dishes and meals to the Philippines, comprising 39% of total imports. The second position in the ranking was held by the United States ($X), with a 10% share of total imports. It was followed by Malaysia, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Singapore amounted to +20.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.6% per year) and Malaysia (+3.4% per year).

Import Prices by Country

The average prepared dish and meal import price stood at $X per ton in 2021, falling by -4.5% against the previous year. Over the last nine years, it increased at an average annual rate of +3.6%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 24% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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