Philippines: Market for Frozen Vegetables other than Potato and Corn 2024

Market Size for Frozen Vegetables other than Potato and Corn in the Philippines

The Philippine market for frozen vegetables other than potato and corn reached $X in 2022, increasing by 14% against the previous year. The market value increased at an average annual rate of +3.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the immediate term.

Production of Frozen Vegetables other than Potato and Corn in the Philippines

In value terms, production of frozen vegetables other than potato and corn dropped slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the production volume increased by 37%. Production of peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Frozen Vegetables other than Potato and Corn

Exports from the Philippines

In 2022, shipments abroad of frozen vegetables other than potato and corn decreased by -45.8% to X tons, falling for the fourth consecutive year after three years of growth. Overall, exports recorded a pronounced slump. The most prominent rate of growth was recorded in 2016 with an increase of 137%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, exports of frozen vegetables other than potato and corn plummeted to $X in 2022. In general, exports recorded a noticeable decline. The pace of growth was the most pronounced in 2016 when exports increased by 112% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for exports of frozen vegetables other than potato and corn from the Philippines, accounting for a 72% share of total exports. Moreover, exports of frozen vegetables other than potato and corn to the United States exceeded the volume sent to the second major destination, Canada (X tons), fourfold. Spain (X tons) ranked third in terms of total exports with a 2.4% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to -3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-5.3% per year) and Spain (+37.6% per year).

In value terms, the United States ($X) remains the key foreign market for frozen vegetables other than potato and corn exports from the Philippines, comprising 72% of total exports. The second position in the ranking was taken by Canada ($X), with an 18% share of total exports. It was followed by Spain, with a 2.1% share.

From 2012 to 2022, the average annual growth rate of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-3.6% per year) and Spain (+30.2% per year).

Export Prices by Country

In 2022, the average export price for frozen vegetables other than potato and corn amounted to $X per ton, increasing by 3.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The pace of growth appeared the most rapid in 2014 when the average export price increased by 32% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Australia ($X per ton) and Canada ($X per ton), while the average price for exports to Spain ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+2.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Vegetables other than Potato and Corn

Imports into the Philippines

In 2022, approx. X tons of frozen vegetables other than potato and corn were imported into the Philippines; increasing by 110% compared with 2021 figures. Over the period under review, imports recorded a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of frozen vegetables other than potato and corn soared to $X in 2022. In general, imports showed buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons) was the main frozen vegetables other than potato and corn supplier to the Philippines, with a 93% share of total imports. It was followed by Belgium (X tons), with a 3.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+16.8% per year) and New Zealand (-5.0% per year).

In value terms, China ($X) constituted the largest supplier of frozen vegetables other than potato and corn to the Philippines, comprising 89% of total imports. The second position in the ranking was taken by Belgium ($X), with a 4.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China totaled +19.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+24.4% per year) and New Zealand (+10.8% per year).

Import Prices by Country

In 2022, the average import price for frozen vegetables other than potato and corn amounted to $X per ton, shrinking by -24.4% against the previous year. In general, import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when the average import price increased by 33% against the previous year. The import price peaked at $X per ton in 2021, and then dropped sharply in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+16.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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