Philippines: Ghee Market 2025

Ghee Market Size in the Philippines

The Philippine ghee market contracted to $X in 2022, which is down by -12.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate a prominent increase. Ghee consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Ghee Exports

Exports from the Philippines

Ghee exports from the Philippines surged to X tons in 2022, increasing by 22% on 2021 figures. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 4,667%. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, ghee exports surged to $X in 2022. Over the period under review, exports showed significant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 5,081% against the previous year. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Indonesia (X tons) was the main destination for ghee exports from the Philippines, with a 93% share of total exports. Moreover, ghee exports to Indonesia exceeded the volume sent to the second major destination, the United States (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Indonesia stood at +45.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-5.1% per year) and Australia (+23.0% per year).

In value terms, Indonesia ($X) emerged as the key foreign market for ghee exports from the Philippines, comprising 96% of total exports. The second position in the ranking was taken by Australia ($X), with a 2.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia stood at +54.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+31.8% per year) and the United States (-1.1% per year).

Export Prices by Country

In 2022, the average ghee export price amounted to $X per ton, with an increase of 24% against the previous year. Overall, the export price posted prominent growth. The growth pace was the most rapid in 2017 when the average export price increased by 247%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to the United States ($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 Vietnam (+11.2%), while the prices for the other major destinations experienced more modest paces of growth.

Ghee Imports

Imports into the Philippines

In 2022, purchases abroad of ghee decreased by -26.5% to X tons, falling for the fifth consecutive year after three years of growth. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 56% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, ghee imports fell modestly to $X in 2022. Over the period under review, imports, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2017 when imports increased by 71%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, New Zealand (X tons) was the main ghee supplier to the Philippines, accounting for a approx. 95% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from New Zealand amounted to +1.3%.

In value terms, New Zealand ($X) constituted the largest supplier of ghee to the Philippines.

From 2012 to 2022, the average annual growth rate of value from New Zealand amounted to +10.0%.

Import Prices by Country

In 2022, the average ghee import price amounted to $X per ton, increasing by 30% against the previous year. Over the period under review, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +8.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ghee import price increased by +41.4% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of 56% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

As there is only one major supplying country, the average price level is determined by prices for New Zealand.

From 2012 to 2022, the rate of growth in terms of prices for New Zealand amounted to +8.6% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :