Philippines: Gingerbread Market 2024

Gingerbread Market Size in the Philippines

The Philippine gingerbread market reduced to $X in 2022, declining by -10.2% against the previous year. The market value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X, and then dropped in the following year.

Gingerbread Production in the Philippines

In value terms, gingerbread production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 12%. Gingerbread production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Gingerbread Exports

Exports from the Philippines

In 2022, overseas shipments of gingerbread were finally on the rise to reach X tons after four years of decline. In general, exports, however, saw a abrupt curtailment. The growth pace was the most rapid in 2017 with an increase of 1,383% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, gingerbread exports rose modestly to $X in 2022. Overall, exports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 1,262% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Marshall Islands (X tons) was the main destination for gingerbread exports from the Philippines, accounting for a 48% share of total exports. Moreover, gingerbread exports to Marshall Islands exceeded the volume sent to the second major destination, Micronesia (X tons), twofold. Northern Mariana Islands (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Marshall Islands amounted to +88.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Micronesia (+21.6% per year) and Northern Mariana Islands (+15.9% per year).

In value terms, Marshall Islands ($X) remains the key foreign market for gingerbread exports from the Philippines, comprising 55% of total exports. The second position in the ranking was taken by Kiribati ($X), with a 13% share of total exports. It was followed by Micronesia, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Marshall Islands totaled +82.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kiribati (+49.4% per year) and Micronesia (+7.2% per year).

Export Prices by Country

The average gingerbread export price stood at $X per ton in 2022, reducing by -16.2% against the previous year. Over the period under review, the export price showed a perceptible reduction. The growth pace was the most rapid in 2016 an increase of 38%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Northern Mariana Islands ($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 South Korea (+20.1%), while the prices for the other major destinations experienced more modest paces of growth.

Gingerbread Imports

Imports into the Philippines

In 2022, gingerbread imports into the Philippines declined remarkably to X tons, waning by -99.9% compared with the previous year. Over the period under review, imports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 when imports increased by 110,095% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2021, and then shrank notably in the following year.

In value terms, gingerbread imports reduced markedly to $X in 2022. In general, imports, however, posted a slight expansion. The most prominent rate of growth was recorded in 2017 with an increase of 113,223% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then fell dramatically in the following year.

Imports by Country

Sweden (X tons) and the UK (X kg) were the main suppliers of gingerbread imports to the Philippines.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sweden (with a CAGR of 0.0%).

In value terms, the largest gingerbread suppliers to the Philippines were Sweden ($X) and the UK ($X).

Among the main suppliers, the UK, with a CAGR of +22.7%, saw the highest growth rate of the value of imports, over the period under review.

Import Prices by Country

In 2022, the average gingerbread import price amounted to $X per ton, increasing by 2,478% against the previous year. Over the period under review, the import price enjoyed a prominent expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Sweden totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+40.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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