Philippines: Preserved Herring Market 2024

Preserved Herring Market Size in the Philippines

After five years of growth, the Philippine preserved herring market decreased by -2% to $X in 2021. Overall, consumption saw resilient growth. Over the period under review, the market attained the peak level at $X in 2020, and then fell modestly in the following year.

Preserved Herring Production in the Philippines

In value terms, preserved herring production contracted to $X in 2021 estimated in export price. Overall, production saw strong growth. The pace of growth appeared the most rapid in 2017 when the production volume increased by 67%. Over the period under review, production reached the maximum level at $X in 2020, and then fell modestly in the following year.

Preserved Herring Exports

Exports from the Philippines

In 2021, overseas shipments of herrings (prepared or preserved) increased by 259% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports showed a perceptible expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, preserved herring exports soared to $X in 2021. Overall, exports saw a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for preserved herring exports from the Philippines, accounting for a 53% share of total exports. Moreover, preserved herring exports to the United States exceeded the volume sent to the second major destination, Singapore (X tons), twofold. Oman (X tons) ranked third in terms of total exports with a 9.6% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +12.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (0.0% per year) and Oman (+9.9% per year).

In value terms, the United States ($X) remains the key foreign market for herrings (prepared or preserved) exports from the Philippines, comprising 72% of total exports. The second position in the ranking was taken by Singapore ($X), with a 14% share of total exports. It was followed by Australia, with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +27.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (0.0% per year) and Australia (+20.2% per year).

Export Prices by Country

The average preserved herring export price stood at $X per ton in 2021, growing by 84% against the previous year. Over the period under review, the export price posted a remarkable increase. The pace of growth was the most pronounced in 2016 when the average export price increased by 199% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the United Arab Emirates ($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 Canada (+22.8%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Herring Imports

Imports into the Philippines

In 2021, approx. X tons of herrings (prepared or preserved) were imported into the Philippines; rising by 246% against the previous year's figure. In general, imports, however, continue to indicate a pronounced contraction. The pace of growth was the most pronounced in 2016 with an increase of 577%. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, preserved herring imports soared to $X in 2021. Overall, imports continue to indicate a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Singapore (X tons), Australia (X tons) and Germany (X tons) were the main suppliers of preserved herring imports to the Philippines, together comprising 83% of total imports. Austria, Taiwan (Chinese) and Norway lagged somewhat behind, together comprising a further 17%.

From 2013 to 2021, the biggest increases were recorded for Austria (with a CAGR of +9.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X) constituted the largest supplier of herrings (prepared or preserved) to the Philippines, comprising 61% of total imports. The second position in the ranking was taken by Singapore ($X), with a 23% share of total imports. It was followed by Austria, with a 7% share.

From 2013 to 2021, the average annual growth rate of value from Australia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (0.0% per year) and Austria (+22.0% per year).

Import Prices by Country

In 2021, the average preserved herring import price amounted to $X per ton, jumping by 130% against the previous year. Overall, the import price saw a significant expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2013 to 2021, the most notable rate of growth in terms of prices was attained by Norway (+33.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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