Philippines: Inedible Fish Products Market 2024

Inedible Fish Products Market Size in the Philippines

The Philippine inedible fish products market reduced to $X in 2022, dropping by -4.5% against the previous year. Overall, consumption recorded a slight curtailment. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Inedible Fish Products Production in the Philippines

In value terms, inedible fish products production dropped modestly to $X in 2022 estimated in export price. Overall, production continues to indicate a mild curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 34% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Inedible Fish Products Exports

Exports from the Philippines

In 2022, shipments abroad of inedible fish products increased by 3,581% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports recorded a noticeable expansion. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, inedible fish products exports skyrocketed to $X in 2022. Over the period under review, exports, however, saw a deep downturn. The pace of growth appeared the most rapid in 2013 when exports increased by 789%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for inedible fish products exports from the Philippines, accounting for a 98% share of total exports. It was followed by South Korea (X kg), with a 2.3% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Japan totaled +10.5%.

In value terms, Japan ($X) emerged as the key foreign market for inedible fish products exports from the Philippines, comprising 79% of total exports. The second position in the ranking was held by South Korea ($X), with a 21% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Japan stood at -5.1%.

Export Prices by Country

The average inedible fish products export price stood at $X per ton in 2022, dropping by -96.3% against the previous year. Over the period under review, the export price recorded a abrupt decrease. The most prominent rate of growth was recorded in 2021 when the average export price increased by 4,636%. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

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 Japan stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+51.6%), while the prices for the other major destinations experienced mixed trend patterns.

Inedible Fish Products Imports

Imports into the Philippines

Inedible fish products imports into the Philippines shrank rapidly to X tons in 2022, with a decrease of -16.7% on 2021 figures. In general, imports continue to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2015 with an increase of 895% against the previous year. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, inedible fish products imports dropped to $X in 2022. Overall, imports, however, saw a slight expansion. The pace of growth was the most pronounced in 2016 when imports increased by 639%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Thailand (X tons), Vietnam (X tons) and Indonesia (X tons) were the main suppliers of inedible fish products imports to the Philippines, together accounting for 97% of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +57.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) constituted the largest supplier of inedible fish products to the Philippines, comprising 71% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 19% share of total imports. It was followed by the Czech Republic, with a 5.4% share.

From 2012 to 2022, the average annual growth rate of value from Thailand amounted to +8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+19.5% per year) and the Czech Republic (+211.6% per year).

Import Prices by Country

The average inedible fish products import price stood at $X per ton in 2022, with an increase of 4.3% against the previous year. Overall, the import price saw a prominent increase. The growth pace was the most rapid in 2017 when the average import price increased by 538%. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

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 Indonesia ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+197.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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