Philippines: Market for Leather of Bovine and Equine Animals 2025

Market Size for Leather of Bovine and Equine Animals in the Philippines

The Philippine bovine and equine leather market surged to $X in 2021, growing by 99% 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 enjoyed a prominent expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Exports of Leather of Bovine and Equine Animals

Exports from the Philippines

In 2021, shipments abroad of leather of bovine and equine animals decreased by -30.1% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports recorded a noticeable downturn. The pace of growth was the most pronounced in 2013 when exports increased by 98% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, bovine and equine leather exports fell rapidly to $X in 2021. In general, exports continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2014 with an increase of 99%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for bovine and equine leather exports from the Philippines, accounting for a 73% share of total exports. Moreover, bovine and equine leather exports to China exceeded the volume sent to the second major destination, South Korea (X tons), fivefold. The third position in this ranking was taken by Cambodia (X tons), with a 6.2% share.

From 2012 to 2021, the average annual growth rate of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+26.5% per year) and Cambodia (-48.9% per year).

In value terms, China ($X) emerged as the key foreign market for leather of bovine and equine animals exports from the Philippines, comprising 65% of total exports. The second position in the ranking was held by South Korea ($X), with a 14% share of total exports. It was followed by Cambodia, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled -2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-0.2% per year) and Cambodia (-48.5% per year).

Export Prices by Country

The average bovine and equine leather export price stood at $X per ton in 2021, declining by -21.7% against the previous year. In general, the export price saw a abrupt decline. The most prominent rate of growth was recorded in 2016 when the average export price increased by 63% 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 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to China ($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 Singapore (+212.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Leather of Bovine and Equine Animals

Imports into the Philippines

Bovine and equine leather imports into the Philippines soared to X tons in 2021, jumping by 82% on the year before. Overall, imports enjoyed a prominent increase. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, bovine and equine leather imports surged to $X in 2021. Over the period under review, imports recorded a prominent expansion. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Italy (X tons), South Korea (X tons) and China (X tons) were the main suppliers of bovine and equine leather imports to the Philippines, with a combined 70% share of total imports. These countries were followed by Vietnam, Taiwan (Chinese), Hong Kong SAR, Indonesia, Brazil, Thailand and Pakistan, which together accounted for a further 26%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +73.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), South Korea ($X) and China ($X) appeared to be the largest bovine and equine leather suppliers to the Philippines, together accounting for 72% of total imports. Vietnam, Hong Kong SAR, Taiwan (Chinese), Indonesia, Brazil, Thailand and Pakistan lagged somewhat behind, together comprising a further 22%.

Indonesia, with a CAGR of +73.5%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average bovine and equine leather import price stood at $X per ton in 2021, picking up by 8.5% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average import price increased by 30%. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+13.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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