Philippines: Market for Malt Extract And Food Preparations Of Flour, Meal, And Starch 2024

Market Size for Malt Extract And Food Preparations Of Flour, Meal, And Starch in the Philippines

The Philippine market for malt extract and food preparations of flour, meal, and starches soared to $X in 2022, surging by 54% 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). In general, consumption saw strong growth. Consumption of peaked in 2022 and is expected to retain growth in the immediate term.

Exports of Malt Extract And Food Preparations Of Flour, Meal, And Starch

Exports from the Philippines

In 2022, approx. X tons of malt extract and food preparations of flour, meal, and starches were exported from the Philippines; which is down by -30.6% on the previous year. In general, exports saw a precipitous decline. The pace of growth appeared the most rapid in 2021 with an increase of 834% against the previous year. Over the period under review, the exports of reached the maximum at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, exports of malt extract and food preparations of flour, meal, and starches declined dramatically to $X in 2022. Overall, exports recorded a significant contraction. The growth pace was the most rapid in 2021 with an increase of 367% against the previous year. Over the period under review, the exports of attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X tons) was the main destination for exports of malt extract and food preparations of flour, meal, and starches from the Philippines, with a 75% share of total exports. Moreover, exports of malt extract and food preparations of flour, meal, and starches to Indonesia exceeded the volume sent to the second major destination, Vietnam (X tons), more than tenfold. South Korea (X tons) ranked third in terms of total exports with a 3.3% share.

From 2012 to 2022, the average annual growth rate of volume to Indonesia stood at +10.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+54.0% per year) and South Korea (-5.0% per year).

In value terms, Indonesia ($X) remains the key foreign market for malt extract and food preparations of flour, meal, and starches exports from the Philippines, comprising 53% of total exports. The second position in the ranking was held by Vietnam ($X), with a 9.5% share of total exports. It was followed by Qatar, with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia totaled -3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+56.4% per year) and Qatar (+15.0% per year).

Export Prices by Country

The average export price for malt extract and food preparations of flour, meal, and starches stood at $X per ton in 2022, which is down by -27.9% against the previous year. Overall, the export price saw a noticeable contraction. The pace of growth was the most pronounced in 2013 when the average export price increased by 62%. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Indonesia ($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 Bangladesh (+34.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Malt Extract And Food Preparations Of Flour, Meal, And Starch

Imports into the Philippines

In 2022, approx. X tons of malt extract and food preparations of flour, meal, and starches were imported into the Philippines; surging by 11% on 2021. In general, imports continue to indicate a noticeable increase. The most prominent rate of growth was recorded in 2019 when imports increased by 193% against the previous year. Over the period under review, imports of attained the peak figure at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, imports of malt extract and food preparations of flour, meal, and starches soared to $X in 2022. Overall, imports posted a strong expansion. The growth pace was the most rapid in 2019 with an increase of 110%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest malt extract and food preparations of flour, meal, and starch supplier to the Philippines, accounting for a 71% share of total imports. Moreover, imports of malt extract and food preparations of flour, meal, and starches from Malaysia exceeded the figures recorded by the second-largest supplier, Singapore (X tons), ninefold. The third position in this ranking was taken by Australia (X tons), with a 6.2% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia amounted to +21.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-14.6% per year) and Australia (+14.8% per year).

In value terms, the largest malt extract and food preparations of flour, meal, and starch suppliers to the Philippines were Malaysia ($X), Singapore ($X) and Australia ($X), together accounting for 84% of total imports. Thailand, France, Belarus and Indonesia lagged somewhat behind, together accounting for a further 11%.

France, with a CAGR of +40.6%, saw the highest rates of growth with regard to 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 import price for malt extract and food preparations of flour, meal, and starches stood at $X per ton in 2022, with an increase of 55% against the previous year. Overall, import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for malt extract and food preparations of flour, meal, and starches increased by +79.1% against 2019 indices. 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 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+19.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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