Philippines: Margarine And Shortening Market 2024

Margarine And Shortening Market Size in the Philippines

The Philippine margarine and shortening market soared to $X in 2022, picking up by 35% 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 saw a strong expansion. Margarine and shortening consumption peaked in 2022 and is expected to retain growth in years to come.

Margarine And Shortening Exports

Exports from the Philippines

In 2022, shipments abroad of margarine and shortening was finally on the rise to reach X tons after two years of decline. In general, exports continue to indicate resilient growth. The pace of growth appeared the most rapid in 2017 with an increase of 349%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, margarine and shortening exports stood at $X in 2022. Over the period under review, exports posted a remarkable increase. The most prominent rate of growth was recorded in 2017 when exports increased by 90% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

South Korea (X tons) was the main destination for margarine and shortening exports from the Philippines, with a 38% share of total exports. Moreover, margarine and shortening exports to South Korea exceeded the volume sent to the second major destination, China (X tons), threefold. The United States (X tons) ranked third in terms of total exports with an 8.9% share.

From 2012 to 2022, the average annual growth rate of volume to South Korea stood at -31.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+31.0% per year) and the United States (+7.4% per year).

In value terms, South Korea ($X), China ($X) and Thailand ($X) appeared to be the largest markets for margarine and shortening exported from the Philippines worldwide, with a combined 53% share of total exports. Japan, Vietnam, Canada, Myanmar, the United States, Australia, Malaysia, Indonesia and Kuwait lagged somewhat behind, together comprising a further 38%.

Indonesia, with a CAGR of +336.6%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average margarine and shortening export price stood at $X per ton in 2022, which is down by -5.7% against the previous year. Over the period under review, the export price, however, posted a moderate expansion. The pace of growth appeared the most rapid in 2018 an increase of 70% against the previous year. The export price peaked at $X per ton in 2021, and then contracted in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to the United States ($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 (+22.7%), while the prices for the other major destinations experienced more modest paces of growth.

Margarine And Shortening Imports

Imports into the Philippines

In 2022, approx. X tons of margarine and shortening were imported into the Philippines; growing by 12% against the year before. Overall, total imports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +29.2% against 2020 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 34%. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, margarine and shortening imports surged to $X in 2022. Over the period under review, imports continue to indicate buoyant growth. The growth pace was the most rapid in 2017 when imports increased by 69% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

Indonesia (X tons), Malaysia (X tons) and Singapore (X tons) were the main suppliers of margarine and shortening imports to the Philippines, together accounting for 94% of total imports. Australia lagged somewhat behind, comprising a further 1.7%.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +34.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Indonesia ($X) and Singapore ($X) were the largest margarine and shortening suppliers to the Philippines, together comprising 88% of total imports. Australia lagged somewhat behind, comprising a further 4.3%.

Australia, with a CAGR of +44.8%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average margarine and shortening import price amounted to $X per ton, picking up by 24% against the previous year. Overall, the import price recorded a prominent increase. The most prominent rate of growth was recorded in 2014 an increase of 32% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+7.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :