Philippines: Market for Mixed Condiments, Sauses and Seasonings 2024

Market Size for Mixed Condiments, Sauses and Seasonings in the Philippines

The Philippine market for mixed condiments, sauses and seasonings skyrocketed to $X in 2022, with an increase of 17% against the previous year. Overall, consumption saw a relatively flat trend pattern. Mixed condiment, sause and seasoning consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Production of Mixed Condiments, Sauses and Seasonings in the Philippines

In value terms, mixed condiment, sause and seasoning production rose significantly to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 75% against the previous year. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Exports of Mixed Condiments, Sauses and Seasonings

Exports from the Philippines

In 2022, approx. X tons of mixed condiments, sauses and seasonings were exported from the Philippines; dropping by -5.2% against the previous year's figure. Over the period under review, exports, however, posted resilient growth. The pace of growth was the most pronounced in 2014 when exports increased by 366%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, mixed condiment, sause and seasoning exports expanded modestly to $X in 2022. In general, exports, however, recorded strong growth. The pace of growth appeared the most rapid in 2014 with an increase of 332%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the near future.

Exports by Country

The United States (X tons) was the main destination for mixed condiment, sause and seasoning exports from the Philippines, accounting for a 30% share of total exports. Moreover, mixed condiment, sause and seasoning exports to the United States exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), twofold. The third position in this ranking was taken by Canada (X tons), with an 8.8% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +9.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+11.7% per year) and Canada (+11.6% per year).

In value terms, the United States ($X) remains the key foreign market for mixed condiments, sauses and seasonings exports from the Philippines, comprising 28% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 12% share of total exports. It was followed by Canada, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +14.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+13.1% per year) and Canada (+16.5% per year).

Export Prices by Country

In 2022, the average export price for mixed condiments, sauses and seasonings amounted to $X per ton, picking up by 7.4% against the previous year. In general, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, mixed condiment, sause and seasoning export price increased by +58.8% against 2017 indices. The most prominent rate of growth was recorded in 2018 an increase of 28% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Saudi Arabia ($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 the United States (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Mixed Condiments, Sauses and Seasonings

Imports into the Philippines

For the fourth consecutive year, the Philippines recorded growth in supplies from abroad of mixed condiments, sauses and seasonings, which increased by 11% to X tons in 2022. Overall, imports enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2017 when imports increased by 21% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, mixed condiment, sause and seasoning imports reached $X in 2022. In general, imports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 16%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

China (X tons), Thailand (X tons) and South Korea (X tons) were the main suppliers of mixed condiment, sause and seasoning imports to the Philippines, together accounting for 71% of total imports. The United States, Japan, Vietnam, Indonesia and Malaysia lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +31.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest mixed condiment, sause and seasoning suppliers to the Philippines were China ($X), Thailand ($X) and Indonesia ($X), with a combined 71% share of total imports. The United States, Malaysia, Vietnam, Japan and South Korea lagged somewhat behind, together accounting for a further 21%.

Japan, with a CAGR of +38.3%, recorded 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

In 2022, the average import price for mixed condiments, sauses and seasonings amounted to $X per ton, which is down by -1.9% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average import price increased by 12%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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