Philippines: Molluscs Market 2024

Molluscs Market Size in the Philippines

In 2021, the Philippine molluscs market decreased by -10% to $X for the first time since 2018, thus ending a two-year rising trend. In general, the total consumption indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +71.9% against 2018 indices. Molluscs consumption peaked at $X in 2020, and then shrank in the following year.

Molluscs Production in the Philippines

In value terms, molluscs production declined to $X in 2021 estimated in export price. Overall, production, however, recorded measured growth. The pace of growth was the most pronounced in 2019 with an increase of 348%. Molluscs production peaked at $X in 2020, and then shrank in the following year.

Molluscs Exports

Exports from the Philippines

In 2021, shipments abroad of molluscs (scallops, mussels, cuttle fish, squid and octopus) was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, exports, however, recorded a abrupt decline. The pace of growth was the most pronounced in 2016 with an increase of 57%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, molluscs exports surged to $X in 2021. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when exports increased by 52%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Taiwan (Chinese) (X tons), the United States (X tons) and Hong Kong SAR (X tons) were the main destinations of molluscs exports from the Philippines, together accounting for 67% of total exports.

From 2012 to 2021, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +3.4%), while shipments for the other leaders experienced a decline.

In value terms, the United States ($X), Taiwan (Chinese) ($X) and Hong Kong SAR ($X) appeared to be the largest markets for molluscs exported from the Philippines worldwide, with a combined 65% share of total exports.

Among the main countries of destination, Taiwan (Chinese), with a CAGR of +17.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average molluscs export price stood at $X per ton in 2021, with an increase of 21% against the previous year. In general, export price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, molluscs export price increased by +63.9% against 2017 indices. The growth pace was the most rapid in 2019 when the average export price increased by 26%. The export price peaked in 2021 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Hong Kong SAR ($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 Vietnam (+14.4%), while the prices for the other major destinations experienced more modest paces of growth.

Molluscs Imports

Imports into the Philippines

In 2021, overseas purchases of molluscs (scallops, mussels, cuttle fish, squid and octopus) increased by 22% to X tons for the first time since 2015, thus ending a five-year declining trend. Over the period under review, imports, however, recorded a perceptible decline. The pace of growth appeared the most rapid in 2014 when imports increased by 40% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, molluscs imports surged to $X in 2021. Overall, imports recorded a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 37% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of molluscs to the Philippines, accounting for a 89% share of total imports. Moreover, molluscs imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), more than tenfold. The United States (X tons) ranked third in terms of total imports with a 3.4% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+98.6% per year) and the United States (-28.6% per year).

In value terms, China ($X) constituted the largest supplier of molluscs (scallops, mussels, cuttle fish, squid and octopus) to the Philippines, comprising 89% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 4.7% share of total imports. It was followed by the United States, with a 3.4% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +34.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+114.6% per year) and the United States (-12.4% per year).

Import Prices by Country

In 2021, the average molluscs import price amounted to $X per ton, growing by 11% against the previous year. In general, the import price continues to indicate a significant increase. The most prominent rate of growth was recorded in 2019 when the average import price increased by 89% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to see steady growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from South Korea ($X per ton) and Chile ($X per ton), while the price for the United States ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+22.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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