Philippines: Soft Drink Market 2024

Soft Drink Market Size in the Philippines

In 2021, the Philippine soft drink market was finally on the rise to reach $X after two years of decline. Overall, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.7% 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 decreased by -7.1% against 2018 indices. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Soft Drink Production in the Philippines

In value terms, soft drink production amounted to $X in 2021 estimated in export price. Over the period under review, the total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -11.8% against 2018 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 83%. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Soft Drink Exports

Exports from the Philippines

In 2021, overseas shipments of soft drinks were finally on the rise to reach X litres after three years of decline. Over the period under review, exports, however, saw a mild downturn. The growth pace was the most rapid in 2014 with an increase of 371%. The exports peaked at X litres in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, soft drink exports soared to $X in 2021. Overall, exports, however, showed a noticeable decline. The growth pace was the most rapid in 2014 with an increase of 285%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X litres), Singapore (X litres) and Malaysia (X litres) were the main destinations of soft drink exports from the Philippines, together accounting for 32% of total exports. These countries were followed by the UK, Canada, China, Australia, the Netherlands, Japan, Hong Kong SAR, Guam, Taiwan (Chinese) and France, which together accounted for a further 54%.

From 2012 to 2021, the biggest increases were in France (with a CAGR of +40.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for soft drink exports from the Philippines, comprising 23% of total exports. The second position in the ranking was taken by Canada ($X), with a 9.4% share of total exports. It was followed by Singapore, with a 7.6% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at -10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+13.4% per year) and Singapore (-6.8% per year).

Export Prices by Country

The average soft drink export price stood at $X per litre in 2021, declining by -6.9% against the previous year. Overall, the export price showed a pronounced descent. The most prominent rate of growth was recorded in 2013 an increase of 37%. Over the period under review, the average export prices reached the peak figure at $X per litre in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per litre), while the average price for exports to Malaysia ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+3.1%), while the prices for the other major destinations experienced mixed trend patterns.

Soft Drink Imports

Imports into the Philippines

In 2021, overseas purchases of soft drinks decreased by -4% to X litres, falling for the third year in a row after seven years of growth. Over the period under review, imports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 101%. Imports peaked at X litres in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, soft drink imports rose to $X in 2021. Overall, imports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 80%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Thailand (X litres) constituted the largest soft drink supplier to the Philippines, accounting for a 59% share of total imports. Moreover, soft drink imports from Thailand exceeded the figures recorded by the second-largest supplier, China (X litres), fivefold. Vietnam (X litres) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from Thailand amounted to +28.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+81.7% per year) and Vietnam (+45.0% per year).

In value terms, Thailand ($X) constituted the largest supplier of soft drink to the Philippines, comprising 64% of total imports. The second position in the ranking was held by Vietnam ($X), with a 7.5% share of total imports. It was followed by China, with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Thailand stood at +30.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+28.8% per year) and China (+82.5% per year).

Import Prices by Country

In 2021, the average soft drink import price amounted to $X per litre, picking up by 5.9% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average import price increased by 11% against the previous year. The import price peaked at $X per litre in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per litre), while the price for China ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+9.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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