Philippines: Peanut Butter Market 2024

Peanut Butter Market Size in the Philippines

The Philippine peanut butter market reached $X in 2022, approximately reflecting the previous year. In general, consumption showed a prominent increase. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Peanut Butter Production in the Philippines

In value terms, peanut butter production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, posted prominent growth. The growth pace was the most rapid in 2017 with an increase of 141%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Peanut Butter Exports

Exports from the Philippines

In 2022, shipments abroad of peanut butter and prepared or preserved groundnuts decreased by -19.8% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 687%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then fell markedly in the following year.

In value terms, peanut butter exports reduced to $X in 2022. In general, exports, however, posted a noticeable expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 597%. Over the period under review, the exports attained the peak figure at $X in 2021, and then contracted in the following year.

Exports by Country

The United States (X tons), the United Arab Emirates (X tons) and Canada (X tons) were the main destinations of peanut butter exports from the Philippines, with a combined 58% share of total exports. Qatar, Japan, Australia, Saudi Arabia, Kuwait, New Zealand, Malaysia and Italy lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +34.7%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Canada ($X) and the United States ($X) were the largest markets for peanut butter exported from the Philippines worldwide, with a combined 50% share of total exports. Qatar, Australia, Japan, Malaysia, Saudi Arabia, New Zealand, Italy and Kuwait lagged somewhat behind, together comprising a further 33%.

Japan, with a CAGR of +42.6%, saw 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

In 2022, the average peanut butter export price amounted to $X per ton, surging by 13% against the previous year. Over the last decade, it increased at an average annual rate of +3.0%. The growth pace was the most rapid in 2019 when the average export price increased by 34%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Kuwait ($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 Malaysia (+13.9%), while the prices for the other major destinations experienced more modest paces of growth.

Peanut Butter Imports

Imports into the Philippines

In 2022, approx. X tons of peanut butter and prepared or preserved groundnuts were imported into the Philippines; with an increase of 11% against the year before. Overall, total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +7.4% 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 +11.0% against 2019 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 49% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, peanut butter imports surged to $X in 2022. Over the period under review, imports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 36% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest peanut butter supplier to the Philippines, with a 52% share of total imports. Moreover, peanut butter imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. The third position in this ranking was taken by Argentina (X tons), with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+6.5% per year) and Argentina (+56.8% per year).

In value terms, China ($X) constituted the largest supplier of peanut butter and prepared or preserved groundnuts to the Philippines, comprising 62% of total imports. The second position in the ranking was taken by the United States ($X), with a 17% share of total imports. It was followed by Argentina, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+8.4% per year) and Argentina (+55.4% per year).

Import Prices by Country

The average peanut butter import price stood at $X per ton in 2022, growing by 3.4% against the previous year. Overall, import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, peanut butter import price increased by +64.4% against 2017 indices. The growth pace was the most rapid in 2018 when the average import price increased by 28%. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual 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 China ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+16.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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