Philippines: Market for Preparations Used In Animal Feeding 2024

Market Size for Preparations Used In Animal Feeding in the Philippines

The Philippine preparations for animal feeding market reduced slightly to $X in 2022, dropping by -4.5% against the previous year. In general, the total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +6.5% against 2020 indices. Preparations for animal feeding consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Production of Preparations Used In Animal Feeding in the Philippines

In value terms, preparations for animal feeding production reduced to $X in 2022 estimated in export price. Overall, production posted a noticeable expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by 77% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Preparations Used In Animal Feeding

Exports from the Philippines

In 2022, preparations for animal feeding exports from the Philippines surged to X tons, jumping by 95% compared with the previous year. Overall, exports continue to indicate buoyant growth. The pace of growth was the most pronounced in 2013 when exports increased by 204%. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, preparations for animal feeding exports skyrocketed to $X in 2022. Over the period under review, exports recorded a prominent expansion. The pace of growth was the most pronounced in 2013 when exports increased by 197%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for preparations for animal feeding exports from the Philippines, accounting for a 32% share of total exports. Moreover, preparations for animal feeding exports to Vietnam exceeded the volume sent to the second major destination, Bangladesh (X tons), twofold. The third position in this ranking was taken by Northern Mariana Islands (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Vietnam stood at +35.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+230.0% per year) and Northern Mariana Islands (+2.5% per year).

In value terms, the largest markets for preparations for animal feeding exported from the Philippines were Vietnam ($X), Bangladesh ($X) and Northern Mariana Islands ($X), with a combined 66% share of total exports.

Among the main countries of destination, Bangladesh, with a CAGR of +259.0%, saw 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 preparations for animal feeding export price stood at $X per ton in 2022, picking up by 11% against the previous year. Overall, the export price continues to indicate temperate growth. The most prominent rate of growth was recorded in 2019 when the average export price increased by 99%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Bangladesh ($X per ton), while the average price for exports to Timor-Leste ($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 Bangladesh (+8.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Preparations Used In Animal Feeding

Imports into the Philippines

In 2022, the amount of preparations used in animal feeding imported into the Philippines skyrocketed to X tons, picking up by 21% against the previous year's figure. In general, imports posted a prominent increase. The growth pace was the most rapid in 2017 with an increase of 35%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, preparations for animal feeding 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 with an increase of 33% against the previous year. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

China (X tons), Thailand (X tons) and the United States (X tons) were the main suppliers of preparations for animal feeding imports to the Philippines, together comprising 61% of total imports. Vietnam, Australia, Italy, the Netherlands, Malaysia and Singapore lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +35.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), China ($X) and the United States ($X) appeared to be the largest preparations for animal feeding suppliers to the Philippines, with a combined 55% share of total imports. Vietnam, Australia, Italy, Singapore, the Netherlands and Malaysia lagged somewhat behind, together comprising a further 26%.

Among the main suppliers, Vietnam, with a CAGR of +40.3%, recorded the highest growth rate of the value of imports, 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 preparations for animal feeding import price amounted to $X per ton, growing by 2.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2021 an increase of 19%. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual 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 Singapore ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+12.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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