Philippines: Prepared Baking Powder Market 2024

Prepared Baking Powder Market Size in the Philippines

In 2022, the Philippine prepared baking powder market decreased by -0.1% to $X, falling for the second consecutive year after three years of growth. Overall, consumption, however, recorded a moderate increase. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Prepared Baking Powder Exports

Exports from the Philippines

After three years of growth, overseas shipments of prepared baking powders decreased by -84.9% to X tons in 2022. In general, exports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of 3,286% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, prepared baking powder exports reduced rapidly to $X in 2022. Over the period under review, exports, however, posted a pronounced expansion. The most prominent rate of growth was recorded in 2013 with an increase of 1,615%. 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 prepared baking powder exports from the Philippines, accounting for a 90% share of total exports. Moreover, prepared baking powder exports to Vietnam exceeded the volume sent to the second major destination, Bahrain (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam totaled +12.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (+86.8% per year) and Canada (-13.4% per year).

In value terms, Vietnam ($X) emerged as the key foreign market for prepared baking powders exports from the Philippines, comprising 66% of total exports. The second position in the ranking was taken by Canada ($X), with a 13% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam amounted to +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-7.9% per year) and Bahrain (+109.2% per year).

Export Prices by Country

In 2022, the average prepared baking powder export price amounted to $X per ton, with a decrease of -20.5% against the previous year. In general, the export price recorded a pronounced slump. The growth pace was the most rapid in 2014 when the average export price increased by 186% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Vietnam ($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 (+24.0%), while the prices for the other major destinations experienced more modest paces of growth.

Prepared Baking Powder Imports

Imports into the Philippines

In 2022, supplies from abroad of prepared baking powders decreased by -4% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports, however, posted a significant increase. The most prominent rate of growth was recorded in 2019 when imports increased by 1,023%. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, prepared baking powder imports stood at $X in 2022. Overall, imports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2019 when imports increased by 1,115%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, Thailand (X tons) constituted the largest supplier of prepared baking powder to the Philippines, accounting for a 90% share of total imports. Moreover, prepared baking powder imports from Thailand exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. Malaysia (X tons) ranked third in terms of total imports with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand stood at +394.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+42.7% per year) and Malaysia (+8.0% per year).

In value terms, Thailand ($X) constituted the largest supplier of prepared baking powders to the Philippines, comprising 93% of total imports. The second position in the ranking was taken by the United States ($X), with a 3.2% share of total imports. It was followed by Malaysia, with a 1.8% share.

From 2012 to 2022, the average annual growth rate of value from Thailand amounted to +344.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+54.2% per year) and Malaysia (+12.5% per year).

Import Prices by Country

The average prepared baking powder import price stood at $X per ton in 2022, growing by 6% against the previous year. Overall, the import price, however, showed a noticeable descent. The pace of growth appeared the most rapid in 2018 an increase of 64% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Malaysia ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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