Philippines: Sauce And Seasoning Market 2024

Sauce And Seasoning Market Size in the Philippines

The Philippine sauce and seasoning market totaled $X in 2021, approximately equating the previous year. Overall, the total consumption indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.8% 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 -1.0% against 2019 indices. Sauce and seasoning consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Sauce And Seasoning Production in the Philippines

In value terms, sauce and seasoning production reached $X in 2021 estimated in export price. Over the period under review, the total production indicated a resilient expansion from 2012 to 2021: its value 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, production decreased by -0.3% against 2019 indices. The pace of growth was the most pronounced in 2014 with an increase of 41%. Sauce and seasoning production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Sauce And Seasoning Exports

Exports from the Philippines

In 2021, the amount of sauces and seasonings exported from the Philippines surged to X tons, with an increase of 23% on 2020 figures. Over the period under review, exports posted buoyant growth. The most prominent rate of growth was recorded in 2014 with an increase of 306% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, sauce and seasoning exports soared to $X in 2021. In general, exports saw a resilient increase. The growth pace was the most rapid in 2014 when exports increased by 300% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the near future.

Exports by Country

The United States (X tons) was the main destination for sauce and seasoning exports from the Philippines, with a 30% share of total exports. Moreover, sauce and seasoning exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), threefold. The United Arab Emirates (X tons) ranked third in terms of total exports with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +9.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+11.9% per year) and the United Arab Emirates (+4.4% per year).

In value terms, the United States ($X) remains the key foreign market for sauces and seasonings exports from the Philippines, comprising 27% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 9.6% share of total exports. It was followed by Canada, with an 8.6% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +14.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+9.2% per year) and Canada (+15.2% per year).

Export Prices by Country

The average sauce and seasoning export price stood at $X per ton in 2021, surging by 9.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.3%. The most prominent rate of growth was recorded in 2018 when the average export price increased by 27% against the previous year. The export price peaked in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Saudi Arabia ($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 the Netherlands (+5.4%), while the prices for the other major destinations experienced more modest paces of growth.

Sauce And Seasoning Imports

Imports into the Philippines

For the third consecutive year, the Philippines recorded growth in purchases abroad of sauces and seasonings, which increased by 12% to X tons in 2021. Over the period under review, total imports indicated a notable increase from 2012 to 2021: its volume increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +69.3% against 2014 indices. The most prominent rate of growth was recorded in 2017 with an increase of 21%. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, sauce and seasoning imports totaled $X in 2021. Overall, total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +80.7% against 2013 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 14%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

China (X tons), Thailand (X tons) and the United States (X tons) were the main suppliers of sauce and seasoning imports to the Philippines, together accounting for 71% of total imports. These countries were followed by South Korea, Japan, Indonesia, Vietnam, Malaysia, Singapore and Hong Kong SAR, which together accounted for a further 22%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +25.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest sauce and seasoning suppliers to the Philippines were Thailand ($X), China ($X) and the United States ($X), together comprising 70% of total imports. Indonesia, Malaysia, Vietnam, Japan, South Korea, Singapore and Hong Kong SAR lagged somewhat behind, together comprising a further 24%.

Vietnam, with a CAGR of +33.9%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average sauce and seasoning import price amounted to $X per ton, stabilizing at the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.9%. The pace of growth was the most pronounced in 2018 when the average import price increased by 14%. The import price peaked in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+12.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :