Philippines: Prepared Mustard Market 2024

Prepared Mustard Market Size in the Philippines

In 2021, after two years of growth, there was significant decline in the Philippine prepared mustard market, when its value decreased by -6.3% to $X. In general, consumption, however, posted a prominent increase. Over the period under review, the market reached the peak level at $X in 2020, and then shrank in the following year.

Prepared Mustard Production in the Philippines

In value terms, prepared mustard production declined to $X in 2021 estimated in export price. In general, production, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 86%. Over the period under review, production attained the peak level at $X in 2020, and then reduced in the following year.

Prepared Mustard Exports

Exports from the Philippines

In 2021, the amount of prepared mustard exported from the Philippines totaled X tons, picking up by 14% against 2020. In general, exports posted a strong expansion. The growth pace was the most rapid in 2014 with an increase of 839% against the previous year. The exports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, prepared mustard exports expanded markedly to $X in 2021. Overall, exports continue to indicate strong growth. The pace of growth appeared the most rapid in 2014 when exports increased by 802%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Japan (X tons) was the main destination for prepared mustard exports from the Philippines, accounting for a 84% share of total exports. Moreover, prepared mustard exports to Japan exceeded the volume sent to the second major destination, Australia (X tons), sevenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan totaled +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+67.4% per year) and Malaysia (+4.2% per year).

In value terms, Japan ($X) remains the key foreign market for prepared mustard exports from the Philippines, comprising 80% of total exports. The second position in the ranking was taken by Australia ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Japan totaled +6.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+69.4% per year) and Malaysia (+15.1% per year).

Export Prices by Country

In 2021, the average prepared mustard export price amounted to $X per ton, which is down by -5.2% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average export price increased by 9.6%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

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 ($X per ton), while the average price for exports to Japan ($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 Malaysia (+10.4%), while the prices for the other major destinations experienced more modest paces of growth.

Prepared Mustard Imports

Imports into the Philippines

Prepared mustard imports into the Philippines surged to X tons in 2021, picking up by 38% on 2020. Overall, imports saw resilient growth. The most prominent rate of growth was recorded in 2015 when imports increased by 104%. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, prepared mustard imports surged to $X in 2021. Over the period under review, imports showed a buoyant increase. The pace of growth was the most pronounced in 2015 when imports increased by 162% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United States (X tons), South Korea (X tons) and Canada (X tons) were the main suppliers of prepared mustard imports to the Philippines, together comprising 75% of total imports. India, China, Thailand, France and Germany lagged somewhat behind, together comprising a further 20%.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +60.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest prepared mustard suppliers to the Philippines were Canada ($X), the United States ($X) and South Korea ($X), with a combined 76% share of total imports. France, Thailand, India, China and Germany lagged somewhat behind, together comprising a further 16%.

India, with a CAGR of +83.9%, 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

The average prepared mustard import price stood at $X per ton in 2021, falling by -10.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.6%. The growth pace was the most rapid in 2020 an increase of 51%. Over the period under review, average import prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Canada ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+21.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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