Philippines: Preserved Cows Meat Market 2024

Preserved Cows Meat Market Size in the Philippines

The Philippine preserved cows meat market expanded remarkably to $X in 2021, growing by 14% against the previous year. Overall, consumption continues to indicate a resilient increase. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Preserved Cows Meat Production in the Philippines

In value terms, preserved cows meat production surged to $X in 2021 estimated in export price. Overall, production showed a prominent expansion. The pace of growth was the most pronounced in 2019 when the production volume increased by 113%. As a result, production attained the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Preserved Cows Meat Exports

Exports from the Philippines

In 2021, the amount of prepared or preserved meat or offal of bovine animals exported from the Philippines skyrocketed to X tons, increasing by 95% compared with 2020 figures. Overall, exports, however, showed a relatively flat trend pattern. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, preserved cows meat exports soared to $X in 2021. Over the period under review, exports enjoyed noticeable growth. The most prominent rate of growth was recorded in 2019 when exports increased by 115%. As a result, the exports reached the peak of $X; afterwards, it flattened through to 2021.

Exports by Country

The United Arab Emirates (X tons) was the main destination for preserved cows meat exports from the Philippines, with a 47% share of total exports. Moreover, preserved cows meat exports to the United Arab Emirates exceeded the volume sent to the second major destination, Qatar (X tons), fivefold. The third position in this ranking was taken by Australia (X tons), with a 7.5% share.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+4.1% per year) and Australia (+9.0% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for prepared or preserved meat or offal of bovine animals exports from the Philippines, comprising 46% of total exports. The second position in the ranking was taken by Australia ($X), with a 15% share of total exports. It was followed by Qatar, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates totaled +2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+21.6% per year) and Qatar (+9.7% per year).

Export Prices by Country

In 2021, the average preserved cows meat export price amounted to $X per ton, surging by 3.6% against the previous year. Over the period under review, export price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, preserved cows meat export price decreased by -21.7% against 2019 indices. The most prominent rate of growth was recorded in 2018 when the average export price increased by 39% against the previous year. The export price peaked 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 overseas markets. In 2021, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Saudi Arabia (+16.6%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Cows Meat Imports

Imports into the Philippines

In 2021, overseas purchases of prepared or preserved meat or offal of bovine animals increased by 5.4% to X tons, rising for the fourth year in a row after two years of decline. In general, imports saw a prominent increase. The pace of growth was the most pronounced in 2014 with an increase of 218% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, preserved cows meat imports soared to $X in 2021. Over the period under review, imports showed a significant increase. The pace of growth appeared the most rapid in 2015 with an increase of 927%. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the near future.

Imports by Country

In 2021, Australia (X tons) constituted the largest supplier of preserved cows meat to the Philippines, with a 68% share of total imports. Moreover, preserved cows meat imports from Australia exceeded the figures recorded by the second-largest supplier, Brazil (X tons), fourfold. The third position in this ranking was held by New Zealand (X tons), with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Australia amounted to +149.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+5.3% per year) and New Zealand (+11.3% per year).

In value terms, Australia ($X) constituted the largest supplier of prepared or preserved meat or offal of bovine animals to the Philippines, comprising 82% of total imports. The second position in the ranking was taken by New Zealand ($X), with an 11% share of total imports. It was followed by Sweden, with a 1.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Australia totaled +175.7%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+39.8% per year) and Sweden (0.0% per year).

Import Prices by Country

The average preserved cows meat import price stood at $X per ton in 2021, increasing by 14% against the previous year. Overall, the import price enjoyed a significant increase. The most prominent rate of growth was recorded in 2015 an increase of 588%. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

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 New Zealand ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+25.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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