Philippines: Preserved Turkey Market 2024

Preserved Turkey Market Size in the Philippines

The Philippine preserved turkey market rose rapidly to $X in 2021, increasing by 7.9% against the previous year. In general, consumption, however, showed a pronounced downturn. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Preserved Turkey Production in the Philippines

In value terms, preserved turkey production expanded significantly to $X in 2021 estimated in export price. Overall, production, however, showed a pronounced reduction. The most prominent rate of growth was recorded in 2019 with an increase of 36%. Preserved turkey production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Preserved Turkey Exports

Exports from the Philippines

In 2021, after two years of growth, there was significant decline in shipments abroad of prepared or preserved meat or offal of turkeys, when their volume decreased by -64.4% to X tons. In general, exports, however, posted a significant increase. The growth pace was the most rapid in 2020 with an increase of 675% against the previous year. As a result, the exports attained the peak of X tons, and then dropped rapidly in the following year.

In value terms, preserved turkey exports fell sharply to $X in 2021. Overall, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 995% against the previous year. As a result, the exports attained the peak of $X, and then contracted markedly in the following year.

Exports by Country

Qatar (X tons) was the main destination for preserved turkey exports from the Philippines, with a 69% share of total exports. Moreover, preserved turkey exports to Qatar exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), fourfold. Australia (X kg) ranked third in terms of total exports with a 6% share.

From 2012 to 2021, the average annual growth rate of volume to Qatar amounted to +122.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+62.4% per year) and Australia (+86.0% per year).

In value terms, Qatar ($X) remains the key foreign market for prepared or preserved meat or offal of turkeys exports from the Philippines, comprising 74% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 13% share of total exports. It was followed by Australia, with a 7.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Qatar stood at +109.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+25.8% per year) and Australia (+101.9% per year).

Export Prices by Country

The average preserved turkey export price stood at $X per ton in 2021, waning by -35.6% against the previous year. Over the period under review, the export price recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 when the average export price increased by 41% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+7.6%), while the prices for the other major destinations experienced mixed trend patterns.

Preserved Turkey Imports

Imports into the Philippines

For the third year in a row, the Philippines recorded decline in overseas purchases of prepared or preserved meat or offal of turkeys, which decreased by -44.6% to X tons in 2021. In general, imports continue to indicate a slight contraction. The growth pace was the most rapid in 2018 when imports increased by 802%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, preserved turkey imports soared to $X in 2021. Over the period under review, imports, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2018 when imports increased by 791% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest preserved turkey supplier to the Philippines, accounting for a 69% share of total imports. Moreover, preserved turkey imports from the United States exceeded the figures recorded by the second-largest supplier, Spain (X kg), sevenfold. The third position in this ranking was taken by Canada (X kg), with a 6.2% share.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to +11.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+21.2% per year) and Canada (-21.2% per year).

In value terms, the United States ($X) constituted the largest supplier of prepared or preserved meat or offal of turkeys to the Philippines, comprising 58% of total imports. The second position in the ranking was taken by Belgium ($X), with a 16% share of total imports. It was followed by Spain, with a 3.9% share.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to +22.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+57.9% per year) and Spain (+14.0% per year).

Import Prices by Country

In 2021, the average preserved turkey import price amounted to $X per ton, jumping by 110% against the previous year. Over the period under review, the import price recorded buoyant growth. The most prominent rate of growth was recorded in 2014 when the average import price increased by 196% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is likely to see gradual 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 Belgium ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+26.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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