Philippines: Canned Food Market 2024

Canned Food Market Size in the Philippines

The Philippine canned food market expanded notably to $X in 2021, increasing by 11% against the previous year. Over the period under review, consumption recorded a buoyant increase. Canned food consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Canned Food Production in the Philippines

In value terms, canned food production expanded rapidly to $X in 2021 estimated in export price. In general, production showed strong growth. The pace of growth was the most pronounced in 2015 when the production volume increased by 91%. Canned food production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Canned Food Exports

Exports from the Philippines

In 2021, shipments abroad of canned food increased by 15% to X tons, rising for the second year in a row after three years of decline. In general, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when exports increased by 43%. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, canned food exports skyrocketed to $X in 2021. Overall, total exports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +61.7% against 2018 indices. The pace of growth was the most pronounced in 2015 with an increase of 51% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are likely to see gradual growth in years to come.

Exports by Country

The United States (X tons) was the main destination for canned food exports from the Philippines, with a 38% share of total exports. Moreover, canned food exports to the United States exceeded the volume sent to the second major destination, Germany (X tons), sevenfold. Japan (X tons) ranked third in terms of total exports with a 4.8% share.

From 2012 to 2020, the average annual growth rate of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+29.3% per year) and Japan (+5.8% per year).

In value terms, the United States ($X) remains the key foreign market for canned food exports from the Philippines, comprising 35% of total exports. The second position in the ranking was held by Malaysia ($X), with an 8.9% share of total exports. It was followed by Japan, with a 5.6% share.

From 2012 to 2020, the average annual rate of growth in terms of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-4.9% per year) and Japan (+3.9% per year).

Export Prices by Country

In 2020, the average canned food export price amounted to $X per ton, almost unchanged from the previous year. Over the period from 2012 to 2020, it increased at an average annual rate of +4.0%. The growth pace was the most rapid in 2013 when the average export price increased by 23% against the previous year. The export price peaked in 2020 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2020, the country with the highest price was Malaysia ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+8.8%), while the prices for the other major destinations experienced more modest paces of growth.

Canned Food Imports

Imports into the Philippines

In 2021, overseas purchases of canned food increased by 11% to X tons, rising for the third consecutive year after two years of decline. Overall, total imports indicated notable growth from 2012 to 2021: its volume increased at an average annual rate of +4.9% 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 +12.6% against 2018 indices. The growth pace was the most rapid in 2016 with an increase of 55% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, canned food imports stood at $X in 2021. In general, imports showed a resilient expansion. The most prominent rate of growth was recorded in 2016 with an increase of 83% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

Imports by Country

China (X tons), the United States (X tons) and Thailand (X tons) were the main suppliers of canned food imports to the Philippines, with a combined 67% share of total imports. These countries were followed by Singapore, Italy, Malaysia and Denmark, which together accounted for a further 13%.

From 2012 to 2020, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of +18.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest canned food suppliers to the Philippines were the United States ($X), Singapore ($X) and China ($X), together comprising 55% of total imports.

In terms of the main suppliers, Singapore, with a CAGR of +17.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2020, the average canned food import price amounted to $X per ton, increasing by 24% against the previous year. In general, the import price enjoyed a strong expansion. The most prominent rate of growth was recorded in 2015 an increase of 48% against the previous year. Over the period under review, average import prices reached the maximum in 2020 and is likely to see steady growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Singapore ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by the United States (+3.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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