Philippines: Market for Protein Concentrates and Flavoured or Coloured Sugar Syrups 2024

Market Size for Protein Concentrates and Flavoured or Coloured Sugar Syrups in the Philippines

In 2021, after two years of decline, there was significant growth in the Philippine market for protein concentrates and flavoured or coloured sugar syrups, when its value increased by 19% to $X. Over the period under review, consumption, however, continues to indicate a slight slump. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Protein Concentrates and Flavoured or Coloured Sugar Syrups in the Philippines

In value terms, production of protein concentrates and flavoured or coloured sugar syrups contracted to $X in 2021 estimated in export price. In general, production continues to indicate a abrupt descent. The pace of growth was the most pronounced in 2020 with an increase of 13%. Over the period under review, production of hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Protein Concentrates and Flavoured or Coloured Sugar Syrups

Exports from the Philippines

Exports of protein concentrates and flavoured or coloured sugar syrups from the Philippines soared to X tons in 2021, picking up by 45% on the previous year's figure. Overall, exports continue to indicate a significant increase. The pace of growth was the most pronounced in 2016 with an increase of 331% against the previous year. Over the period under review, the exports of attained the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, exports of protein concentrates and flavoured or coloured sugar syrups skyrocketed to $X in 2021. Over the period under review, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 319%. Over the period under review, the exports of attained the maximum in 2021 and are likely to see gradual growth in years to come.

Exports by Country

The Netherlands (X tons) was the main destination for exports of protein concentrates and flavoured or coloured sugar syrups from the Philippines, accounting for a 75% share of total exports. Moreover, exports of protein concentrates and flavoured or coloured sugar syrups to the Netherlands exceeded the volume sent to the second major destination, the UK (X tons), sevenfold. South Africa (X tons) ranked third in terms of total exports with a 5.1% share.

From 2012 to 2021, the average annual growth rate of volume to the Netherlands stood at +52.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+377.0% per year) and South Africa (+238.6% per year).

In value terms, the Netherlands ($X) remains the key foreign market for protein concentrates and flavoured or coloured sugar syrups exports from the Philippines, comprising 75% of total exports. The second position in the ranking was taken by the UK ($X), with a 12% share of total exports. It was followed by South Africa, with a 4.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the Netherlands stood at +53.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+464.4% per year) and South Africa (+188.7% per year).

Export Prices by Country

In 2021, the average export price for protein concentrates and flavoured or coloured sugar syrups amounted to $X per ton, rising by 13% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.7%. The most prominent rate of growth was recorded in 2014 when the average export price increased by 43% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to see steady growth in the immediate term.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Ireland ($X per ton) and the UK ($X per ton), while the average price for exports to South Africa ($X per ton) and Brunei Darussalam ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+18.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Protein Concentrates and Flavoured or Coloured Sugar Syrups

Imports into the Philippines

In 2021, purchases abroad of protein concentrates and flavoured or coloured sugar syrups increased by 18% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports posted buoyant growth. The most prominent rate of growth was recorded in 2016 with an increase of 49%. Over the period under review, imports of hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, imports of protein concentrates and flavoured or coloured sugar syrups soared to $X in 2021. Overall, imports continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 31%. Over the period under review, imports of attained the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

China (X tons), Argentina (X tons) and Malaysia (X tons) were the main suppliers of imports of protein concentrates and flavoured or coloured sugar syrups to the Philippines, together comprising 81% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Argentina (with a CAGR of +20.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of protein concentrates and flavoured or coloured sugar syrups to the Philippines, comprising 56% of total imports. The second position in the ranking was held by Argentina ($X), with a 13% share of total imports. It was followed by the United States, with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +10.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+18.1% per year) and the United States (+7.7% per year).

Import Prices by Country

The average import price for protein concentrates and flavoured or coloured sugar syrups stood at $X per ton in 2021, picking up by 5.4% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average import price increased by 13% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average 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 Brazil ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+11.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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