Philippines: Cows Skin Market 2024

Cows Skin Market Size in the Philippines

In 2021, the Philippine cows skin market was finally on the rise to reach $X for the first time since 2016, thus ending a four-year declining trend. Overall, consumption recorded a moderate expansion. Cows skin consumption peaked at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Cows Skin Production in the Philippines

In value terms, cows skin production surged to $X in 2021 estimated in export price. Over the period under review, production recorded a perceptible increase. The most prominent rate of growth was recorded in 2015 when the production volume increased by 54% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Cows Skin Exports

Exports from the Philippines

For the seventh year in a row, the Philippines recorded decline in overseas shipments of raw hides and skins of bovine animals, which decreased by -8.9% to X tons in 2021. Overall, exports faced a sharp reduction. The growth pace was the most rapid in 2014 with an increase of 3,179% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, cows skin exports reduced remarkably to $X in 2021. In general, exports faced a dramatic shrinkage. The pace of growth was the most pronounced in 2014 with an increase of 3,597% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Vietnam (X tons) was the main destination for cows skin exports from the Philippines, with a 81% share of total exports. Moreover, cows skin exports to Vietnam exceeded the volume sent to the second major destination, Thailand (X kg), sevenfold. India (X kg) ranked third in terms of total exports with a 7.2% share.

From 2012 to 2021, the average annual growth rate of volume to Vietnam totaled -20.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-48.2% per year) and India (-45.3% per year).

In value terms, Vietnam ($X) remains the key foreign market for raw hides and skins of bovine animals exports from the Philippines, comprising 68% of total exports. The second position in the ranking was held by India ($X), with a 17% share of total exports. It was followed by Thailand, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam amounted to -21.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-44.6% per year) and Thailand (-52.5% per year).

Export Prices by Country

The average cows skin export price stood at $X per ton in 2021, reducing by -12.2% against the previous year. Overall, the export price recorded a deep setback. The most prominent rate of growth was recorded in 2014 an increase of 13%. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Vietnam ($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 India (+1.3%), while the prices for the other major destinations experienced a decline.

Cows Skin Imports

Imports into the Philippines

Cows skin imports into the Philippines contracted sharply to X tons in 2021, reducing by -76.6% compared with the year before. Overall, imports showed a deep downturn. The pace of growth was the most pronounced in 2017 with an increase of 42% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, cows skin imports fell dramatically to $X in 2021. In general, imports saw a abrupt decrease. The pace of growth was the most pronounced in 2020 with an increase of 223%. As a result, imports attained the peak of $X, and then plummeted in the following year.

Imports by Country

In 2021, Singapore (X tons) constituted the largest supplier of cows skin to the Philippines, with a 47% share of total imports. Moreover, cows skin imports from Singapore exceeded the figures recorded by the second-largest supplier, the United States (X kg), threefold. The third position in this ranking was taken by Canada (X kg), with a 17% share.

From 2012 to 2021, the average annual growth rate of volume from Singapore stood at +66.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+37.8% per year) and Canada (-19.8% per year).

In value terms, Singapore ($X) constituted the largest supplier of raw hides and skins of bovine animals to the Philippines, comprising 64% of total imports. The second position in the ranking was taken by Germany ($X), with a 15% share of total imports. It was followed by China, with a 7.5% share.

From 2012 to 2021, the average annual growth rate of value from Singapore totaled +76.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-6.3% per year) and China (-1.5% per year).

Import Prices by Country

The average cows skin import price stood at $X per ton in 2021, with a decrease of -49.2% against the previous year. Overall, the import price, however, posted a perceptible expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by 136% against the previous year. As a result, import price attained the peak level of $X per ton, and then reduced markedly in the following year.

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 China ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+29.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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