Philippines: Market for Rusks, Toasted Bread and Similar Toasted Products 2024

Market Size for Rusks, Toasted Bread and Similar Toasted Products in the Philippines

In 2021, after two years of growth, there was significant decline in the Philippine rusks and toasted bread market, when its value decreased by -17.5% to $X. Overall, consumption, however, showed a prominent increase. As a result, consumption attained the peak level of $X, and then shrank rapidly in the following year.

Production of Rusks, Toasted Bread and Similar Toasted Products in the Philippines

In value terms, rusks and toasted bread production declined notably to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2020 when the production volume increased by 93% against the previous year. As a result, production attained the peak level of $X, and then dropped significantly in the following year.

Exports of Rusks, Toasted Bread and Similar Toasted Products

Exports from the Philippines

In 2021, shipments abroad of rusks, toasted bread and similar toasted products decreased by -94.2% to X tons for the first time since 2016, thus ending a four-year rising trend. In general, exports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of 156% against the previous year. The exports peaked at X tons in 2020, and then reduced markedly in the following year.

In value terms, rusks and toasted bread exports dropped markedly to $X in 2021. Over the period under review, exports, however, posted buoyant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 204%. Over the period under review, the exports reached the maximum at $X in 2020, and then contracted rapidly in the following year.

Exports by Country

The United States (X tons), the United Arab Emirates (X tons) and Indonesia (X tons) were the main destinations of rusks and toasted bread exports from the Philippines, together accounting for 56% of total exports.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +83.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for rusks and toasted bread exported from the Philippines were the United States ($X), Thailand ($X) and Canada ($X), together accounting for 60% of total exports. The United Arab Emirates, Indonesia, Hong Kong SAR, Australia, Qatar, Italy, Switzerland and Marshall Islands lagged somewhat behind, together comprising a further 31%.

In terms of the main countries of destination, Indonesia, with a CAGR of +50.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average rusks and toasted bread export price amounted to $X per ton, picking up by 53% against the previous year. In general, export price indicated mild growth from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, rusks and toasted bread export price increased by +69.4% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Marshall Islands ($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 Thailand (+40.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Rusks, Toasted Bread and Similar Toasted Products

Imports into the Philippines

In 2021, approx. X tons of rusks, toasted bread and similar toasted products were imported into the Philippines; falling by -33.9% against the previous year. In general, imports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2013 with an increase of 102% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020, and then dropped rapidly in the following year.

In value terms, rusks and toasted bread imports shrank dramatically to $X in 2021. Over the period under review, imports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2013 when imports increased by 138%. Imports peaked at $X in 2020, and then contracted remarkably in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of rusks and toasted bread to the Philippines, accounting for a 58% share of total imports. Moreover, rusks and toasted bread imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fourfold. Vietnam (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +13.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+50.9% per year) and Vietnam (+39.1% per year).

In value terms, the largest rusks and toasted bread suppliers to the Philippines were China ($X), Thailand ($X) and Vietnam ($X), together comprising 73% of total imports. India, the United States and Japan lagged somewhat behind, together comprising a further 19%.

In terms of the main suppliers, the United States, with a CAGR of +61.3%, saw the highest growth rate of 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

The average rusks and toasted bread import price stood at $X per ton in 2021, waning by -7.5% against the previous year. In general, the import price, however, recorded a resilient increase. The pace of growth was the most pronounced in 2015 an increase of 38%. Over the period under review, average import prices reached the maximum at $X per ton in 2020, and then reduced in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+8.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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