Philippines: Preserved Salmon Market 2024

Preserved Salmon Market Size in the Philippines

After two years of decline, the Philippine preserved salmon market increased by 23% to $X in 2021. Overall, consumption, however, recorded a pronounced curtailment. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Preserved Salmon Production in the Philippines

In value terms, preserved salmon production skyrocketed to $X in 2021 estimated in export price. In general, production, however, recorded a pronounced descent. The growth pace was the most rapid in 2013 when the production volume increased by 75%. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Preserved Salmon Exports

Exports from the Philippines

After two years of growth, shipments abroad of salmon (prepared or preserved) decreased by -65.8% to X tons in 2021. In general, exports saw a perceptible shrinkage. The pace of growth appeared the most rapid in 2017 when exports increased by 2,097%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, preserved salmon exports declined notably to $X in 2021. Over the period under review, exports recorded a pronounced shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 836%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Bahrain (X tons) was the main destination for preserved salmon exports from the Philippines, accounting for a 55% share of total exports. Moreover, preserved salmon exports to Bahrain exceeded the volume sent to the second major destination, Kuwait (X tons), twofold. South Korea (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to Bahrain totaled +32.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (0.0% per year) and South Korea (+28.5% per year).

In value terms, Bahrain ($X), Kuwait ($X) and South Korea ($X) appeared to be the largest markets for preserved salmon exported from the Philippines worldwide, together comprising 96% of total exports.

Bahrain, with a CAGR of +48.8%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination 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 preserved salmon export price amounted to $X per ton, with an increase of 142% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average export price increased by 195% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Marshall Islands ($X per ton), while the average price for exports to South Korea ($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 Bahrain (+12.4%), while the prices for the other major destinations experienced mixed trend patterns.

Preserved Salmon Imports

Imports into the Philippines

Preserved salmon imports into the Philippines declined rapidly to X tons in 2021, with a decrease of -30.1% against 2020 figures. Overall, imports continue to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 152% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, preserved salmon imports dropped slightly to $X in 2021. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 76% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

The United States (X tons), Australia (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of preserved salmon imports to the Philippines, together accounting for 59% of total imports. Sweden, Poland, Germany and Norway lagged somewhat behind, together comprising a further 38%.

From 2012 to 2021, the biggest increases were recorded for Norway (with a CAGR of +2,452.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest preserved salmon suppliers to the Philippines were Sweden ($X), Australia ($X) and Poland ($X), together comprising 71% of total imports. Taiwan (Chinese), Norway, the United States and Germany lagged somewhat behind, together accounting for a further 27%.

Among the main suppliers, Norway, with a CAGR of +9,144.5%, 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

The average preserved salmon import price stood at $X per ton in 2021, surging by 40% against the previous year. In general, the import price showed a resilient increase. The most prominent rate of growth was recorded in 2018 when the average import price increased by 120% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (+257.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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