Philippines: Market for Salted, Dried or Smoked Meat, and Offal 2024

Market Size for Salted, Dried or Smoked Meat, and Offal in the Philippines

The Philippine market for salted, dried or smoked meat, and offal contracted modestly to $X in 2022, almost unchanged from the previous year. Over the period under review, consumption showed a abrupt shrinkage. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Salted, Dried or Smoked Meat, and Offal in the Philippines

In value terms, production of salted, dried or smoked meat, and offal fell to $X in 2022 estimated in export price. In general, production showed a abrupt slump. The growth pace was the most rapid in 2014 with an increase of 22% against the previous year. Over the period under review, production of hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Salted, Dried or Smoked Meat, and Offal

Exports from the Philippines

In 2022, exports of salted, dried or smoked meat, and offal from the Philippines contracted notably to X tons, with a decrease of -33.2% compared with 2021. In general, exports faced a significant curtailment. The growth pace was the most rapid in 2021 with an increase of 198% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, exports of salted, dried or smoked meat, and offal declined notably to $X in 2022. Overall, exports showed a dramatic descent. The pace of growth appeared the most rapid in 2021 with an increase of 133%. Over the period under review, the exports of reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for exports of salted, dried or smoked meat, and offal from the Philippines, accounting for a 51% share of total exports. Moreover, exports of salted, dried or smoked meat, and offal to the United Arab Emirates exceeded the volume sent to the second major destination, Japan (X tons), twofold. The third position in this ranking was held by Qatar (X tons), with a 15% share.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates totaled -25.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+13.5% per year) and Qatar (-5.7% per year).

In value terms, the largest markets for salted, dried or smoked meat, and offal exported from the Philippines were the United Arab Emirates ($X), Japan ($X) and Qatar ($X), together accounting for 87% of total exports.

Japan, with a CAGR of +6.7%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for salted, dried or smoked meat, and offal stood at $X per ton in 2022, increasing by 7% against the previous year. Over the period under review, the export price, however, showed a slight setback. The most prominent rate of growth was recorded in 2014 when the average export price increased by 90%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bahrain (+1.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Salted, Dried or Smoked Meat, and Offal

Imports into the Philippines

In 2022, the amount of salted, dried or smoked meat, and offal imported into the Philippines shrank rapidly to X tons, waning by -23.3% compared with the previous year's figure. In general, imports continue to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2019 with an increase of 163%. Over the period under review, imports of reached the peak figure at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, imports of salted, dried or smoked meat, and offal reached $X in 2022. Overall, imports, however, posted a strong expansion. The pace of growth appeared the most rapid in 2019 with an increase of 174% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports of remained at a lower figure.

Imports by Country

The United States (X tons), Denmark (X tons) and Spain (X tons) were the main suppliers of imports of salted, dried or smoked meat, and offal to the Philippines, with a combined 87% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +44.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest salted, dried or smoked meat, and offal suppliers to the Philippines were Denmark ($X), France ($X) and the United States ($X), with a combined 74% share of total imports.

France, with a CAGR of +65.8%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for salted, dried or smoked meat, and offal stood at $X per ton in 2022, with an increase of 41% against the previous year. Over the period under review, the import price saw strong growth. The most prominent rate of growth was recorded in 2016 when the average import price increased by 68% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+19.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform