Philippines: Preserved Sardines Market 2024

Preserved Sardines Market Size in the Philippines

The Philippine preserved sardines market totaled $X in 2022, picking up by 7.1% against the previous year. Over the period under review, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Preserved Sardines Production in the Philippines

In value terms, preserved sardines production contracted modestly to $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 69%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Preserved Sardines Exports

Exports from the Philippines

In 2022, the amount of sardines (prepared or preserved) exported from the Philippines fell markedly to X tons, declining by -19.1% against the previous year's figure. Overall, exports showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 214% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, preserved sardines exports plummeted to $X in 2022. Over the period under review, exports saw a slight curtailment. The pace of growth appeared the most rapid in 2016 when exports increased by 260%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons), the United Arab Emirates (X tons) and Canada (X tons) were the main destinations of preserved sardines exports from the Philippines, together comprising 49% of total exports. Hong Kong SAR, Singapore, Qatar, Kuwait, Australia, Guatemala, Malaysia, Taiwan (Chinese), Japan and the Netherlands lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the biggest increases were recorded for Guatemala (with a CAGR of +16.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for preserved sardines exported from the Philippines were the United States ($X), the United Arab Emirates ($X) and Canada ($X), with a combined 50% share of total exports. Singapore, Hong Kong SAR, Qatar, Australia, Guatemala, Kuwait, Japan, Malaysia, the Netherlands and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 37%.

Among the main countries of destination, Hong Kong SAR, with a CAGR of +20.6%, recorded the highest rates of growth with regard to 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 2022, the average preserved sardines export price amounted to $X per ton, increasing by 3.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.4%. The growth pace was the most rapid in 2016 an increase of 20% against the previous year. The export price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 the Netherlands (+4.4%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Sardines Imports

Imports into the Philippines

In 2022, the amount of sardines (prepared or preserved) imported into the Philippines expanded significantly to X tons, with an increase of 15% on the previous year's figure. In general, imports, however, saw a deep setback. The pace of growth appeared the most rapid in 2020 with an increase of 75% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, preserved sardines imports declined markedly to $X in 2022. Over the period under review, imports, however, continue to indicate a mild decline. The most prominent rate of growth was recorded in 2017 with an increase of 280%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

China (X tons), Malaysia (X tons) and Singapore (X tons) were the main suppliers of preserved sardines imports to the Philippines, with a combined 87% share of total imports. Turkey, the United States and Israel lagged somewhat behind, together accounting for a further 12%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +63.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) constituted the largest supplier of sardines (prepared or preserved) to the Philippines, comprising 56% of total imports. The second position in the ranking was held by China ($X), with a 27% share of total imports. It was followed by Singapore, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia totaled +12.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-10.4% per year) and Singapore (+7.6% per year).

Import Prices by Country

In 2022, the average preserved sardines import price amounted to $X per ton, reducing by -34.3% against the previous year. Over the period under review, the import price, however, posted resilient growth. The most prominent rate of growth was recorded in 2017 an increase of 142%. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+19.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :