Philippines: Processed Meat Market 2024

Processed Meat Market Size in the Philippines

The Philippine processed meat market amounted to $X in 2022, therefore, remained relatively stable against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Processed Meat Production in the Philippines

In value terms, processed meat production amounted to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of X%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Processed Meat Exports

Exports from the Philippines

In 2022, approx. X tons of processed meat were exported from the Philippines; surging by X% compared with the previous year. Overall, exports, however, showed a abrupt downturn. The pace of growth appeared the most rapid in 2021 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, processed meat exports soared to $X in 2022. In general, exports, however, saw a noticeable slump. The pace of growth appeared the most rapid in 2021 when exports increased by X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons) was the main destination for processed meat exports from the Philippines, with a X% share of total exports. Moreover, processed meat exports to the United Arab Emirates exceeded the volume sent to the second major destination, Japan (X tons), twofold. Qatar (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and Qatar (X% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for processed meat exports from the Philippines, comprising X% of total exports. The second position in the ranking was taken by Japan ($X), with an X% share of total exports. It was followed by Qatar, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and Qatar (X% per year).

Export Prices by Country

The average processed meat export price stood at $X per ton in 2022, surging by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2017 when the average export price increased by X%. The export price peaked at $X per ton in 2019; afterwards, it flattened through to 2022.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Australia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Processed Meat Imports

Imports into the Philippines

For the third year in a row, the Philippines recorded growth in overseas purchases of processed meat, which increased by X% to X tons in 2022. In general, total imports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, processed meat imports skyrocketed to $X in 2022. Overall, imports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2015 when imports increased by X%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

The United States (X tons), China (X tons) and Thailand (X tons) were the main suppliers of processed meat imports to the Philippines, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of processed meat to the Philippines, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports. It was followed by Australia, with an X% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Australia (X% per year).

Import Prices by Country

In 2022, the average processed meat import price amounted to $X per ton, with an increase of X% against the previous year. Overall, the import price continues to indicate a significant increase. The most prominent rate of growth was recorded in 2015 when the average import price increased by X%. The import price peaked in 2022 and is expected to retain growth in years to come.

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 Australia ($X per ton), while the price for Denmark ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform