Philippines: Soups Market 2024

Soups Market Size in the Philippines

The Philippine soups market reduced to $X in 2021, declining by -9.8% against the previous year. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Soups Production in the Philippines

In value terms, soups production contracted to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 28% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Soups Exports

Exports from the Philippines

Soups exports from the Philippines shrank to X tons in 2021, with a decrease of -13% on the year before. Over the period under review, exports recorded a abrupt decrease. The growth pace was the most rapid in 2019 when exports increased by 303% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, soups exports expanded to $X in 2021. In general, exports faced a deep contraction. The pace of growth was the most pronounced in 2019 when exports increased by 91%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for soups exports from the Philippines, with a 45% share of total exports. Moreover, soups exports to the United Arab Emirates exceeded the volume sent to the second major destination, Vietnam (X tons), twofold. The third position in this ranking was held by Australia (X tons), with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates totaled +6.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-13.8% per year) and Australia (-14.4% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for soups and broths exports from the Philippines, comprising 51% of total exports. The second position in the ranking was held by Vietnam ($X), with a 13% share of total exports. It was followed by Australia, with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates stood at +3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-23.0% per year) and Australia (-13.3% per year).

Export Prices by Country

In 2021, the average soups export price amounted to $X per ton, surging by 17% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 156%. The export price peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Oman ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Canada (+4.6%), while the prices for the other major destinations experienced more modest paces of growth.

Soups Imports

Imports into the Philippines

Soups imports into the Philippines fell markedly to X tons in 2021, declining by -17.1% against the previous year's figure. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 417%. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, soups imports shrank significantly to $X in 2021. Overall, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2016 when imports increased by 453% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, South Korea (X tons) constituted the largest soups supplier to the Philippines, accounting for a 40% share of total imports. Moreover, soups imports from South Korea exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was taken by Thailand (X tons), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea amounted to +38.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-1.9% per year) and Thailand (-15.5% per year).

In value terms, the largest soups suppliers to the Philippines were South Korea ($X), Thailand ($X) and Australia ($X), with a combined 60% share of total imports.

Australia, with a CAGR of +119.1%, recorded the highest growth rate of 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

In 2021, the average soups import price amounted to $X per ton, falling by -4.3% against the previous year. Overall, the import price saw a deep slump. The pace of growth was the most pronounced in 2020 an increase of 28%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+10.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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