Philippines: Soya Bean Market 2025

Soya Bean Market Size in the Philippines

The Philippine soya bean market was finally on the rise to reach $X in 2021, after three years of decline. In general, consumption posted prominent growth. Soya bean consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Soya Bean Production in the Philippines

In value terms, soya bean production surged to $X in 2021 estimated in export price. Overall, production showed a perceptible increase. The pace of growth appeared the most rapid in 2016 when the production volume increased by 146%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

In 2021, the average yield of soya beans in the Philippines stood at X tons per ha, remaining constant against the previous year's figure. Over the period under review, the yield continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the yield increased by 18%. Over the period under review, the average soya bean yield attained the peak level at X tons per ha in 2019; afterwards, it flattened through to 2021. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The soya bean harvested area in the Philippines amounted to X ha in 2021, increasing by 8.1% on the year before. Overall, the harvested area, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 31% against the previous year. The soya bean harvested area peaked at X ha in 2014; however, from 2015 to 2021, the harvested area remained at a lower figure.

Soya Bean Exports

Exports from the Philippines

In 2021, overseas shipments of soya beans decreased by -55.3% to X kg, falling for the third year in a row after two years of growth. In general, exports recorded a significant contraction. The most prominent rate of growth was recorded in 2018 when exports increased by 332%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, soya bean exports fell significantly to $X in 2021. Over the period under review, exports continue to indicate a dramatic contraction. The pace of growth was the most pronounced in 2018 when exports increased by 298%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Saudi Arabia (X kg) was the main destination for soya bean exports from the Philippines, accounting for a 82% share of total exports. Moreover, soya bean exports to Saudi Arabia exceeded the volume sent to the second major destination, Germany (X kg), fivefold.

From 2012 to 2021, the average annual growth rate of volume to Saudi Arabia stood at -55.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-51.0% per year) and the Netherlands (-54.6% per year).

In value terms, Saudi Arabia ($X) remains the key foreign market for soya bean exports from the Philippines, comprising 79% of total exports. The second position in the ranking was held by Germany ($X), with a 20% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Saudi Arabia stood at -74.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-52.4% per year) and the Netherlands (-55.4% per year).

Export Prices by Country

The average soya bean export price stood at $X per ton in 2021, with a decrease of -38.8% against the previous year. Over the period under review, the export price recorded a drastic downturn. The most prominent rate of growth was recorded in 2016 when the average export price increased by 146%. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per ton), while the average price for exports to the Netherlands ($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 (+17.8%), while the prices for the other major destinations experienced a decline.

Soya Bean Imports

Imports into the Philippines

In 2021, supplies from abroad of soya beans increased by 4.6% to X tons for the first time since 2017, thus ending a three-year declining trend. Overall, imports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of 92% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, soya bean imports surged to $X in 2021. Over the period under review, imports continue to indicate a resilient increase. The pace of growth was the most pronounced in 2016 with an increase of 67% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of soya bean to the Philippines, accounting for a 76% share of total imports. Moreover, soya bean imports from the United States exceeded the figures recorded by the second-largest supplier, Argentina (X tons), sevenfold. The third position in this ranking was held by Canada (X tons), with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States totaled +12.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+8.2% per year) and Canada (+2.0% per year).

In value terms, the United States ($X) constituted the largest supplier of soya bean to the Philippines, comprising 76% of total imports. The second position in the ranking was held by Argentina ($X), with a 12% share of total imports. It was followed by Canada, with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to +18.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+10.2% per year) and Canada (+2.8% per year).

Import Prices by Country

In 2021, the average soya bean import price amounted to $X per ton, growing by 44% against the previous year. In general, import price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, soya bean import price increased by +54.3% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, the highest price was recorded for prices from the United States ($X per ton) and Argentina ($X per ton), while the price for Canada ($X per ton) and Brazil ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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