Philippines: Soybean Oilcake Market 2024

Soybean Oilcake Market Size in the Philippines

The Philippine soybean oilcake market skyrocketed to $X in 2021, growing by 26% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +7.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs in 2021 and is likely to see steady growth in the immediate term.

Soybean Oilcake Exports

Exports from the Philippines

In 2021, the amount of soybean oilcake exported from the Philippines declined remarkably to X tons, dropping by -68.7% compared with the year before. Overall, exports faced a significant curtailment. The pace of growth appeared the most rapid in 2017 when exports increased by 58%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, soybean oilcake exports declined significantly to $X in 2021. Over the period under review, exports saw a sharp descent. The most prominent rate of growth was recorded in 2017 with an increase of 109% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The UK (X tons), Ireland (X tons) and Guam (X tons) were the main destinations of soybean oilcake exports from the Philippines, with a combined 85% share of total exports. These countries were followed by New Zealand and Singapore, which together accounted for a further 14%.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +95.0%), while shipments for the other leaders experienced a decline.

In value terms, the UK ($X), Ireland ($X) and Guam ($X) were the largest markets for soybean oilcake exported from the Philippines worldwide, with a combined 88% share of total exports. New Zealand and Singapore lagged somewhat behind, together accounting for a further 10%.

Singapore, with a CAGR of +81.4%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average soybean oilcake export price amounted to $X per ton, rising by 36% against the previous year. In general, the export price, however, showed a abrupt downturn. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Ireland ($X per ton), while the average price for exports to New Zealand ($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 Ireland (+45.3%), while the prices for the other major destinations experienced a decline.

Soybean Oilcake Imports

Imports into the Philippines

In 2021, the amount of soybean oilcake imported into the Philippines rose modestly to X tons, growing by 3% compared with the previous year. Overall, total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +6.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -12.1% against 2019 indices. The pace of growth was the most pronounced in 2016 with an increase of 54% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, soybean oilcake imports skyrocketed to $X in 2021. In general, total imports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +8.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of soybean oilcake to the Philippines, with a 76% share of total imports. Moreover, soybean oilcake imports from the United States exceeded the figures recorded by the second-largest supplier, Argentina (X tons), threefold.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to +8.4%.

In value terms, the United States ($X) constituted the largest supplier of soybean oilcake to the Philippines, comprising 76% of total imports. The second position in the ranking was held by Argentina ($X), with a 23% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to +9.0%.

Import Prices by Country

The average soybean oilcake import price stood at $X per ton in 2021, increasing by 32% against the previous year. Over the last nine years, it increased at an average annual rate of +1.0%. 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, amid the top importers, the country with the highest price was Argentina ($X per ton), while the price for the United States stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+2.2%).

Source: IndexBox Platform

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