Philippines: Market for Candies, Sweets, and Nonchocolate Confectionery 2024

Market Size for Candies, Sweets, and Nonchocolate Confectionery in the Philippines

The Philippine market for candies, sweets, and nonchocolate confectionery expanded slightly to $X in 2022, increasing by 3.5% against the previous year. In general, consumption recorded buoyant growth. Candy, sweets, and nonchocolate confectionery consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Candies, Sweets, and Nonchocolate Confectionery in the Philippines

In value terms, candy, sweets, and nonchocolate confectionery production fell slightly to $X in 2022 estimated in export price. Overall, production, however, saw a strong increase. The pace of growth was the most pronounced in 2018 when the production volume increased by 62%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Candies, Sweets, and Nonchocolate Confectionery

Exports from the Philippines

In 2022, candy, sweets, and nonchocolate confectionery exports from the Philippines rose modestly to X tons, increasing by 2% on the previous year. Over the period under review, exports posted a notable increase. The most prominent rate of growth was recorded in 2017 when exports increased by 77% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, candy, sweets, and nonchocolate confectionery exports reached $X in 2022. Overall, exports recorded prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of 71% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

Exports by Country

China (X tons), Vietnam (X tons) and Thailand (X tons) were the main destinations of candy, sweets, and nonchocolate confectionery exports from the Philippines, with a combined 54% share of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +37.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for candy, sweets, and nonchocolate confectionery exported from the Philippines were China ($X), Vietnam ($X) and Thailand ($X), with a combined 53% share of total exports.

China, with a CAGR of +40.7%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for candies, sweets, and nonchocolate confectionery stood at $X per ton in 2022, picking up by 4.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.3%. The growth pace was the most rapid in 2018 an increase of 16%. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 UK (+18.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Candies, Sweets, and Nonchocolate Confectionery

Imports into the Philippines

In 2022, purchases abroad of candies, sweets, and nonchocolate confectionery increased by 40% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2016 with an increase of 49% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, candy, sweets, and nonchocolate confectionery imports surged to $X in 2022. In general, imports continue to indicate a prominent expansion. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of candy, sweets, and nonchocolate confectionery to the Philippines, accounting for a 66% share of total imports. Moreover, candy, sweets, and nonchocolate confectionery imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), sixfold. Vietnam (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +15.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+1.3% per year) and Vietnam (+7.3% per year).

In value terms, China ($X) constituted the largest supplier of candies, sweets, and nonchocolate confectionery to the Philippines, comprising 46% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 16% share of total imports. It was followed by Indonesia, with a 16% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +20.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+9.1% per year) and Indonesia (+1.8% per year).

Import Prices by Country

In 2022, the average import price for candies, sweets, and nonchocolate confectionery amounted to $X per ton, which is down by -3.9% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 29%. Over the period under review, average import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for China ($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 (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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