Philippines: Sugars Market 2024

Sugars Market Size in the Philippines

After six years of growth, the Philippine sugars market decreased by -8.6% to $X in 2021. Over the period under review, the total consumption indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020, and then declined in the following year.

Sugars Production in the Philippines

In value terms, sugars production contracted slightly to $X in 2021 estimated in export price. Overall, production, however, recorded a temperate expansion. The pace of growth was the most pronounced in 2015 when the production volume increased by 113%. Sugars production peaked at $X in 2020, and then contracted slightly in the following year.

Sugars Exports

Exports from the Philippines

In 2021, approx. X tons of sugars, sugar ethers and salts were exported from the Philippines; shrinking by -21.4% compared with 2020. Overall, exports faced a deep contraction. The pace of growth was the most pronounced in 2013 when exports increased by 54%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, sugars exports contracted markedly to $X in 2021. In general, exports saw a precipitous setback. The most prominent rate of growth was recorded in 2013 with an increase of 63%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Germany (X tons), Singapore (X tons) and France (X tons) were the main destinations of sugars exports from the Philippines, together accounting for 68% of total exports.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +16.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Germany ($X) and Switzerland ($X) constituted the largest markets for sugars exported from the Philippines worldwide, with a combined 63% share of total exports.

Germany, with a CAGR of +17.3%, recorded 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 mixed trend patterns.

Export Prices by Country

In 2021, the average sugars export price amounted to $X per ton, reducing by -2.4% against the previous year. Overall, the export price continues to indicate a perceptible descent. The pace of growth appeared the most rapid in 2017 an increase of 39% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Singapore ($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 Japan (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Sugars Imports

Imports into the Philippines

In 2021, supplies from abroad of sugars, sugar ethers and salts decreased by -68.7% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports recorded a abrupt descent. The pace of growth was the most pronounced in 2013 when imports increased by 200%. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, sugars imports reached $X in 2021. Overall, imports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2016 when imports increased by 191% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Switzerland (X tons), China (X tons) and Thailand (X tons) were the main suppliers of sugars imports to the Philippines, with a combined 55% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Switzerland (with a CAGR of +139.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X) constituted the largest supplier of sugars, sugar ethers and salts to the Philippines, comprising 35% of total imports. The second position in the ranking was taken by Japan ($X), with a 9% share of total imports. It was followed by Singapore, with a 6.7% share.

From 2012 to 2021, the average annual growth rate of value from Switzerland stood at +91.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+52.1% per year) and Singapore (+25.0% per year).

Import Prices by Country

In 2021, the average sugars import price amounted to $X per ton, jumping by 239% against the previous year. Over the period under review, the import price saw a significant increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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