Philippines: Market for Sweet Biscuits, Waffles and Wafers 2024

Market Size for Sweet Biscuits, Waffles and Wafers in the Philippines

After nine years of growth, the Philippine market for sweet biscuits, waffles and wafers decreased by -22.1% to $X in 2021. In general, consumption, however, recorded a significant increase. Over the period under review, the market reached the peak level at $X in 2020, and then dropped sharply in the following year.

Exports of Sweet Biscuits, Waffles and Wafers

Exports from the Philippines

In 2021, overseas shipments of sweet biscuits, waffles and wafers were finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports, however, saw a pronounced shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 110% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, sweet biscuit, waffle and wafer exports surged to $X in 2021. Overall, exports, however, saw a noticeable downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 110% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for sweet biscuit, waffle and wafer exports from the Philippines, accounting for a 21% share of total exports. Moreover, sweet biscuit, waffle and wafer exports to Malaysia exceeded the volume sent to the second major destination, Canada (X tons), twofold. Hong Kong SAR (X tons) ranked third in terms of total exports with a 9.1% share.

From 2012 to 2021, the average annual growth rate of volume to Malaysia stood at +34.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+14.5% per year) and Hong Kong SAR (+3.9% per year).

In value terms, the largest markets for sweet biscuit, waffle and wafer exported from the Philippines were Malaysia ($X), Canada ($X) and the United States ($X), together comprising 34% of total exports. Hong Kong SAR, the United Arab Emirates, the Netherlands, Saudi Arabia, the UK, South Korea, Kuwait, Australia, Taiwan (Chinese) and Samoa lagged somewhat behind, together accounting for a further 42%.

Among the main countries of destination, the Netherlands, with a CAGR of +37.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average export price for sweet biscuits, waffles and wafers amounted to $X per ton, increasing by 2.3% against the previous year. Over the period under review, the export price showed a mild expansion. The pace of growth appeared the most rapid in 2018 an increase of 14%. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 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 the Netherlands ($X per ton), while the average price for exports to Malaysia ($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 Saudi Arabia (+3.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sweet Biscuits, Waffles and Wafers

Imports into the Philippines

In 2021, purchases abroad of sweet biscuits, waffles and wafers decreased by -21.4% to X tons, falling for the second year in a row after six years of growth. Overall, imports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2017 when imports increased by 97% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, sweet biscuit, waffle and wafer imports fell remarkably to $X in 2021. Over the period under review, imports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2014 with an increase of 81%. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest sweet biscuit, waffle and wafer supplier to the Philippines, accounting for a 55% share of total imports. Moreover, sweet biscuit, waffle and wafer imports from Indonesia exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was taken by Thailand (X tons), with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Indonesia amounted to +36.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+56.8% per year) and Thailand (+0.8% per year).

In value terms, Indonesia ($X) constituted the largest supplier of sweet biscuits, waffles and wafers to the Philippines, comprising 52% of total imports. The second position in the ranking was held by China ($X), with a 19% share of total imports. It was followed by Thailand, with a 6.8% share.

From 2012 to 2021, the average annual growth rate of value from Indonesia amounted to +33.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+65.9% per year) and Thailand (+4.0% per year).

Import Prices by Country

In 2021, the average import price for sweet biscuits, waffles and wafers amounted to $X per ton, growing by 5% against the previous year. Overall, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the average import price increased by 20% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a somewhat lower figure.

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 Malaysia ($X per ton), while the price for Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bangladesh (+37.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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