Philippines: Sweet Biscuit Market 2024

Sweet Biscuit Market Size in the Philippines

The Philippine sweet biscuit market contracted rapidly to $X in 2021, falling by -15.2% against the previous year. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2020, and then contracted markedly in the following year.

Sweet Biscuit Production in the Philippines

In value terms, sweet biscuit production declined to $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 42% against the previous year. As a result, production reached the peak level of $X, and then reduced in the following year.

Sweet Biscuit Exports

Exports from the Philippines

In 2021, overseas shipments of sweet biscuits were finally on the rise to reach X tons after three years of decline. Over the period under review, exports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2017 with an increase of 147% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, sweet biscuit exports skyrocketed to $X in 2021. In general, exports, however, showed a perceptible reduction. The pace of growth appeared the most rapid in 2017 when exports increased by 167%. As a result, the exports attained 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 exports from the Philippines, with a 27% share of total exports. Moreover, sweet biscuit exports to Malaysia exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), twofold. The third position in this ranking was held by the United States (X tons), with a 9% share.

From 2012 to 2021, the average annual growth rate of volume to Malaysia amounted to +34.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+4.6% per year) and the United States (-5.1% per year).

In value terms, Malaysia ($X), the United States ($X) and Hong Kong SAR ($X) appeared to be the largest markets for sweet biscuit exported from the Philippines worldwide, with a combined 41% share of total exports.

Malaysia, with a CAGR of +29.2%, saw the highest growth rate of 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 sweet biscuit export price stood at $X per ton in 2021, remaining stable against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average export price increased by 10% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Malaysia ($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 (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Sweet Biscuit Imports

Imports into the Philippines

In 2021, after two years of growth, there was significant decline in purchases abroad of sweet biscuits, when their volume decreased by -13.3% to X tons. Over the period under review, imports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2017 with an increase of 171%. Imports peaked at X tons in 2020, and then fell in the following year.

In value terms, sweet biscuit imports dropped to $X in 2021. In general, imports, however, saw a significant expansion. The pace of growth was the most pronounced in 2017 with an increase of 122%. Imports peaked at $X in 2020, and then dropped in the following year.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest supplier of sweet biscuit to the Philippines, accounting for a 53% share of total imports. Moreover, sweet biscuit imports from Indonesia exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fivefold. Bangladesh (X tons) ranked third in terms of total imports with a 6.5% share.

From 2012 to 2021, the average annual growth rate of volume from Indonesia amounted to +42.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+0.5% per year) and Bangladesh (+403.8% per year).

In value terms, Indonesia ($X) constituted the largest supplier of sweet biscuits to the Philippines, comprising 47% of total imports. The second position in the ranking was taken by Thailand ($X), with a 15% share of total imports. It was followed by Malaysia, with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Indonesia stood at +35.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+3.6% per year) and Malaysia (+16.7% per year).

Import Prices by Country

The average sweet biscuit import price stood at $X per ton in 2021, growing by 8.1% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of 23%. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Singapore ($X per ton), while the price for India ($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 (+42.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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