Philippines: Frozen Sweet Corn Market 2024

Frozen Sweet Corn Market Size in the Philippines

In 2021, the Philippine frozen sweet corn market decreased by -22.9% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption, however, posted a strong increase. As a result, consumption reached the peak level of $X, and then shrank sharply in the following year.

Frozen Sweet Corn Exports

Exports from the Philippines

In 2021, the amount of frozen sweet corn exported from the Philippines surged to X tons, picking up by 52% against the year before. Overall, exports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2013 when exports increased by 277% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, frozen sweet corn exports soared to $X in 2021. In general, exports, however, continue to indicate a dramatic setback. The growth pace was the most rapid in 2013 when exports increased by 356%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Qatar (X kg), the United Arab Emirates (X kg) and Japan (X kg) were the main destinations of frozen sweet corn exports from the Philippines, together comprising 87% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Qatar (with a CAGR of +0.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for frozen sweet corn exported from the Philippines were Qatar ($X), the United Arab Emirates ($X) and Japan ($X), with a combined 86% share of total exports.

Among the main countries of destination, Japan, with a CAGR of 0.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average frozen sweet corn export price amounted to $X per ton, with an increase of 7.1% against the previous year. In general, the export price, however, recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 an increase of 83% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2021, the highest price was recorded for prices to Japan ($X per ton) and Qatar ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) and Guam ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (-6.9%), while the prices for the other major destinations experienced a decline.

Frozen Sweet Corn Imports

Imports into the Philippines

In 2021, after two years of growth, there was significant decline in overseas purchases of frozen sweet corn, when their volume decreased by -26.1% to X tons. Overall, imports, however, posted resilient growth. The growth pace was the most rapid in 2020 with an increase of 84%. As a result, imports reached the peak of X tons, and then declined remarkably in the following year.

In value terms, frozen sweet corn imports reduced notably to $X in 2021. Over the period under review, imports, however, enjoyed a remarkable increase. The pace of growth was the most pronounced in 2020 with an increase of 61%. As a result, imports reached the peak of $X, and then reduced markedly in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest frozen sweet corn supplier to the Philippines, with a 83% share of total imports. Moreover, frozen sweet corn imports from China exceeded the figures recorded by the second-largest supplier, Belgium (X tons), ninefold. The United States (X tons) ranked third in terms of total imports with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+43.8% per year) and the United States (+4.7% per year).

In value terms, China ($X) constituted the largest supplier of frozen sweet corn to the Philippines, comprising 83% of total imports. The second position in the ranking was held by Belgium ($X), with a 9.5% share of total imports. It was followed by the United States, with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +13.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+30.9% per year) and the United States (+14.4% per year).

Import Prices by Country

In 2021, the average frozen sweet corn import price amounted to $X per ton, increasing by 7.5% against the previous year. In general, import price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +7.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, frozen sweet corn import price decreased by -6.1% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the average import price increased by 41%. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were India ($X per ton) and the United States ($X per ton), while the price for China ($X per ton) and Belgium ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+9.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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