Philippines: Sugary Soft Drink Market 2024

Sugary Soft Drink Market Size in the Philippines

The Philippine sugary soft drink market dropped to $X in 2022, reducing by -5.6% against the previous year. In general, the total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -15.4% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Sugary Soft Drink Production in the Philippines

In value terms, sugary soft drink production reduced to $X in 2022 estimated in export price. Over the period under review, the total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -15.4% against 2019 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 32%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Sugary Soft Drink Exports

Exports from the Philippines

In 2022, approx. X litres of sugary soft drinks were exported from the Philippines; dropping by -25.1% on the year before. Over the period under review, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 481%. As a result, the exports reached the peak of X litres. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, sugary soft drink exports declined to $X in 2022. In general, exports showed a perceptible setback. The pace of growth was the most pronounced in 2014 when exports increased by 406%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia (X litres) was the main destination for sugary soft drink exports from the Philippines, with a 37% share of total exports. Moreover, sugary soft drink exports to Malaysia exceeded the volume sent to the second major destination, China (X litres), threefold. The third position in this ranking was held by Singapore (X litres), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia amounted to +2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+60.7% per year) and Singapore (-13.2% per year).

In value terms, Malaysia ($X) emerged as the key foreign market for sugary soft drinks exports from the Philippines, comprising 34% of total exports. The second position in the ranking was held by China ($X), with a 14% share of total exports. It was followed by Singapore, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia totaled +2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+60.3% per year) and Singapore (-10.4% per year).

Export Prices by Country

In 2022, the average sugary soft drink export price amounted to $X per litre, picking up by 28% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2013 when the average export price increased by 29% against the previous year. As a result, the export price reached the peak level of $X per litre. From 2014 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per litre), while the average price for exports to Palau ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+9.6%), while the prices for the other major destinations experienced more modest paces of growth.

Sugary Soft Drink Imports

Imports into the Philippines

In 2022, approx. X litres of sugary soft drinks were imported into the Philippines; picking up by 121% against the previous year. In general, imports posted a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 431% against the previous year. As a result, imports reached the peak of X litres. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, sugary soft drink imports soared to $X in 2022. Overall, imports enjoyed a prominent expansion. The growth pace was the most rapid in 2016 when imports increased by 259% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, the United States (X litres) constituted the largest supplier of sugary soft drink to the Philippines, accounting for a 36% share of total imports. Moreover, sugary soft drink imports from the United States exceeded the figures recorded by the second-largest supplier, Malaysia (X litres), threefold. South Korea (X litres) ranked third in terms of total imports with an 8.3% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+22.6% per year) and South Korea (+10.0% per year).

In value terms, the United States ($X) constituted the largest supplier of sugary soft drinks to the Philippines, comprising 40% of total imports. The second position in the ranking was held by Thailand ($X), with a 7.7% share of total imports. It was followed by France, with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+11.5% per year) and France (+46.3% per year).

Import Prices by Country

The average sugary soft drink import price stood at $X per litre in 2022, declining by -1.8% against the previous year. Overall, import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sugary soft drink import price increased by +31.1% against 2020 indices. The growth pace was the most rapid in 2013 an increase of 35%. Over the period under review, average import prices attained the maximum at $X per litre in 2021, and then declined in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+15.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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