Philippines: Preserved Tuna Market 2024

Preserved Tuna Market Size in the Philippines

The Philippine preserved tuna market expanded sharply to $X in 2021, rising by 9.7% against the previous year. In general, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +89.7% against 2016 indices. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in the immediate term.

Preserved Tuna Production in the Philippines

In value terms, preserved tuna production stood at $X in 2021 estimated in export price. In general, the total production indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -19.1% against 2017 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 103% against the previous year. Preserved tuna production peaked at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Preserved Tuna Exports

Exports from the Philippines

In 2021, approx. X tons of tuna (prepared or preserved) were exported from the Philippines; reducing by -6.3% compared with 2020. In general, exports continue to indicate a mild decrease. The growth pace was the most rapid in 2017 when exports increased by 202% 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, preserved tuna exports amounted to $X in 2021. Over the period under review, exports, however, enjoyed mild growth. The growth pace was the most rapid in 2017 when exports increased by 107%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Germany (X tons), Japan (X tons) and the Netherlands (X tons) were the main destinations of preserved tuna exports from the Philippines, with a combined 48% share of total exports. Spain, the United States, the UK, Italy and Papua New Guinea lagged somewhat behind, together comprising a further 38%.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of +71.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for preserved tuna exported from the Philippines were Japan ($X), Germany ($X) and the Netherlands ($X), with a combined 50% share of total exports. Spain, the United States, the UK, Italy and Papua New Guinea lagged somewhat behind, together accounting for a further 37%.

Among the main countries of destination, Spain, with a CAGR of +73.9%, 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 preserved tuna export price amounted to $X per ton, with an increase of 6.9% against the previous year. In general, the export price saw a moderate increase. The pace of growth was the most pronounced in 2018 when the average export price increased by 66% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Papua New Guinea ($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 the UK (+3.9%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Tuna Imports

Imports into the Philippines

After three years of growth, purchases abroad of tuna (prepared or preserved) decreased by -12.3% to X tons in 2021. In general, imports, however, showed a significant increase. The pace of growth appeared the most rapid in 2015 with an increase of 623% against the previous year. Imports peaked at X tons in 2020, and then reduced in the following year.

In value terms, preserved tuna imports fell modestly to $X in 2021. Overall, imports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 806% against the previous year. Imports peaked at $X in 2020, and then fell modestly in the following year.

Imports by Country

China (X tons), Thailand (X tons) and Indonesia (X tons) were the main suppliers of preserved tuna imports to the Philippines, together accounting for 81% of total imports.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +211.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Indonesia ($X) and Thailand ($X) appeared to be the largest preserved tuna suppliers to the Philippines, with a combined 83% share of total imports.

In terms of the main suppliers, Indonesia, with a CAGR of +217.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average preserved tuna import price amounted to $X per ton, with an increase of 8.9% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 72%. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a 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 the Netherlands ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+20.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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