Philippines: Market for Spirits, Liqueurs And Other Spirituous Beverages 2024

Market Size for Spirits, Liqueurs And Other Spirituous Beverages in the Philippines

The Philippine market for spirits, liqueurs and other spirituous beverages contracted to $X in 2022, declining by -5.4% against the previous year. In general, consumption, however, saw a buoyant increase. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Spirits, Liqueurs And Other Spirituous Beverages in the Philippines

In value terms, production of spirits, liqueurs and other spirituous beverages stood at $X in 2022 estimated in export price. In general, the total production indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +4.7% 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 -8.5% against 2018 indices. The growth pace was the most rapid in 2018 with an increase of 42% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production of growth failed to regain momentum.

Exports of Spirits, Liqueurs And Other Spirituous Beverages

Exports from the Philippines

In 2022, overseas shipments of spirits, liqueurs and other spirituous beverages decreased by -65.1% to X litres, falling for the second year in a row after two years of growth. Overall, exports showed a sharp descent. The most prominent rate of growth was recorded in 2019 when exports increased by 798%. Over the period under review, the exports of hit record highs at X litres in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of spirits, liqueurs and other spirituous beverages shrank rapidly to $X in 2022. In general, exports continue to indicate a precipitous shrinkage. The most prominent rate of growth was recorded in 2020 when exports increased by 725%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X litres), the United Arab Emirates (X litres) and Macao SAR (X litres) were the main destinations of exports of spirits, liqueurs and other spirituous beverages from the Philippines, together accounting for 89% of total exports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +14.1%), while shipments for the other leaders experienced a decline.

In value terms, the United States ($X) emerged as the key foreign market for spirits, liqueurs and other spirituous beverages exports from the Philippines, comprising 61% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 19% share of total exports. It was followed by Macao SAR, with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-21.3% per year) and Macao SAR (-14.0% per year).

Export Prices by Country

The average export price for spirits, liqueurs and other spirituous beverages stood at $X per litre in 2022, increasing by 61% against the previous year. Over the period under review, the export price, however, showed a perceptible contraction. The most prominent rate of growth was recorded in 2020 when the average export price increased by 648%. As a result, the export price attained the peak level of $X per litre. From 2021 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per litre), while the average price for exports to Macao SAR ($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 Macao SAR (+1.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Spirits, Liqueurs And Other Spirituous Beverages

Imports into the Philippines

In 2022, overseas purchases of spirits, liqueurs and other spirituous beverages decreased by -34.4% to X litres, falling for the second year in a row after two years of growth. Overall, imports, however, posted resilient growth. The pace of growth appeared the most rapid in 2020 with an increase of 78%. As a result, imports reached the peak of X litres. From 2021 to 2022, the growth of imports of failed to regain momentum.

In value terms, imports of spirits, liqueurs and other spirituous beverages amounted to $X in 2022. Over the period under review, imports, however, posted significant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 86%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, South Korea (X litres) constituted the largest spirits, liqueurs and other spirituous beverages supplier to the Philippines, accounting for a 45% share of total imports. Moreover, imports of spirits, liqueurs and other spirituous beverages from South Korea exceeded the figures recorded by the second-largest supplier, Mexico (X litres), threefold. Japan (X litres) ranked third in terms of total imports with an 8.9% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea totaled +10.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+100.4% per year) and Japan (+66.8% per year).

In value terms, South Korea ($X), Mexico ($X) and Japan ($X) constituted the largest spirits, liqueurs and other spirituous beverages suppliers to the Philippines, with a combined 60% share of total imports. Singapore, Taiwan (Chinese), Germany, China, the UK, Italy, Sweden, Vietnam and Ireland lagged somewhat behind, together comprising a further 33%.

Among the main suppliers, Taiwan (Chinese), with a CAGR of +439.9%, 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 2022, the average import price for spirits, liqueurs and other spirituous beverages amounted to $X per litre, surging by 75% against the previous year. In general, import price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for spirits, liqueurs and other spirituous beverages increased by +96.3% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+29.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform