Philippines: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in the Philippines

After three years of growth, the Philippine waffle and wafer market decreased by -20.9% to $X in 2021. In general, consumption recorded a mild downturn. Waffle and wafer consumption peaked at $X in 2020, and then fell rapidly in the following year.

Waffle And Wafer Production in the Philippines

In value terms, waffle and wafer production reduced to $X in 2021 estimated in export price. Over the period under review, production recorded a deep slump. The most prominent rate of growth was recorded in 2020 when the production volume increased by 34%. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Waffle And Wafer Exports

Exports from the Philippines

In 2021, shipments abroad of waffles and wafers increased by 179% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports showed significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 2,297%. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, waffle and wafer exports soared to $X in 2021. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 2,456%. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons), Canada (X tons) and the UK (X tons) were the main destinations of waffle and wafer exports from the Philippines, with a combined 56% share of total exports. The Netherlands, the United Arab Emirates, South Korea, American Samoa, Australia, Saudi Arabia, Micronesia, New Zealand, Thailand and Japan lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by American Samoa (with a CAGR of +518.1%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) emerged as the key foreign market for waffles and wafers exports from the Philippines, comprising 41% of total exports. The second position in the ranking was held by Canada ($X), with a 13% share of total exports. It was followed by the UK, with a 7.6% share.

From 2012 to 2021, the average annual growth rate of value to China stood at +13.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+65.3% per year) and the UK (+33.3% per year).

Export Prices by Country

In 2021, the average waffle and wafer export price amounted to $X per ton, rising by 1.6% against the previous year. Overall, export price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, waffle and wafer export price decreased by -38.7% against 2018 indices. The pace of growth was the most pronounced in 2018 when the average export price increased by 73% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was China ($X per ton), while the average price for exports to Micronesia ($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 Japan (+7.3%), while the prices for the other major destinations experienced more modest paces of growth.

Waffle And Wafer Imports

Imports into the Philippines

In 2021, overseas purchases of waffles and wafers decreased by -27.7% to X tons, falling for the second consecutive year after eight years of growth. In general, imports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 113%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, waffle and wafer imports shrank markedly to $X in 2021. Over the period under review, imports, however, saw a significant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 107%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Indonesia (X tons), China (X tons) and Malaysia (X tons) were the main suppliers of waffle and wafer imports to the Philippines, with a combined 92% share of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +104.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), China ($X) and Malaysia ($X) constituted the largest waffle and wafer suppliers to the Philippines, together accounting for 92% of total imports.

China, with a CAGR of +120.3%, saw the highest growth rate of the value of imports, among the main suppliers 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 waffle and wafer import price amounted to $X per ton, growing by 4.8% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 16%. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Malaysia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+12.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :