Philippines: Market for Wheat and Meslin Flour 2024

Market Size for Wheat and Meslin Flour in the Philippines

The Philippine wheat and meslin flour market stood at $X in 2022, growing by 7.3% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Production of Wheat and Meslin Flour in the Philippines

In value terms, wheat and meslin flour production rose rapidly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 when the production volume increased by 32% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Exports of Wheat and Meslin Flour

Exports from the Philippines

For the third consecutive year, the Philippines recorded decline in overseas shipments of wheat and meslin flour, which decreased by -85.3% to X tons in 2022. In general, exports saw a drastic downturn. The most prominent rate of growth was recorded in 2014 with an increase of 141% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, wheat and meslin flour exports declined rapidly to $X in 2022. Overall, exports recorded a deep setback. The growth pace was the most rapid in 2014 with an increase of 133%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X tons), Myanmar (X tons) and the United States (X tons) were the main destinations of wheat and meslin flour exports from the Philippines, together comprising 88% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Myanmar (with a CAGR of +9.6%), while the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X), Myanmar ($X) and the United States ($X) appeared to be the largest markets for wheat and meslin flour exported from the Philippines worldwide, together comprising 88% of total exports.

In terms of the main countries of destination, Myanmar, with a CAGR of +19.1%, 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 more modest paces of growth.

Export Prices by Country

In 2022, the average wheat and meslin flour export price amounted to $X per ton, surging by 17% against the previous year. Overall, export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wheat and meslin flour export price increased by +92.2% against 2017 indices. The growth pace was the most rapid in 2020 when the average export price increased by 22%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Vietnam ($X per ton) and Hong Kong SAR ($X per ton), while the average price for exports to Thailand ($X per ton) and Myanmar ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Wheat and Meslin Flour

Imports into the Philippines

After six years of decline, purchases abroad of wheat and meslin flour increased by 77% to X tons in 2022. In general, imports, however, faced a deep setback. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, wheat and meslin flour imports surged to $X in 2022. Over the period under review, imports, however, saw a abrupt slump. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest supplier of wheat and meslin flour to the Philippines, accounting for a 78% share of total imports. Moreover, wheat and meslin flour imports from Vietnam exceeded the figures recorded by the second-largest supplier, Turkey (X tons), tenfold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Vietnam totaled +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-34.1% per year) and Taiwan (Chinese) (-3.7% per year).

In value terms, Vietnam ($X) constituted the largest supplier of wheat and meslin flour to the Philippines, comprising 78% of total imports. The second position in the ranking was held by Turkey ($X), with an 8% share of total imports. It was followed by Taiwan (Chinese), with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Vietnam totaled +12.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-29.8% per year) and Taiwan (Chinese) (+7.3% per year).

Import Prices by Country

In 2022, the average wheat and meslin flour import price amounted to $X per ton, with an increase of 21% against the previous year. Overall, the import price continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2020 an increase of 48% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Vietnam ($X per ton) and India ($X per ton), while the price for Australia ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+12.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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