Philippines: Wheat Starch Market 2024

Wheat Starch Market Size in the Philippines

In 2021, the Philippine wheat starch market was finally on the rise to reach $X after two years of decline. Overall, consumption, however, showed a notable increase. Wheat starch consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Wheat Starch Production in the Philippines

In value terms, wheat starch production rose markedly to $X in 2021 estimated in export price. Over the period under review, production, however, posted a moderate increase. The most prominent rate of growth was recorded in 2015 when the production volume increased by 40% against the previous year. Wheat starch production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Wheat Starch Exports

Exports from the Philippines

In 2020, exports of wheat starch from the Philippines totaled X tons, remaining stable against the previous year's figure. Overall, exports continue to indicate a significant increase. The growth pace was the most rapid in 2015 with an increase of 281% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2020, the exports failed to regain momentum.

In value terms, wheat starch exports amounted to $X in 2020. In general, exports posted a significant expansion. The pace of growth was the most pronounced in 2015 with an increase of 260% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2020, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X tons) and Kuwait (X tons) were the main destinations of wheat starch exports from the Philippines.

From 2012 to 2020, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kuwait (with a CAGR of 0.0%).

From 2012 to 2020, the average annual rate of growth in terms of value to Kuwait was relatively modest.

Export Prices by Country

The average wheat starch export price stood at $X per ton in 2020, remaining stable against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average export price increased by 7.3% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2020, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2020, amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while the average price for exports to Vietnam totaled $X per ton.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (-48.4%).

Wheat Starch Imports

Imports into the Philippines

Wheat starch imports into the Philippines surged to X tons in 2021, picking up by 29% compared with 2020. Over the period under review, imports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 160%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, wheat starch imports surged to $X in 2021. Overall, imports recorded a resilient expansion. The pace of growth appeared the most rapid in 2013 with an increase of 87% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

Australia (X tons), Argentina (X tons) and Italy (X tons) were the main suppliers of wheat starch imports to the Philippines, together accounting for 75% of total imports. Hungary, China, the Netherlands, Taiwan (Chinese) and Vietnam lagged somewhat behind, together accounting for a further 12%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hungary (with a CAGR of +92.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest wheat starch suppliers to the Philippines were Australia ($X), Argentina ($X) and Italy ($X), together comprising 78% of total imports. Hungary, China, the Netherlands, Taiwan (Chinese) and Vietnam lagged somewhat behind, together comprising a further 13%.

Hungary, with a CAGR of +118.9%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average wheat starch import price stood at $X per ton in 2021, surging by 8.6% against the previous year. Overall, import price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the average import price increased by 65%. Over the period under review, average import prices hit record highs in 2021 and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Argentina ($X per ton) and Vietnam ($X per ton), while the price for the Netherlands ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+76.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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