Philippines: Wine Market 2024

Wine Market Size in the Philippines

The Philippine wine market skyrocketed to $X in 2021, increasing by 25% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated modest growth from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -33.0% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Wine Exports

Exports from the Philippines

In 2021, overseas shipments of wine were finally on the rise to reach X litres after four years of decline. In general, exports recorded a significant increase. The growth pace was the most rapid in 2016 with an increase of 524%. As a result, the exports reached the peak of X litres. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, wine exports skyrocketed to $X in 2021. Overall, exports posted significant growth. The most prominent rate of growth was recorded in 2016 when exports increased by 379%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X litres), Taiwan (Chinese) (X litres) and Macao SAR (X litres) were the main destinations of wine exports from the Philippines, with a combined 84% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Macao SAR (with a CAGR of +117.9%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Taiwan (Chinese) ($X) and Macao SAR ($X) constituted the largest markets for wine exported from the Philippines worldwide, with a combined 80% share of total exports.

Macao SAR, with a CAGR of +80.4%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average wine export price stood at $X per litre in 2021, waning by -13.8% against the previous year. In general, the export price recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 an increase of 35% against the previous year. Over the period under review, the average export prices hit record highs at $X per litre in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Macao SAR ($X per litre), while the average price for exports to South Korea ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Democratic People's Republic of Korea (+12.5%), while the prices for the other major destinations experienced more modest paces of growth.

Wine Imports

Imports into the Philippines

In 2021, wine imports into the Philippines surged to X litres, increasing by 20% on 2020 figures. In general, imports, however, saw a noticeable contraction. The most prominent rate of growth was recorded in 2019 when imports increased by 20%. Over the period under review, imports reached the maximum at X litres in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, wine imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -30.6% against 2019 indices. The pace of growth was the most pronounced in 2015 with an increase of 33% against the previous year. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

The United States (X litres), Australia (X litres) and Spain (X litres) were the main suppliers of wine imports to the Philippines, together comprising 50% of total imports. These countries were followed by Chile, France, Italy, South Africa and Singapore, which together accounted for a further 22%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Africa (with a CAGR of +3.0%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest wine suppliers to the Philippines were the United States ($X), Australia ($X) and France ($X), with a combined 41% share of total imports.

France, with a CAGR of +6.3%, recorded the highest rates of growth with regard to 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 wine import price amounted to $X per litre, surging by 6.5% against the previous year. Over the period under review, import price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +7.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, wine import price increased by +64.0% against 2016 indices. The most prominent rate of growth was recorded in 2018 an increase of 35%. The import price peaked in 2021 and is expected to retain growth in years to come.

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 France ($X per litre), while the price for Spain ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+10.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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