Price for Protein; Concentrates and Textured Protein Substances in the Philippines - 2023
Contents:
- Price for Protein; Concentrates and Textured Protein Substances in the Philippines (CIF) - 2023
- Price for Protein; Concentrates and Textured Protein Substances in the Philippines (FOB) - 2023
- Imports of Protein; Concentrates and Textured Protein Substances in the Philippines
- Exports of Protein; Concentrates and Textured Protein Substances in the Philippines
Price for Protein; Concentrates and Textured Protein Substances in the Philippines (CIF) - 2023
In July 2023, the average import price for protein; concentrates and textured protein substanceses amounted to $1,506 per ton, standing approximately at the previous month. Overall, the import price recorded a mild expansion. The pace of growth appeared the most rapid in January 2023 an increase of 18% m-o-m. Over the period under review, average import prices attained the peak figure at $1,936 per ton in April 2023; however, from May 2023 to July 2023, import prices failed to regain momentum.
Prices varied noticeably by the country of origin: the country with the highest price was the United States ($4,022 per ton), while the price for South Korea ($473 per ton) was amongst the lowest.
From November 2022 to July 2023, the most notable rate of growth in terms of prices was attained by the United States (+1.9%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Protein; Concentrates and Textured Protein Substances in the Philippines (FOB) - 2023
The average export price for protein; concentrates and textured protein substanceses stood at $4,749 per ton in July 2023, declining by -3% against the previous month. Over the period under review, the export price showed a mild descent. The pace of growth appeared the most rapid in January 2023 an increase of 6.7% m-o-m. The export price peaked at $5,574 per ton in February 2023; however, from March 2023 to July 2023, the export prices stood at a somewhat lower figure.
Prices varied noticeably by the country of destination: the country with the highest price was Australia ($7,800 per ton), while the average price for exports to Bangladesh ($2,572 per ton) was amongst the lowest.
From November 2022 to July 2023, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (0.0%), while the prices for the other major destinations experienced mixed trend patterns.
Imports of Protein; Concentrates and Textured Protein Substances in the Philippines
In 2022, approx. 42K tons of protein; concentrates and textured protein substanceses were imported into the Philippines; surging by 10% compared with 2021 figures. The total import volume increased at an average annual rate of +7.4% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 18%. Imports peaked in 2022 and are expected to retain growth in the near future.
In value terms, imports of protein; concentrates and textured protein substanceses skyrocketed to $67M in 2022. Over the period under review, total imports indicated a strong expansion from 2019 to 2022: its value increased at an average annual rate of +13.0% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +46.6% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 24% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.
| Import of Protein; Concentrates and Textured Protein Substances in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 18.8 | 27.1 | 31.7 | 34.1 | 22.0% |
| Argentina | 6.5 | 5.3 | 7.4 | 10.1 | 15.8% |
| United States | 6.1 | 3.2 | 4.9 | 8.5 | 11.7% |
| India | 3.1 | 2.9 | 2.8 | 4.7 | 14.9% |
| Netherlands | 0.7 | 1.0 | 1.5 | 2.1 | 44.2% |
| Malaysia | 2.9 | 3.2 | 3.9 | 1.9 | -13.1% |
| Brazil | 2.5 | 0.4 | 0.8 | 1.4 | -17.6% |
| Taiwan (Chinese) | 0.3 | 0.4 | 0.6 | 0.6 | 26.0% |
| Others | 5.5 | 1.9 | 3.2 | 3.4 | -14.8% |
| Total | 46.3 | 45.6 | 56.7 | 66.8 | 13.0% |
Top Suppliers of Protein; Concentrates and Textured Protein Substances to the Philippines in 2022:
- China (17.9K tons)
- Argentina (13.3K tons)
- India (3.5K tons)
- United States (2.4K tons)
- Malaysia (1.5K tons)
- Netherlands (1.4K tons)
- Taiwan (Chinese) (0.7K tons)
- Brazil (0.4K tons)
Exports of Protein; Concentrates and Textured Protein Substances in the Philippines
In 2022, exports of protein; concentrates and textured protein substanceses from the Philippines skyrocketed to 1.5K tons, rising by 21% compared with 2021 figures. In general, exports posted significant growth. The growth pace was the most rapid in 2020 when exports increased by 114% against the previous year. Over the period under review, the exports of hit record highs in 2022 and are likely to see gradual growth in the near future.
In value terms, exports of protein; concentrates and textured protein substanceses surged to $8M in 2022. Overall, exports posted a significant increase. The growth pace was the most rapid in 2020 when exports increased by 136%. Over the period under review, the exports of reached the peak figure in 2022 and are likely to see gradual growth in years to come.
| Export of Protein; Concentrates and Textured Protein Substances in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Netherlands | 1,090 | 2,033 | 4,263 | 5,879 | 75.4% |
| United Kingdom | 21.0 | 784 | 681 | 1,392 | 304.7% |
| Ireland | N/A | N/A | 152 | 414 | 172.4% |
| Brunei Darussalam | 93.8 | 158 | 120 | 77.3 | -6.2% |
| Malaysia | 76.7 | 53.0 | 29.1 | 38.4 | -20.6% |
| Others | 150 | 355 | 320 | 178 | 5.9% |
| Total | 1,431 | 3,383 | 5,566 | 7,979 | 77.3% |
Top Export Markets for Protein; Concentrates and Textured Protein Substances from the Philippines in 2022:
- Netherlands (1111.4 tons)
- United Kingdom (268.3 tons)
- Ireland (77.5 tons)
- Brunei Darussalam (14.3 tons)
- Malaysia (10.7 tons)
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