Philippines: Market for Prepared or Preserved Meat 2024

Market Size for Prepared or Preserved Meat in the Philippines

In 2023, after three years of growth, there was significant decline in the Philippine prepared or preserved meat market, when its value decreased by X% to $X. In general, consumption, however, enjoyed a buoyant expansion. Over the period under review, the market hit record highs at $X in 2022, and then fell in the following year.

Exports of Prepared or Preserved Meat

Exports from the Philippines

After two years of growth, overseas shipments of prepared or preserved meat decreased by X% to X tons in 2023. Overall, exports continue to indicate a pronounced descent. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

In value terms, prepared or preserved meat exports declined modestly to $X in 2023. Over the period under review, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for prepared or preserved meat exports from the Philippines, with a X% share of total exports. Moreover, prepared or preserved meat exports to the United Arab Emirates exceeded the volume sent to the second major destination, Qatar (X tons), fivefold. Australia (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (X% per year) and Australia (X% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for prepared or preserved meat exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by Qatar ($X), with an X% share of total exports. It was followed by Australia, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to the United Arab Emirates amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (X% per year) and Australia (X% per year).

Export Prices by Country

The average prepared or preserved meat export price stood at $X per ton in 2023, approximately equating the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The growth pace was the most rapid in 2019 an increase of X%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2023, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Australia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Prepared or Preserved Meat

Imports into the Philippines

In 2023, after three years of growth, there was significant decline in supplies from abroad of prepared or preserved meat, when their volume decreased by X% to X tons. Overall, total imports indicated a moderate expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, imports attained the maximum at X tons in 2022, and then contracted in the following year.

In value terms, prepared or preserved meat imports plummeted to $X in 2023. Over the period under review, imports, however, showed a significant increase. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. Imports peaked at $X in 2022, and then reduced rapidly in the following year.

Imports by Country

China (X tons), the United States (X tons) and Thailand (X tons) were the main suppliers of prepared or preserved meat imports to the Philippines, with a combined X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for Thailand (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Thailand ($X) appeared to be the largest prepared or preserved meat suppliers to the Philippines, with a combined X% share of total imports.

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

Import Prices by Country

The average prepared or preserved meat import price stood at $X per ton in 2023, falling by X% against the previous year. Overall, the import price, however, showed significant growth. The pace of growth appeared the most rapid in 2015 an increase of X%. Over the period under review, average import prices hit record highs at $X per ton in 2022, and then contracted in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Denmark ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform