Philippines: Beef Market 2024

Beef Market Size in the Philippines

In 2022, the Philippine beef market increased by X% to $X, rising for the second consecutive year after five years of decline. Over the period under review, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Beef Production in the Philippines

In value terms, beef production rose markedly to $X in 2022 estimated in export price. In general, production, however, continues to indicate strong growth. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

The average yield of beef (cattle meat) in the Philippines reached X kg per head in 2022, remaining relatively unchanged against 2021 figures. Over the period under review, the yield, however, showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2014 when the yield increased by X% against the previous year. The beef yield peaked at X kg per head in 2015; however, from 2016 to 2022, the yield remained at a lower figure.

In 2022, approx. X heads of animals slaughtered for beef production in the Philippines; which is down by X% against the previous year. In general, the number of producing animals showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the number of producing animals increased by X% against the previous year. The number of animals slaughtered for beef production peaked at X heads in 2016; however, from 2017 to 2022, producing animals remained at a lower figure.

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Beef Exports

Exports from the Philippines

In 2022, exports of beef (cattle meat) from the Philippines skyrocketed to X tons, increasing by X% against the previous year. In general, exports, however, showed a slight setback. The growth pace was the most rapid in 2020 with an increase of X%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, beef exports reduced to $X in 2022. Over the period under review, exports recorded a resilient increase. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Brunei Darussalam (X tons) was the main destination for beef exports from the Philippines, with a approx. X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Brunei Darussalam amounted to X%.

In value terms, Brunei Darussalam ($X) emerged as the key foreign market for beef (cattle meat) exports from the Philippines.

From 2012 to 2022, the average annual rate of growth in terms of value to Brunei Darussalam amounted to X%.

Export Prices by Country

In 2022, the average beef export price amounted to $X per ton, waning by X% against the previous year. Overall, the export price, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then shrank rapidly in the following year.

As there is only one major export destination, the average price level is determined by prices for Brunei Darussalam.

From 2012 to 2022, the rate of growth in terms of prices for Japan amounted to X% per year.

Beef Imports

Imports into the Philippines

In 2022, supplies from abroad of beef (cattle meat) increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2014 when imports increased by X%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, beef imports surged to $X in 2022. Over the period under review, imports recorded resilient growth. The pace of growth was the most pronounced in 2014 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

Brazil (X tons), India (X tons) and Australia (X tons) were the main suppliers of beef imports to the Philippines, together comprising X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Brazil (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest beef suppliers to the Philippines were Brazil ($X), India ($X) and Australia ($X), with a combined X% share of total imports.

Brazil, with a CAGR of X%, recorded the highest growth rate of 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 beef import price stood at $X per ton in 2022, increasing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2017 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per ton), while the price for India ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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