Philippines: Cereal Market 2024

Cereal Market Size in the Philippines

The Philippine cereal market fell to $X in 2022, dropping by X% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Cereal Production in the Philippines

In value terms, cereal production dropped notably to $X in 2022 estimated in export price. In general, production showed a abrupt setback. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. Cereal production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

The average yield of cereals in the Philippines shrank slightly to X tons per ha in 2022, approximately equating the previous year's figure. Over the period under review, the yield, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the average cereal yield reached the maximum level at X tons per ha in 2021, and then fell in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the cereal harvested area in the Philippines declined modestly to X ha, stabilizing at the previous year's figure. Over the period under review, the harvested area, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to cereal production reached the peak figure at X ha in 2021, and then reduced slightly in the following year.

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Cereal Exports

Exports from the Philippines

Cereal exports from the Philippines soared to X tons in 2022, growing by X% against the previous year's figure. Overall, exports posted a significant increase. The growth pace was the most rapid in 2020 when exports increased by X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, cereal exports soared to $X in 2022. In general, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Vietnam (X tons) was the main destination for cereal exports from the Philippines, accounting for a X% share of total exports. Moreover, cereal exports to Vietnam exceeded the volume sent to the second major destination, Bangladesh (X tons), fourfold. The United Arab Emirates (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (X% per year) and the United Arab Emirates (X% per year).

In value terms, Vietnam ($X) remains the key foreign market for cereals exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by Bangladesh ($X), with a X% share of total exports. It was followed by Qatar, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (X% per year) and Qatar (X% per year).

Export Prices by Country

In 2022, the average cereal export price amounted to $X per ton, surging by X% against the previous year. In general, the export price, however, showed a perceptible reduction. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the 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 Vietnam ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Pakistan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cereal Imports

Imports into the Philippines

For the ninth year in a row, the Philippines recorded growth in purchases abroad of cereals, which increased by X% to X tons in 2022. Overall, imports enjoyed buoyant growth. The growth pace was the most rapid in 2016 when imports increased by X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, cereal imports soared to $X in 2022. Over the period under review, imports recorded a prominent increase. The most prominent rate of growth was recorded in 2018 when imports increased by X%. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Australia (X tons), the United States (X tons) and Myanmar (X tons) were the main suppliers of cereal imports to the Philippines, with a combined X% share of total imports. Canada, India, Brazil and Thailand lagged somewhat behind, together comprising a further X%.

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, Australia ($X), the United States ($X) and Myanmar ($X) appeared to be the largest cereal suppliers to the Philippines, together comprising X% of total imports.

In terms of the main suppliers, Myanmar, 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 cereal import price stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the import price showed a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from India ($X per ton) and Canada ($X per ton), while the price for Thailand ($X per ton) and Myanmar ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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