Philippines: Market for Dried Or Salted Fish 2024

Market Size for Dried Or Salted Fish in the Philippines

The Philippine dried or salted fish market reduced to $X in 2022, declining by X% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. Dried or salted fish consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Production of Dried Or Salted Fish in the Philippines

In value terms, dried or salted fish production shrank to $X in 2022 estimated in export price. Over the period under review, the total production indicated mild growth from 2012 to 2022: its value 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, production increased by X% against 2020 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by X%. Dried or salted fish production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Dried Or Salted Fish

Exports from the Philippines

In 2022, after two years of growth, there was significant decline in shipments abroad of dried or salted fish, when their volume decreased by X% to X tons. Overall, exports recorded a drastic downturn. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, dried or salted fish exports shrank significantly to $X in 2022. Over the period under review, exports faced a abrupt slump. The pace of growth was the most pronounced in 2020 when exports increased by X% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

South Korea (X tons), Australia (X tons) and the United States (X tons) were the main destinations of dried or salted fish exports from the Philippines, together comprising X% of total exports. Malaysia, Hong Kong SAR and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for dried or salted fish exported from the Philippines were the United States ($X), Australia ($X) and South Korea ($X), with a combined X% share of total exports. Malaysia, Hong Kong SAR and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

Malaysia, with a CAGR of X%, 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

In 2022, the average dried or salted fish export price amounted to $X per ton, picking up by X% against the previous year. Overall, export price indicated a remarkable increase from 2012 to 2022: its price 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, dried or salted fish export price increased by X% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the United Arab Emirates ($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 Australia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Dried Or Salted Fish

Imports into the Philippines

In 2022, dried or salted fish imports into the Philippines shrank dramatically to X tons, with a decrease of X% against the year before. Over the period under review, imports recorded a dramatic setback. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, dried or salted fish imports contracted remarkably to $X in 2022. Overall, imports, however, posted a mild increase. The pace of growth was the most pronounced in 2014 when imports increased by X%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest dried or salted fish supplier to the Philippines, with a X% share of total imports. Moreover, dried or salted fish imports from Vietnam exceeded the figures recorded by the second-largest supplier, the UK (X tons), threefold. Japan (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Vietnam amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (X% per year) and Japan (X% per year).

In value terms, Vietnam ($X) constituted the largest supplier of dried or salted fish to the Philippines, comprising X% of total imports. The second position in the ranking was taken by the UK ($X), with an X% share of total imports. It was followed by Japan, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Vietnam totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (X% per year) and Japan (X% per year).

Import Prices by Country

The average dried or salted fish import price stood at $X per ton in 2022, rising by X% against the previous year. In general, the import price showed significant growth. The growth pace was the most rapid in 2018 when the average import price increased by X%. The import price peaked in 2022 and is likely to continue growth in the immediate term.

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

From 2012 to 2022, 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

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