Philippines: Frozen Cuttlefishes Market 2024

Frozen Cuttlefishes Market Size in the Philippines

In 2022, the Philippine frozen cuttlefishes market increased by X% to $X, rising for the second consecutive year after two years of decline. In general, consumption recorded a noticeable reduction. Frozen cuttlefishes consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Frozen Cuttlefishes Production in the Philippines

In value terms, frozen cuttlefishes production reduced notably to $X in 2022 estimated in export price. In general, production, however, recorded significant growth. The most prominent rate of growth was recorded in 2019 with an increase of X,169,400%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Frozen Cuttlefishes Exports

Exports from the Philippines

In 2022, the amount of frozen cuttlefishes exported from the Philippines dropped significantly to X tons, reducing by X% compared with the previous year. Overall, exports faced a dramatic descent. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, frozen cuttlefishes exports declined significantly to $X in 2022. In general, exports saw a significant decrease. The most prominent rate of growth was recorded in 2021 with an increase of 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

Singapore (X tons) was the main destination for frozen cuttlefishes exports from the Philippines, with a X% share of total exports. Moreover, frozen cuttlefishes exports to Singapore exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), threefold. The third position in this ranking was held by South Korea (X tons), with a X% share.

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

In value terms, Singapore ($X) emerged as the key foreign market for frozen cuttlefishes exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total exports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Singapore amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and South Korea (X% per year).

Export Prices by Country

The average frozen cuttlefishes export price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, export price indicated a prominent 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. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were South Korea ($X per ton) and Singapore ($X per ton), while the average price for exports to China ($X per ton) and New Zealand ($X per ton) were amongst the lowest.

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

Frozen Cuttlefishes Imports

Imports into the Philippines

In 2022, purchases abroad of frozen cuttlefishes increased by X% to X tons, rising for the second consecutive year after two years of decline. Overall, imports, however, faced a dramatic slump. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, frozen cuttlefishes imports skyrocketed to $X in 2022. Over the period under review, imports, however, showed a sharp decrease. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest supplier of frozen cuttlefishes to the Philippines, with a X% share of total imports. Moreover, frozen cuttlefishes imports from Vietnam exceeded the figures recorded by the second-largest supplier, China (X tons), twofold.

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

In value terms, Vietnam ($X) constituted the largest supplier of frozen cuttlefishes to the Philippines, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports.

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

Import Prices by Country

The average frozen cuttlefishes import price stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the import price posted a significant increase. The pace of growth appeared the most rapid in 2019 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 years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for South Korea ($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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