Philippines: Ghee Market Overview 2021

Ghee Market Size in the Philippines

After six years of growth, the Philippine ghee market decreased by -X% to $X in 2019. Over the period under review, consumption, however, showed a strong expansion. The most prominent rate of growth was recorded in 2010 with an increase of X% year-to-year. Ghee consumption peaked at $X in 2018, and then reduced modestly in the following year.

Ghee Exports

Exports from the Philippines

After two years of growth, shipments abroad of ghee decreased by -X% to X tonnes in 2019. Over the period under review, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2013 with an increase of X% y-o-y. Exports peaked at X tonnes in 2015; however, from 2016 to 2019, exports failed to regain the momentum.

In value terms, ghee exports dropped markedly to $X in 2019. In general, exports showed a abrupt setback. The pace of growth was the most pronounced in 2013 with an increase of X% y-o-y. As a result, exports reached the peak of $X. From 2014 to 2019, the growth exports failed to regain the momentum.

Exports by Country

Indonesia (X tonnes) was the main destination for ghee exports from the Philippines, accounting for a X% share of total exports. Moreover, ghee exports to Indonesia exceeded the volume sent to the second major destination, Saudi Arabia (X tonnes), eightfold. The third position in this ranking was occupied by Viet Nam (X kg), with a X% share.

From 2007 to 2019, the average annual growth rate of volume to Indonesia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-X% per year) and Viet Nam (+X% per year).

In value terms, Indonesia ($X) emerged as the key foreign market for ghee exports from the Philippines, comprising X% of total exports. The second position in the ranking was occupied by Viet Nam ($X), with a X% share of total exports. It was followed by Saudi Arabia, with a X% share.

From 2007 to 2019, the average annual rate of growth in terms of value to Indonesia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Viet Nam (+X% per year) and Saudi Arabia (+X% per year).

Export Prices by Country

The average ghee export price stood at $X per tonne in 2019, growing by X% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average export price increased by X% against the previous year. The export price peaked in 2019 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2019, the country with the highest price was Viet Nam ($X per tonne), while the average price for exports to the U.S. ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia, while the prices for the other major destinations experienced more modest paces of growth.

Ghee Imports

Imports into the Philippines

In 2019, supplies from abroad of ghee decreased by -X% to X tonnes, falling for the second year in a row after three years of growth. In general, imports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2010 with an increase of X% y-o-y. Over the period under review, imports hit record highs at X tonnes in 2017; however, from 2018 to 2019, imports remained at a lower figure.

In value terms, ghee imports reached $X in 2019. Overall, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2010 with an increase of X% y-o-y. Over the period under review, imports hit record highs in 2019 and are likely to continue growth in the immediate term.

Imports by Country

In 2019, New Zealand (X tonnes) was the main ghee supplier to the Philippines, accounting for a X% share of total imports. It was followed by Indonesia (X tonnes), with a X% share of total imports.

From 2007 to 2019, the average annual growth rate of volume from New Zealand totaled +X%.

In value terms, New Zealand ($X) constituted the largest supplier of ghee to the Philippines, comprising X% of total imports. The second position in the ranking was occupied by Indonesia ($X), with a X% share of total imports.

From 2007 to 2019, the average annual growth rate of value from New Zealand amounted to +X%.

Import Prices by Country

The average ghee import price stood at $X per tonne in 2019, rising by X% against the previous year. Over the period under review, import price indicated prominent growth from 2007 to 2019: its price increased at an average annual rate of +X% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, ghee import price increased by +X% against 2016 indices. The most prominent rate of growth was recorded in 2008 an increase of X% y-o-y. The import price peaked in 2019 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2019, the country with the highest price was Indonesia ($X per tonne), while the price for New Zealand amounted to $X per tonne.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Indonesia.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for ghee in the world?

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India (3.7M tonnes) remains the largest ghee consuming country worldwide, accounting for 73% of total volume. Moreover, ghee consumption in India exceeded the figures recorded by the second-largest consumer, Pakistan (850K tonnes), fourfold.

What are the largest producers of ghee in the world?

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The country with the largest volume of ghee production was India (3.7M tonnes), comprising approx. 73% of total volume. Moreover, ghee production in India exceeded the figures recorded by the second-largest producer, Pakistan (850K tonnes), fourfold.

What are the leading suppliers of ghee to the Philippines?

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In value terms, New Zealand ($147M) constituted the largest supplier of ghee to the Philippines, comprising 94% of total imports. The second position in the ranking was occupied by Indonesia ($3.9M), with a 2.5% share of total imports.

What are the leading importers of ghee from the Philippines?

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In value terms, Indonesia ($31K) emerged as the key foreign market for ghee exports from the Philippines, comprising 79% of total exports. The second position in the ranking was occupied by Viet Nam ($5.2K), with a 13% share of total exports. It was followed by Saudi Arabia, with a 3.6% share.

What is the average export price for ghee in the Philippines?

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In 2019, the average ghee export price amounted to $3,589 per tonne, growing by 3.5% against the previous year.

What is the average import price for ghee in the Philippines?

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In 2019, the average ghee import price amounted to $5,966 per tonne, picking up by 3.3% against the previous year.