Philippines: Sauce And Seasoning Market 2024

Sauce And Seasoning Market Size in the Philippines

The Philippine sauce and seasoning market rose markedly to $X in 2023, with an increase of X% against the previous year. Overall, consumption recorded resilient growth. Over the period under review, the market hit record highs in 2023 and is likely to see gradual growth in years to come.

Sauce And Seasoning Production in the Philippines

In value terms, sauce and seasoning production rose slightly to $X in 2023 estimated in export price. Overall, production enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2014 when the production volume increased by X% against the previous year. Sauce and seasoning production peaked at $X in 2021; afterwards, it flattened through to 2023.

Sauce And Seasoning Exports

Exports from the Philippines

In 2023, the amount of sauces and seasonings exported from the Philippines reduced dramatically to X tons, with a decrease of X% against the previous year's figure. Overall, exports, however, recorded buoyant growth. The growth pace was the most rapid in 2014 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, sauce and seasoning exports fell significantly to $X in 2023. In general, exports, however, continue to indicate a strong increase. The growth pace was the most rapid in 2014 with an increase of X%. The exports peaked at $X in 2022, and then reduced notably in the following year.

Exports by Country

The United States (X tons) was the main destination for sauce and seasoning exports from the Philippines, with a X% share of total exports. Moreover, sauce and seasoning exports to the United States exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), twofold. Canada (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Canada (X% per year).

In value terms, the United States ($X) remains the key foreign market for sauces and seasonings exports from the Philippines, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports. It was followed by Canada, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Canada (X% per year).

Export Prices by Country

The average sauce and seasoning export price stood at $X per ton in 2023, growing by X% against the previous year. In general, export price indicated pronounced growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, sauce and seasoning export price increased by X% against 2018 indices. The pace of growth was the most pronounced in 2018 when the average export price increased by X%. The export price peaked in 2023 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to New Zealand (X%), while the prices for the other major destinations experienced more modest paces of growth.

Sauce And Seasoning Imports

Imports into the Philippines

In 2023, after four years of growth, there was decline in overseas purchases of sauces and seasonings, when their volume decreased by X% to X tons. Overall, total imports indicated a buoyant increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2014 indices. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, imports reached the peak figure at X tons in 2022, and then contracted modestly in the following year.

In value terms, sauce and seasoning imports totaled $X in 2023. In general, imports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2017 when imports increased by X%. Imports peaked in 2023 and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Thailand (X tons) and South Korea (X tons) were the main suppliers of sauce and seasoning imports to the Philippines, with a combined X% share of total imports. Japan, the United States, Malaysia, Vietnam, Indonesia, Singapore and India lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for India (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), China ($X) and Indonesia ($X) appeared to be the largest sauce and seasoning suppliers to the Philippines, with a combined X% share of total imports. The United States, Malaysia, Vietnam, Japan, South Korea, Singapore and India lagged somewhat behind, together comprising a further X%.

India, with a CAGR of X%, saw 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

In 2023, the average sauce and seasoning import price amounted to $X per ton, surging by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The growth pace was the most rapid in 2018 when the average import price increased by X%. The import price peaked at $X per ton in 2021; afterwards, it flattened through to 2023.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform