Philippines: Preserved Sardines Market 2024

Preserved Sardines Market Size in the Philippines

The Philippine preserved sardines market expanded markedly to $X in 2022, growing by X% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Preserved Sardines Production in the Philippines

In value terms, preserved sardines production contracted modestly to $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Preserved Sardines Exports

Exports from the Philippines

Preserved sardines exports from the Philippines reduced sharply to X tons in 2022, dropping by X% compared with the previous year's figure. Over the period under review, exports saw a noticeable descent. The pace of growth appeared the most rapid in 2017 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, preserved sardines exports contracted significantly to $X in 2022. In general, exports showed a slight downturn. The growth pace was the most rapid in 2016 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), the United Arab Emirates (X tons) and Canada (X tons) were the main destinations of preserved sardines exports from the Philippines, with a combined X% share of total exports. Hong Kong SAR, Singapore, Qatar, Kuwait, Australia, Guatemala, Malaysia, Taiwan (Chinese), Japan and the Netherlands lagged somewhat behind, together comprising a further X%.

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

In value terms, the United States ($X), the United Arab Emirates ($X) and Canada ($X) were the largest markets for preserved sardines exported from the Philippines worldwide, together comprising X% of total exports. Singapore, Hong Kong SAR, Qatar, Australia, Guatemala, Kuwait, Japan, Malaysia, the Netherlands and Taiwan (Chinese) lagged somewhat behind, together comprising a further X%.

Hong Kong SAR, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of 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 preserved sardines export price amounted to $X per ton, rising by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2016 an increase of X% against the previous year. The export price peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 the Netherlands (X%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Sardines Imports

Imports into the Philippines

In 2022, the amount of sardines (prepared or preserved) imported into the Philippines totaled X tons, with an increase of X% on the previous year's figure. In general, imports, however, continue to indicate a deep downturn. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, preserved sardines imports dropped dramatically to $X in 2022. Overall, imports, however, continue to indicate a slight decline. The most prominent rate of growth was recorded in 2017 when imports increased by X%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

China (X tons), Malaysia (X tons) and Singapore (X tons) were the main suppliers of preserved sardines imports to the Philippines, together comprising X% of total imports. Turkey, the United States and Israel lagged somewhat behind, together comprising a further X%.

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

In value terms, Malaysia ($X) constituted the largest supplier of sardines (prepared or preserved) to the Philippines, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports. It was followed by Singapore, with a X% share.

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

Import Prices by Country

In 2022, the average preserved sardines import price amounted to $X per ton, reducing by X% against the previous year. Overall, the import price, however, recorded a strong increase. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

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

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

Source: IndexBox Platform

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