Philippines: Canned Food Market 2024

Canned Food Market Size in the Philippines

The Philippine canned food market rose significantly to $X in 2022, picking up by X% against the previous year. Overall, the total consumption indicated a resilient increase 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. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Canned Food Production in the Philippines

In value terms, canned food production stood at $X in 2022 estimated in export price. Over the period under review, the total production indicated a prominent expansion 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 decreased by X% against 2018 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

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Canned Food Exports

Exports from the Philippines

In 2022, after two years of growth, there was significant decline in shipments abroad of canned food, when their volume decreased by X% to X tons. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of X%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, canned food exports contracted to $X in 2022. Overall, total exports indicated perceptible 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, exports increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2015 when exports increased by X%. The exports peaked at $X in 2021, and then reduced in the following year.

Exports by Country

The United States (X tons) was the main destination for canned food exports from the Philippines, accounting for a X% share of total exports. Moreover, canned food exports to the United States exceeded the volume sent to the second major destination, South Korea (X tons), fivefold. Japan (X tons) ranked third in terms of total exports with a X% share.

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

In value terms, the United States ($X) remains the key foreign market for canned food exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by Malaysia ($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 the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and South Korea (X% per year).

Export Prices by Country

In 2022, the average canned food export price amounted to $X per ton, picking up by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2019 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in years to come.

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

Canned Food Imports

Imports into the Philippines

Canned food imports into the Philippines surged to X tons in 2022, growing by X% against the year before. In general, total imports indicated resilient growth from 2012 to 2022: its volume 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, imports increased by X% against 2018 indices. The growth pace was the most rapid in 2016 with an increase of X%. Imports peaked in 2022 and are likely to continue growth in the near future.

In value terms, canned food imports rose remarkably to $X in 2022. Over the period under review, imports posted a buoyant expansion. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

Imports by Country

China (X tons), Thailand (X tons) and the United States (X tons) were the main suppliers of canned food imports to the Philippines, together comprising X% of total imports. Singapore, Italy, South Korea, Malaysia, Australia, Denmark, Ireland, Spain and Vietnam lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Denmark (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest canned food suppliers to the Philippines were the United States ($X), China ($X) and Singapore ($X), together accounting for X% of total imports. Thailand, Ireland, Australia, Malaysia, Spain, Italy, South Korea, Denmark and Vietnam lagged somewhat behind, together comprising a further X%.

Among the main suppliers, South Korea, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average canned food import price stood at $X per ton in 2022, shrinking by X% against the previous year. Overall, the import price, however, saw prominent growth. The growth pace was the most rapid in 2015 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Ireland ($X per ton), while the price for Denmark ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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