Updated Jan 21, 2023 02:58

Dried Mushroom Market in the Philippines

Market Overview
In , the Philippine dried mushroom market was finally on the rise to reach $ for the first time since 2019, thus ending a two-year declining trend. Overall, consumption recorded pronounced growth. As a result, consumption attained the peak level of $. From to , the growth of the market failed to regain momentum.


Consumption
In , the amount of mushrooms (dried) consumed in the Philippines soared to tons, increasing by % against . In general, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak volume of tons. From 2012 to , the growth of the consumption remained at a somewhat lower figure.

The revenue of the dried mushroom market in the Philippines surged to $ in , growing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption enjoyed a noticeable increase. As a result, consumption attained the peak level of $. From to , the growth of the market remained at a lower figure.


Market Forecast
The dried mushroom market is expected to start a downward consumption trend over the next eight-year period. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -% for the eight-year period from to , which is projected to depress the market volume to tons by the end of .

In value terms, the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Dried mushroom market in the Philippines consists almost entirely of imported products. In recent years, import price have increased sharply. Despite the hike in price, the Philippines relies completely on foreign supplies: the volume of domestic output remains insufficient to satiate market demand. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
The Philippines remains a net importer of dried mushroom; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.