Preserved Sweet Corn Market in the Philippines
Market Overview
The Philippine preserved sweet corn market skyrocketed to $
in , picking up 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). Over the period under review, consumption enjoyed a strong expansion. Preserved sweet corn consumption peaked in and is likely to see steady growth in the near future.
in , picking up 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). Over the period under review, consumption enjoyed a strong expansion. Preserved sweet corn consumption peaked in and is likely to see steady growth in the near future.Consumption
In , approx. tons of sweet corn prepared or preserved were consumed in the Philippines; growing by % against the year before. Overall, consumption saw a notable expansion. As a result, consumption reached the peak volume of tons. From 2017 to , the growth of the consumption remained at a somewhat lower figure.
The size of the preserved sweet corn market in the Philippines soared to $ in , with an increase of % 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). In general, consumption posted resilient growth. Over the period under review, the market reached the peak level in and is expected to retain growth in the immediate term.
, approx. tons of sweet corn prepared or preserved were consumed in the Philippines; growing by % against the year before. Overall, consumption saw a notable expansion. As a result, consumption reached the peak volume of tons. From 2017 to , the growth of the consumption remained at a somewhat lower figure.The size of the preserved sweet corn market in the Philippines soared to $
in , with an increase of % 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). In general, consumption posted resilient growth. Over the period under review, the market reached the peak level in and is expected to retain growth in the immediate term.Market Forecast
Driven by increasing demand for sweet corn prepared or preserved in the Philippines, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .
In value terms, the market is forecast to increase 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 .
% for the period from to , which is projected to bring the market volume to tons by the end of .In value terms, the market is forecast to increase 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
Preserved sweet corn 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.
, 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 preserved sweet corn; 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.
. 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.
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