This is a best prospect industry sector for this country. Includes a market overview and trade data.
Last Published: 7/18/2019

Overview
The United States continues to be the Philippines’ largest supplier of agricultural products and is the 10th largest global market for U.S. exports with sales reaching $2.6 billion in 2017.  The top five exports of U.S. agricultural products in 2017 by value were soybeans & soybean meal (US$840 million); wheat (US$565 million); dairy products (US$243 million); meat products (US$168 million); and prepared food (US$92 million).   Due to steady growth in the economy and strong consumer spending, traders are optimistic export sales in 2018 will increase four percent to $2,7 billion.

Growth of Consumer-Oriented Food & Beverage Products
The Philippines continues to be the largest U.S. market in Southeast Asia for consumer-oriented food & beverage (f&b) products, a sub-sector of total agricultural products.  Export sales in 2017 reached $964 million, up 4.4 percent from the previous year.  Traders expect export sales in 2018 will surpass the $1 billion mark as it did in 2014.  Consumer-oriented f&b products remain the best prospects for future export growth fueled by consumer familiarity with American brands and the steady expansion of the country’s retail, foodservice and food processing sectors. 

General Market Profile
The Philippine market has a strong and growing consumer base.  Consumption growth in the coming years is underscored by the country’s robust economy and a young, fast-growing, highly-urbanized population with increasingly sophisticated tastes and ever-growing access to modern supermarkets.  While annual GDP per capita is about $3,000, 20 percent of the population earns an average annual income of $12,510 (Source: Philippine Statistics Authority.  2015 Family Income and Expenditure Survey). 

Fast Facts (Source: Source: CIA World Factbook)

  • Population
  • 104 million (July 2017 est.)
  • Annual growth rate of 1.6%
  • 53% below 24 years old
  • 44% living in urban areas
  • High literacy: 96% of the 69 million Filipinos that are 15 years old and above can read and write
  • High awareness of and preference for U.S. f&b products
  • Growing demand for “healthy,” organic, gourmet and convenience foods
  • Steady growth in retail, food service and food processing industries

Potential Customers: At least 20 million people with an average annual income of $12,510


 

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More Information

Philippines Agribusiness Trade Development and Promotion