The demand in Philippines
food ingredients market basically comprises of various types of food
ingredients such as functional food ingredients, sugar substitutes, flavors,
specialty starches, preservatives, acidulants, enzymes, F&B starter
cultures, and food emulsifiers. Robust demand for the packaged foods owing to
the changing lifestyle, and the purchasing power of customers has majorly
fueled growth for the food ingredients market in the Philippines.
The beverage industry in Philippines
witnessed growth owing to consumer shift from traditional drinks to carbonated
energy drinks and caffeinated beverages thus, driving the demand for flavor
enhancers in the Philippines food ingredients market.
The flavors segment in the country
dominated the Philippines food ingredients market. It has been observed that
people in Philippines became bolder in their culinary adventures owing to
increasing speed at which consumers are adopting new flavors. On the other
hand, food colors, preservatives, fragrance and food ingredients such as
acidulants, cultures, proteins, emulsifiers and co-emulsifiers, minerals,
botanicals, carotenoids, cocoa liquor and powder, flavor enhancers, modified
flour, PH / controlled salt, Polysaccharides & Oligosaccharides, raising
agents and reducing agents collectively captured the remaining revenue share.
The adaptation of western lifestyle
influenced by the food and processing services within the Philippines led to an
increase in their import values from major destinations such as Europe, US and
Japan. A young population heavily influenced by modern habits and food culture
coupled with increasing demand for convenience can improve the quality of
domestic food ingredients, hence leading to higher export values in near
future.
The processed foods segment including
meal replacement and packaged foods collectively dominated Philippines food
ingredients market. Artificial sweeteners, synthetic Trans’ fats, artificial
flavors, Monosodium Glutamate (MSG), artificial colors, high-fructose corn
syrup and preservatives were majorly used in processed foods in the country. In
2016, the demand for clean label and natural/organic flavors and flavors free
of artificial ingredients such as high sugar witnessed an increase owing to
growing awareness regarding health and wellness among the Filipinos.
Natural, functional and convenient
products that can deliver nutritional benefits without sacrificing taste
continue to tap into major trends currently driving the thriving healthy
beverage market in the Philippines. Flavor innovation coupled with the right
message and aesthetic appeal, can provide the impetus to boost a stagnating
category, create interest in an emerging sector and even drive a successful
market entry for new or existing manufacturers in the Philippines.
Artificial sweeteners are low-calorie
or calorie-free chemical substances that are used instead of sugar to sweeten
foods and drinks. Philippines sweeteners market attained its highest revenues
in the year 2016. Concerns about obesity and other health related issues plus
sugar taxes in many countries including the Philippines have encouraged the
market for non-caloric sweeteners. The food trend toward whole foods and
natural products have also resulted in a growing demand for natural sweeteners
made from herbs such as coconut sugar within the country.
Food colors play a significant role in
the Philippines food additives market. They are often used in foods and
beverages to incorporate a desired shade of color and improve consumer’s visual
perception towards them. In 2016, the average price for food coloring such as
egg yellow, green, strawberry red, chocolate brown, coffee brown, blue and
orange was observed to be USD 3.0 per kg approximately; hence termed as
affordable in the Philippines. Colors also affect the apparent level of
sweetness. For instance, Filipino population perceives a strongly red-colored
strawberry-flavored drink to be sweeter than a less strongly colored version.
Growing demand for processed foods,
changing food consumption patterns and increasing disposable income are the
major factors driving the demand for food preservatives in the Philippines.
Food preservatives are used across beverages, snacks, bakery items, meat
products are others during processing and packaging. A growing trend of consumer
preference towards natural preservatives over synthetic preservatives was
witnessed owing to the growing demand for natural and dietary foods and
beverages, confectionery items.
Philippines food ingredients market is
highly concentrated with the presence of manufacturers such as BNC Ingredients
Corporation Philippines, TNC Chemicals Philippines Inc, Actron Industries Inc,
NECO Chemicals Philippines Inc, Versa Group Philippines Corporation, DU Pont
Philippines, New Flavor House Inc, SBS Philippines Corporation, Kerry Food
Ingredients Philippines Inc and other players such as Achievers Food &
Bakery Ingredients Corp and Applied Food Ingredients. Players operating in the
food ingredients market which compete on the basis of pricing, brand value, production
capacity, domestic manufacturing / import and others. Local tastes and modern
interpretations of Filipino dishes has led to growing popularity of Filipino
cuisines over the globe, thus, driving the demand for mostly used food
ingredients such as food flavors, sweeteners, food colors, preservatives and
fragrance. Moreover, consumer shift from synthetic man-made to natural extracts
/ food ingredients led to high imports coupled with emergence of several
natural food ingredients manufacturers in this sector.
For more information on the market
research report please refer to the link below:
Contact Us:-
Ken Research
Ankur Gupta,
Head Marketing & Communications
0124-4230204
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