How Philippines Food Ingredients Market is positioned?
The Philippines is ranked as the 12th most populous country in the world with a population size of ~ million in the year 2016. It has emerged as one of the rapidly growing foods and beverages industries in Asia region over the past. The increasing urbanization of the local population has changed the local retail food market, and is seen as the driver in the lifestyle change amongst consumers. Philippines food ingredients market generated revenues worth USD ~ million in the year 2011. The revenue generation increased to USD ~ million in 2013 by a two year CAGR of ~%. The demand in Philippines food ingredients market basically comprises of various types of food ingredients such as functional foods, sugar substitutes, flavors, specialty starches, preservatives and food emulsifiers. Robust demand for the packaged foods owing to the changing lifestyle, and the purchasing power of people has majorly fueled growth for the food ingredients market in the Philippines. Uproar for the packaged foods being a key trend, owing to the changing lifestyle, tastes and preferences; and the purchasing power of consumers has majorly fueled growth for the food ingredients market in the Philippines.
Philippines Food Ingredients Market Segmentation
By Type of Ingredients
The flavors segment in the country dominated the Philippines food ingredients market with revenue share worth ~% in the year 2016. It has been witnessed that people in the Philippines became bolder in their culinary adventures owing to increasing speed at which consumers are adopting new flavors. In terms of sales volume, the flavors segment was evaluated at ~ tonnes, thus capturing ~% of total sales in Philippines food ingredients market in 2016. Sweeteners followed the food flavors segment with revenue share worth ~% in the Philippines food ingredients market in 2016. On the other hand, 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 and oligosaccharides, raising agents and reducing agents, vitamins and derivatives collectively captured the remaining revenue share worth ~% in Philippines food ingredients market in the year 2016.
By Products Imported and Locally Manufactured
Imports of food ingredients majorly dominated Philippines food ingredients market with revenue share worth ~% in the year 2016. Importation of food in the Philippines is majorly dominated by the retailers whereas; locally manufactured food ingredients captured the remaining revenue share worth ~% in the year 2016.
By Food and Beverages
The processed foods segment including meal replacement and packaged foods collectively dominated Philippines food ingredients market with volume share worth ~% in the year 2016. On the other hand, the beverages segment captured the remaining volume share worth ~% in the Philippines food ingredients market in 2016.
Philippines Food Flavors Market
Philippines food flavors market generated revenues worth USD ~ million in the year 2011, thus evaluated at ~ tonnes. The revenue generation increased to USD ~ million in 2012, which was evident from ~% growth rate. The flavors trend in food continued to evolve as companies seek to meet the changing consumer tastes and preferences; expand into new customer groups; and bring more sophistication to brands. The beverages segment dominated Philippines food flavors market with volume share worth ~% in the year 2016 whereas, the packaged foods segment captured the remaining volume share worth ~% in Philippines food ingredients market in the year 2016. 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.
Philippines Sweeteners Market
The growth in Philippines sweeteners market was evaluated at ~% in 2012. The revenues increased from USD ~ million in 2011 to USD ~ million in 2012 whereas the sales volume increased from ~ tonnes in 2011 to ~ tonnes in 2012. Artificial sweeteners are low-calorie or calorie-free chemical substances that are used instead of sugar to sweeten foods and drinks. The beverages segment dominated the Philippines sweeteners market with the sales of ~ tonnes of sweeteners, thus contributing ~% towards total sales volume in the year 2016.
Philippines Food Colors Market
Food colors play a significant role in the Philippines food additives market as 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 (yellow/red/blue) was observed to be USD ~ per kg approximately; hence termed as affordable in the Philippines. The beverages segment dominated Philippines food colors market with volume share worth ~% of total sales volume in the year 2016 whereas; the packaged foods segment captured the remaining volume share worth ~% of total sales volume in 2016. Philippines food colors market is expected to grow owing to the rising demand for natural colors over synthetic ones in the country. Philippines food colors market is estimated to generate revenues worth USD ~ million by 2017 which is expected to increase to USD ~ million by the year ending 2021, thus growing at a CAGR of ~% over the forecast period 2017-2021.
Philippines Preservatives Food Ingredient market
Philippines preservatives food ingredient market generated revenues worth USD ~ million in 2011 followed by continuous growth pattern in the outlook period 2011-2013. Growing demand for processed foods, changing food consumption patterns and increasing disposable income are the major factors driving the demand for preservatives in the Philippines.
The packaged foods segment dominated Philippines preservatives food ingredient market by capturing ~% of total sales volume, thus evaluated at ~ tonnes in 2016 whereas, the beverages segment captured the remaining volume share worth ~% of total sales volume, thus evaluated at ~ tonnes in 2016. Improving employment in the Philippines alongside consumers juggling a hectic lifestyle has led to increasing demand for convenient and quick meal solutions, thus boosting the performance of canned/preservative food and packaging in the near future.
Philippines Fragrance Food ingredient Market
The Philippines food manufacturers have used essences and natural fragrances derived from herbs and fruits to enhance the aroma of food. Philippines fragrances food ingredient market attained its highest revenues in the year 2016 accounting to USD ~ million thus growing at a five year CAGR worth ~% for the period 2011-2016. In terms of sales volume, the Philippines fragrance market was evaluated at ~ tonnes in the year 2016. Philippines fragrance food ingredient market is estimated to generate revenues worth USD ~ million and sales volume of ~ tonnes by the year ending 2021.
Snapshot on Other Food Ingredients Market
Philippines cultures market generated volume share of ~% in 2016, Philippines emulsifiers market generated volume share of ~% in 2016, Philippines botanical extracts market generated volume share of ~% in 2016, Philippines carotenoids market generated volume share of ~% in 2016, Philippines flavor enhancers market generated volume share of ~% in 2016, Philippines modified flours market generated volume share of ~% in 2016, Philippines ph / controlled salt market generated volume share of ~% in 2016, Philippines polysaccharides & oligosaccharides market generated volume share of ~% in 2016, Philippines raising agents market generated volume share of ~% in 2016, Philippines reducing agents market generated volume share of ~% in 2016.
Trends and Developments in Philippines Food Ingredients Market
Spicy and exotic flavors, snacking and health and wellness are all at the forefront for consumer food preferences in 2017, and the millennial generation is frequently driving those choice options with their adventurous palates.
High level of concerns about many health conditions such as heart disease, having a stroke, diabetes, respiratory illness, being bedridden/wheelchair bound and cancer amongst the Philippine population has led to growing awareness regarding nutrition and nutritional food items in the country. Food flavor trends in the Philippines continue to evolve as food ingredients manufacturers seek to meet changing consumer tastes and preferences; expand into new customer groups and bring more sophistication to brands in the face of high levels of brand competition.
Comparative Landscape in Philippines Food Ingredients Market
Philippines food ingredients market is highly concentrated with the presence of manufacturers and distributors 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 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.
Future Outlook and Projections in Philippines Food Ingredients Market
Food is an important aspect of Philippine culture and Filipinos take their culture of food seriously. The cross-pollination of culinary influences in Philippine cuisine reflects the country’s colorful historical influences which are amplified and interpreted gastronomically for the world by a young breed of bold and tech-savvy Filipino chefs. Over the forecast period, Philippines food ingredients market will prepare itself to meet the future demand expected from the substantial investment proposed in key segments such as food flavors and sweeteners. In terms of sales volume, Philippines food ingredients market is evaluated at ~ million tonnes by 2019. Furthermore, increasing usage of food scanners in the Philippines will help to determine ingredients present, and compare the data to a person’s lifestyle, dietary choices and genomic background in near future. Food ingredients market in the Philippines is expected to generate revenues worth USD ~ million by the year ending 2021, thus growing at a CAGR of ~% for the projected period 2017-2021.
Companies Cited in the Report
List of Companies Companies Covered in the Report
BNC Ingredients Corporation Philippines
TNC Chemicals Philippines Inc
Actron Industries Inc
NECO Chemicals Philippines Inc
Versa Group Philippines Corporation Major Players
DU Pont Philippines
New Flavor House Inc.
SBS Philippines Corporation
Kerry Food Ingredients Philippines Inc
Achievers Food & Bakery Ingredients Corp
Applied Food Ingredient
Key Topics Covered in the Report
Food Ingredients DuPont Sales
Competition Food Ingredients Market
Amino Acids Market in Philippines
Segment Growth Food Ingredient Philippines
Philippines Food Color Sales
Barentz Food ingredients Philippines Market Share
Food Ingredients Usage in Philippines
Food ingredients manufacturing Philippines
Other Food Ingredients in the Philippines
For more information on the research report, refer to below link:
Related Reports by Ken Research
Contact:
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-124-4230204
