Philippines: Food Processing Ingredients Annual

As the Philippines’ economic growth outpaces its neighboring countries, the market presents stronger opportunities this year for U.S. food and beverage ingredients, including wheat, dairy products, poultry, pork, beef, starch products, processed and dried fruits, food preparations, and soy. As the food and beverage manufacturing sector reached higher capacity utilization and value of production in 2023, FAS Manila estimates three percent sales growth in 2024 with the easing of food inflation and thriftier consumer spending. The United States remains the largest single-country exporter to the Philippines with 20 percent market share.