September 29, 2017

Philippine meat-processing industry has much more room for growth

The Philippine meat-processing industry has now reached an estimated P300 billion (US$5.9 billion) in sales, growing steadily by at least 10% annually and may even expand by more than 12% as the country's per-capita GDP nears the $3,500 mark, according to the Philippine Association of Meat Processors Inc. (PAMPI), as reported by the Business Mirror.

At P300 billion in sales, that would mean that the daily consumption of processed meat by Filipinos amounts to only P8.20 per day, "an unbelievably low amount," PAMPI Vice President Jerome D. Ong was quoted as saying.

Ong also noted that despite the growth in the country's per-capita GDP, the Filipinos' per-capita meat consumption remains relatively low compared with its Southeast Asian neighbors, according to the Business Mirror.

"I think per-capita consumption in the Philippines is around 30 kilogrammes, while that of our Asean neighbors are at 50 kg to 60 kg. Per-capita consumption in the West is around 90 kg to 110 kg," he said.

"So that is an upside. The increase in the country's population and the growing income of Filipinos will translate to higher demand for protein," Ong added.

Philippine meat consumption this year could reach 29.641 kg per capita, higher than the 29.181 kg per capita recorded last year, data from the Organisation for Economic Co-operation and Development showed. —Rick Alberto