Philippines: Baking Ingredients Market Brief

In 2022, the Philippine baking industry spent roughly $1.5 billion on ingredients, with 77 percent ($1.2 billion) imported. The United States supplied more than 55 percent or $845 million worth of ingredients, mostly wheat. The baking industry is projected to grow at a compound annual growth rate of five percent and reach $2.5 billion in retail sales by 2027. Traders believe the United States is well-positioned to increase its exports of baking ingredients to the Philippines in the coming years by leveraging the Filipino consumers’ general preference for high-quality U.S.-origin products.