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Philippines: 3 new product categories eyed as export prospects
MANILA, Philippines — The government has identified three product categories that could serve as new avenues for growth and expansion for Filipino exporters this year.
The Philippine Exporters Confederation Inc. said organic, halal, and kosher products have been cited by the Department of Trade and Industry (DTI) as three consumer goods categories that would open up new opportunities for exporters whose goods have passed international certification bodies.
DTI Export Marketing Bureau assistant director Agnes Legaspi said for organic products, the world consumer market continues to grow rapidly annually.
High-income markets like Europe and North America, particularly the UK and US, represent more than 90 percent of global consumption of organic products.
Legaspi said exporters who label their products as organic could sell them at premium prices.
She said among the top selling organic products globally are dairy products and eggs.
The halal market is another potentially huge market for Filipino producers that make an effort to become certified, according to Legaspi.
The DTI said market for halal products and services is one of the fastest growing consumer segments in the world – a $2.6-trillion industry expected to grow to $10 trillion by 2030.
Total trade in halal food alone represents 62 percent of the global halal market at $632 billion, while other important halal products include cosmetics, personal care products, pharmaceuticals and nutraceuticals.
Legaspi said halal consumers are not just those from the Muslim community, but also non-Muslims who are on the lookout for healthy food that underwent preparations prescribed under strict Islamic dietary laws.
Meanwhile, the trade official said the biggest market for kosher products remains the US with its sizable Jew population, but there is also strong demand in the EU and Israel.
The DTI said the US kosher market alone has more than 12 million consumers and has seen double-digit growth of 10 percent to 15 percent annually since 2004.
“Kosher certification is a guarantee that the raw materials, processing, and traceability have been controlled according to the Jewish ritual laws,” Legaspi said.
Source: https://www.philstar.com/business/2018/03/28/1800884/3-new-product-categories-eyed-export-prospects#vPX0pRbWmlbIqKo1.99