Philippines: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in the Philippines

In 2022, the Philippine chemically modified oils market decreased by -79.5% to $X, falling for the second consecutive year after two years of growth. In general, consumption saw a pronounced setback. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Chemically Modified Oils Exports

Exports from the Philippines

In 2022, shipments abroad of animal or vegetable fats and oils chemically modified increased by 39% to X tons, rising for the third year in a row after two years of decline. In general, exports, however, faced a significant decline. The most prominent rate of growth was recorded in 2017 when exports increased by 1,223%. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, chemically modified oils exports surged to $X in 2022. Over the period under review, exports, however, saw a precipitous setback. The growth pace was the most rapid in 2017 when exports increased by 781% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

South Korea (X tons) was the main destination for chemically modified oils exports from the Philippines, with a 39% share of total exports. Moreover, chemically modified oils exports to South Korea exceeded the volume sent to the second major destination, the Netherlands (X tons), twofold. Malaysia (X tons) ranked third in terms of total exports with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Korea amounted to +36.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-32.1% per year) and Malaysia (+31.3% per year).

In value terms, South Korea ($X) remains the key foreign market for animal or vegetable fats and oils chemically modified exports from the Philippines, comprising 44% of total exports. The second position in the ranking was taken by Malaysia ($X), with an 18% share of total exports. It was followed by the Netherlands, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to South Korea stood at +39.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+21.5% per year) and the Netherlands (-35.8% per year).

Export Prices by Country

In 2022, the average chemically modified oils export price amounted to $X per ton, growing by 30% against the previous year. In general, the export price, however, continues to indicate a perceptible reduction. The growth pace was the most rapid in 2020 an increase of 134% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+166.0%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into the Philippines

In 2022, overseas purchases of animal or vegetable fats and oils chemically modified decreased by -82% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2014 with an increase of 203% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, chemically modified oils imports declined remarkably to $X in 2022. In general, imports continue to indicate a perceptible shrinkage. The pace of growth appeared the most rapid in 2014 with an increase of 202% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Indonesia (X tons) and Malaysia (X tons) were the main suppliers of chemically modified oils imports to the Philippines.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +12.1%).

In value terms, Indonesia ($X) and Malaysia ($X) constituted the largest chemically modified oils suppliers to the Philippines.

Indonesia, with a CAGR of +14.2%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review.

Import Prices by Country

In 2022, the average chemically modified oils import price amounted to $X per ton, increasing by 22% against the previous year. Over the period under review, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chemically modified oils import price increased by +101.1% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 39%. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for Malaysia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+2.2%).

Source: IndexBox Platform

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