Philippines: Biodiesel Market 2024

Biodiesel Market Size in the Philippines

The Philippine biodiesel market was finally on the rise to reach $X in 2021, after four years of decline. Over the period under review, consumption recorded temperate growth. Biodiesel consumption peaked at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Biodiesel Production in the Philippines

In value terms, biodiesel production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production recorded a modest increase. The growth pace was the most rapid in 2014 when the production volume increased by 53% against the previous year. Over the period under review, production attained the peak level at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Biodiesel Exports

Exports from the Philippines

In 2021, overseas shipments of biodiesel decreased by -92.1% to X tons, falling for the fourth year in a row after two years of growth. Overall, exports, however, enjoyed a measured expansion. The pace of growth appeared the most rapid in 2016 when exports increased by 862%. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, biodiesel exports shrank markedly to $X in 2021. In general, exports continue to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 937% against the previous year. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

South Korea (X tons), Germany (X tons) and Hong Kong SAR (X tons) were the main destinations of biodiesel exports from the Philippines, with a combined 60% share of total exports. Indonesia, Japan and Italy lagged somewhat behind, together accounting for a further 3.1%.

From 2012 to 2021, the biggest increases were recorded for Japan (with a CAGR of +2.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for biodiesel exported from the Philippines were Germany ($X), South Korea ($X) and Hong Kong SAR ($X), together comprising 59% of total exports. Japan, Italy and Indonesia lagged somewhat behind, together comprising a further 2%.

In terms of the main countries of destination, Japan, with a CAGR of +5.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average biodiesel export price amounted to $X per ton, reducing by -23.5% against the previous year. In general, the export price showed a abrupt curtailment. The most prominent rate of growth was recorded in 2014 when the average export price increased by 38% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+3.5%), while the prices for the other major destinations experienced a decline.

Biodiesel Imports

Imports into the Philippines

In 2021, overseas purchases of biodiesel decreased by -18.7% to X tons, falling for the second consecutive year after three years of growth. In general, imports, however, showed a significant increase. The most prominent rate of growth was recorded in 2018 when imports increased by 5,612%. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, biodiesel imports plummeted to $X in 2021. Over the period under review, imports, however, saw significant growth. The pace of growth was the most pronounced in 2018 with an increase of 3,353% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Thailand (X tons), Singapore (X tons) and Japan (X tons) were the main suppliers of biodiesel imports to the Philippines, together accounting for 94% of total imports.

From 2017 to 2021, the biggest increases were recorded for Japan (with a CAGR of +395.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Singapore ($X) and Japan ($X) constituted the largest biodiesel suppliers to the Philippines, together accounting for 89% of total imports.

Japan, with a CAGR of +247.8%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average biodiesel import price stood at $X per ton in 2021, which is down by -16.1% against the previous year. Over the period under review, import price indicated a mild expansion from 2017 to 2021: its price increased at an average annual rate of +1.2% over the last four years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, biodiesel import price increased by +73.8% against 2018 indices. The pace of growth appeared the most rapid in 2019 when the average import price increased by 63%. Over the period under review, average import prices hit record highs at $X per ton in 2020, and then fell remarkably in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2017 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+52.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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