Philippines: Market for Colouring Matter Of Vegetable Or Animal Origin 2024

Market Size for Colouring Matter Of Vegetable Or Animal Origin in the Philippines

In 2021, the Philippine market for colouring matter of vegetable or animal origin increased by 10% to $X, rising for the third year in a row after two years of decline. Over the period under review, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +8.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +20.0% against 2018 indices. Vegetable or animal colouring matter consumption peaked at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Exports of Colouring Matter Of Vegetable Or Animal Origin

Exports from the Philippines

In 2021, overseas shipments of colouring matter of vegetable or animal origin increased by 563% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, recorded a sharp descent. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, vegetable or animal colouring matter exports skyrocketed to $X in 2021. Overall, exports, however, recorded a deep reduction. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Qatar (X tons), Australia (X tons) and Japan (X tons) were the main destinations of vegetable or animal colouring matter exports from the Philippines, with a combined 75% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Qatar (with a CAGR of +20.0%), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X) emerged as the key foreign market for colouring matter of vegetable or animal origin exports from the Philippines, comprising 50% of total exports. The second position in the ranking was held by Qatar ($X), with a 22% share of total exports. It was followed by Canada, with a 7.9% share.

From 2012 to 2021, the average annual growth rate of value to Australia stood at +23.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+17.3% per year) and Canada (-17.9% per year).

Export Prices by Country

In 2021, the average export price for colouring matter of vegetable or animal origin amounted to $X per ton, growing by 42% against the previous year. Over the period under review, the export price recorded a prominent increase. The most prominent rate of growth was recorded in 2018 an increase of 516%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to the United States ($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 Malaysia (+21.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Colouring Matter Of Vegetable Or Animal Origin

Imports into the Philippines

In 2021, imports of colouring matter of vegetable or animal origin into the Philippines surged to X tons, jumping by 24% on the previous year's figure. Over the period under review, imports posted slight growth. The growth pace was the most rapid in 2013 when imports increased by 68%. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, vegetable or animal colouring matter imports rose notably to $X in 2021. Overall, total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +7.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +24.9% against 2018 indices. The pace of growth was the most pronounced in 2013 with an increase of 37% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, India (X tons) constituted the largest supplier of vegetable or animal colouring matter to the Philippines, accounting for a 47% share of total imports. Moreover, vegetable or animal colouring matter imports from India exceeded the figures recorded by the second-largest supplier, Spain (X tons), twofold. The third position in this ranking was taken by Denmark (X tons), with a 9.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from India stood at +50.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+22.1% per year) and Denmark (-1.2% per year).

In value terms, the largest vegetable or animal colouring matter suppliers to the Philippines were Spain ($X), the United States ($X) and India ($X), with a combined 63% share of total imports.

Among the main suppliers, India, with a CAGR of +55.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for colouring matter of vegetable or animal origin amounted to $X per ton, waning by -12.2% against the previous year. Over the period under review, the import price, however, continues to indicate a strong increase. The most prominent rate of growth was recorded in 2018 an increase of 88% against the previous year. The import price peaked at $X per ton in 2020, and then shrank in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+25.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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