Philippines: Modified Starches Market 2024

Modified Starches Market Size in the Philippines

The Philippine modified starches market rose notably to $X in 2022, with an increase of 13% against the previous year. In general, the total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.3% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Modified Starches Production in the Philippines

In value terms, modified starches production expanded rapidly to $X in 2022 estimated in export price. Overall, the total production indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -10.8% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 76%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Modified Starches Exports

Exports from the Philippines

In 2022, modified starches exports from the Philippines surged to X tons, with an increase of 294% on the previous year's figure. Overall, exports showed resilient growth. The most prominent rate of growth was recorded in 2014 when exports increased by 935%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, modified starches exports skyrocketed to $X in 2022. In general, exports recorded a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 800% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Indonesia (X tons), Malaysia (X tons) and Thailand (X tons) were the main destinations of modified starches exports from the Philippines, together accounting for 71% of total exports. China, Japan and Vietnam lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +60.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for modified starches exported from the Philippines were Malaysia ($X), Indonesia ($X) and China ($X), with a combined 68% share of total exports. Thailand, Japan and Vietnam lagged somewhat behind, together accounting for a further 31%.

Japan, with a CAGR of +48.6%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average modified starches export price amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of 67% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Indonesia ($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 the United States (+17.8%), while the prices for the other major destinations experienced more modest paces of growth.

Modified Starches Imports

Imports into the Philippines

Modified starches imports into the Philippines expanded significantly to X tons in 2022, picking up by 12% compared with 2021. Over the period under review, total imports indicated a tangible expansion from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +15.0% against 2020 indices. The growth pace was the most rapid in 2018 when imports increased by 26% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, modified starches imports skyrocketed to $X in 2022. Overall, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +43.5% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Thailand (X tons) constituted the largest modified starches supplier to the Philippines, with a 38% share of total imports. Moreover, modified starches imports from Thailand exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The Netherlands (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand stood at +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+22.0% per year) and the Netherlands (+0.3% per year).

In value terms, Thailand ($X) constituted the largest supplier of dextrins and other modified starches to the Philippines, comprising 37% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 14% share of total imports. It was followed by the United States, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Thailand totaled +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+4.2% per year) and the United States (+2.7% per year).

Import Prices by Country

The average modified starches import price stood at $X per ton in 2022, increasing by 19% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.7%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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