Philippines: Organ Extracts Market 2024

Organ Extracts Market Size in the Philippines

In 2021, the Philippine organ extracts market decreased by -26.2% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption, however, recorded a significant increase. Over the period under review, the market attained the maximum level at $X in 2020, and then dropped notably in the following year.

Organ Extracts Production in the Philippines

In value terms, organ extracts production amounted to $X in 2021 estimated in export price. Overall, the total production indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -29.2% against 2018 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 59%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Organ Extracts Exports

Exports from the Philippines

In 2021, shipments abroad of extracts of glands or other organs or of their secretions increased by 3,325% to X kg for the first time since 2017, thus ending a three-year declining trend. Overall, exports, however, continue to indicate a abrupt setback. Over the period under review, the exports reached the peak figure at X kg in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, organ extracts exports soared to $X in 2021. Over the period under review, exports, however, showed a abrupt downturn. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Germany (X kg) was the main destination for organ extracts exports from the Philippines, accounting for a 83% share of total exports. Moreover, organ extracts exports to Germany exceeded the volume sent to the second major destination, Angola (X kg), more than tenfold. Canada (X kg) ranked third in terms of total exports with a 4.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany stood at +45.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (-33.3% per year) and Canada (+22.0% per year).

In value terms, Germany ($X) emerged as the key foreign market for extracts of glands or other organs or of their secretions exports from the Philippines, comprising 32% of total exports. The second position in the ranking was held by Angola ($X), with a 4.7% share of total exports. It was followed by Canada, with a 0.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany totaled +27.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (-25.0% per year) and Canada (+4.6% per year).

Export Prices by Country

In 2021, the average organ extracts export price amounted to $X per ton, which is down by -21.5% against the previous year. In general, the export price showed a perceptible decline. The pace of growth appeared the most rapid in 2018 an increase of 115% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Angola ($X per ton), while the average price for exports to Canada ($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 Angola (+10.0%), while the prices for the other major destinations experienced a decline.

Organ Extracts Imports

Imports into the Philippines

In 2021, supplies from abroad of extracts of glands or other organs or of their secretions decreased by -25.4% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports, however, showed a significant increase. The pace of growth appeared the most rapid in 2017 with an increase of 14,800% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020, and then contracted notably in the following year.

In value terms, organ extracts imports dropped markedly to $X in 2021. Overall, imports, however, posted prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of 33,371% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of organ extracts to the Philippines, accounting for a 89% share of total imports. Moreover, organ extracts imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X kg), more than tenfold. The third position in this ranking was taken by the United States (X kg), with a 1.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +196.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+2,818.2% per year) and the United States (-14.7% per year).

In value terms, the largest organ extracts suppliers to the Philippines were China ($X), the UK ($X) and Singapore ($X), together comprising 90% of total imports.

Singapore, with a CAGR of +2,044.0%, saw 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

In 2021, the average organ extracts import price amounted to $X per ton, growing by 4.9% against the previous year. Over the period under review, the import price, however, showed a sharp shrinkage. The growth pace was the most rapid in 2017 an increase of 125%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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 UK ($X per ton), while the price for China ($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 (+8.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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