Philippines: Market for Manufactured Tobacco, Extracts And Essences 2024

Market Size for Manufactured Tobacco, Extracts And Essences in the Philippines

The Philippine market for manufactured tobacco, extracts and essences expanded rapidly to $X in 2021, picking up by 11% against the previous year. Overall, consumption continues to indicate a abrupt decline. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Production of Manufactured Tobacco, Extracts And Essences in the Philippines

In value terms, manufactured tobacco, extracts and essences production totaled less than $X in 2021 estimated in export price. In general, production enjoyed a strong expansion. The pace of growth appeared the most rapid in 2015 when the production volume increased by 198%. Over the period under review, production reached the peak level at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Exports of Manufactured Tobacco, Extracts And Essences

Exports from the Philippines

In 2021, the amount of manufactured tobacco, extracts and essences exported from the Philippines soared to X tons, increasing by 43% compared with 2020. Overall, exports posted a prominent increase. The pace of growth was the most pronounced in 2015 when exports increased by 219% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, manufactured tobacco, extracts and essences exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed a strong increase. The pace of growth appeared the most rapid in 2015 with an increase of 203% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Thailand (X tons), South Korea (X tons) and India (X tons) were the main destinations of manufactured tobacco, extracts and essences exports from the Philippines, together accounting for 79% of total exports. These countries were followed by Cambodia, Vietnam, Indonesia and Malaysia, which together accounted for a further 17%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cambodia (with a CAGR of +216.3%), while the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), South Korea ($X) and India ($X) constituted the largest markets for manufactured tobacco, extracts and essences exported from the Philippines worldwide, with a combined 82% share of total exports. These countries were followed by Cambodia, Indonesia, Vietnam and Malaysia, which together accounted for a further 11%.

In terms of the main countries of destination, Cambodia, with a CAGR of +195.2%, 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 more modest paces of growth.

Export Prices by Country

In 2021, the average export price for manufactured tobacco, extracts and essences amounted to $X per ton, surging by 8.8% against the previous year. Over the period under review, export price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +7.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, manufactured tobacco, extracts and essences export price decreased by -0.1% against 2019 indices. The pace of growth was the most pronounced in 2014 when the average export price increased by 100%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; afterwards, it flattened through to 2021.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Vietnam ($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 Thailand (+39.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Manufactured Tobacco, Extracts And Essences

Imports into the Philippines

In 2021, approx. X tons of manufactured tobacco, extracts and essences were imported into the Philippines; with an increase of 27% on the year before. In general, imports continue to indicate a perceptible increase. The growth pace was the most rapid in 2016 when imports increased by 146% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, manufactured tobacco, extracts and essences imports skyrocketed to $X in 2021. Overall, imports recorded resilient growth. The most prominent rate of growth was recorded in 2017 when imports increased by 239% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in the near future.

Imports by Country

Malaysia (X tons), Russia (X tons) and Japan (X tons) were the main suppliers of manufactured tobacco, extracts and essences imports to the Philippines, together accounting for 88% of total imports. China, South Korea, Singapore and Germany lagged somewhat behind, together accounting for a further 9.6%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +112.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest manufactured tobacco, extracts and essences suppliers to the Philippines were Russia ($X), Malaysia ($X) and Japan ($X), with a combined 77% share of total imports. South Korea, Singapore, Germany and China lagged somewhat behind, together accounting for a further 20%.

South Korea, with a CAGR of +156.6%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 import price for manufactured tobacco, extracts and essences stood at $X per ton in 2021, with an increase of 62% against the previous year. Overall, the import price saw a prominent increase. The pace of growth appeared the most rapid in 2017 when the average import price increased by 85%. The import price peaked in 2021 and is expected to retain growth in years to come.

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 South Korea ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+20.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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