Philippines: Medicaments Containing Vitamins Market 2024

Medicaments Containing Vitamins Market Size in the Philippines

The Philippine medicaments containing vitamins market reduced to $X in 2021, dropping by -5.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption enjoyed strong growth. Medicaments containing vitamins consumption peaked at $X in 2020, and then reduced in the following year.

Medicaments Containing Vitamins Exports

Exports from the Philippines

In 2021, shipments abroad of medicaments containing vitamins and provitamins increased by 83% to X tons, rising for the fourth consecutive year after two years of decline. Over the period under review, exports, however, saw a deep contraction. The growth pace was the most rapid in 2020 when exports increased by 487%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, medicaments containing vitamins exports surged to $X in 2021. In general, exports, however, recorded a abrupt contraction. The growth pace was the most rapid in 2020 when exports increased by 614% against the previous year. 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

Myanmar (X tons), Australia (X tons) and Singapore (X tons) were the main destinations of medicaments containing vitamins exports from the Philippines, with a combined 81% 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 Australia (with a CAGR of +18.3%), while the other leaders experienced mixed trend patterns.

In value terms, Singapore ($X) remains the key foreign market for medicaments containing vitamins and provitamins exports from the Philippines, comprising 48% of total exports. The second position in the ranking was taken by Myanmar ($X), with a 19% share of total exports. It was followed by Australia, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Singapore stood at +23.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (-10.7% per year) and Australia (+21.3% per year).

Export Prices by Country

In 2021, the average medicaments containing vitamins export price amounted to $X per ton, with an increase of 7.3% against the previous year. Over the period under review, export price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, medicaments containing vitamins export price increased by +51.1% against 2017 indices. The pace of growth appeared the most rapid in 2013 when the average export price increased by 60% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 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 Singapore ($X per ton), while the average price for exports to Cambodia ($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 Singapore (+27.9%), while the prices for the other major destinations experienced more modest paces of growth.

Medicaments Containing Vitamins Imports

Imports into the Philippines

In 2021, approx. X tons of medicaments containing vitamins and provitamins were imported into the Philippines; rising by 12% against 2020. Over the period under review, imports showed a buoyant increase. The pace of growth was the most pronounced in 2017 when imports increased by 42%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, medicaments containing vitamins imports dropped to $X in 2021. Overall, imports posted a remarkable increase. The pace of growth appeared the most rapid in 2017 when imports increased by 29% against the previous year. Imports peaked at $X in 2020, and then declined in the following year.

Imports by Country

China (X tons), India (X tons) and Indonesia (X tons) were the main suppliers of medicaments containing vitamins imports to the Philippines, with a combined 73% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +21.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), China ($X) and Taiwan (Chinese) ($X) were the largest medicaments containing vitamins suppliers to the Philippines, together comprising 80% of total imports.

In terms of the main suppliers, China, with a CAGR of +50.0%, saw the highest rates of growth with regard to 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 medicaments containing vitamins import price amounted to $X per ton, with a decrease of -16.5% against the previous year. In general, the import price continues to indicate a perceptible curtailment. The pace of growth was the most pronounced in 2019 when the average import price increased by 54%. Over the period under review, average import prices attained the peak figure 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 Taiwan (Chinese) ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+23.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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