Philippines: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in the Philippines

The Philippine odoriferous substance mixture market soared to $X in 2022, increasing by 21% 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). The market value increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Odoriferous substance mixture consumption peaked in 2022 and is likely to continue growth in years to come.

Odoriferous Substance Mixture Exports

Exports from the Philippines

In 2022, overseas shipments of mixtures of odoriferous substances and their preparations were finally on the rise to reach X tons after two years of decline. Over the period under review, exports, however, recorded a abrupt downturn. The pace of growth was the most pronounced in 2019 when exports increased by 209% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, odoriferous substance mixture exports surged to $X in 2022. In general, exports, however, saw a pronounced setback. The most prominent rate of growth was recorded in 2019 with an increase of 170% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Singapore (X tons), Myanmar (X tons) and Indonesia (X tons) were the main destinations of odoriferous substance mixture exports from the Philippines, together comprising 85% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Myanmar (with a CAGR of +57.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for odoriferous substance mixture exported from the Philippines were Myanmar ($X), Singapore ($X) and Indonesia ($X), with a combined 82% share of total exports.

In terms of the main countries of destination, Myanmar, with a CAGR of +57.7%, recorded the highest growth rate of 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 2022, the average odoriferous substance mixture export price amounted to $X per ton, shrinking by -30.9% against the previous year. Overall, the export price, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2017 an increase of 106% against the previous year. The export price peaked at $X per ton in 2021, and then declined rapidly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Singapore ($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 (+11.9%), while the prices for the other major destinations experienced more modest paces of growth.

Odoriferous Substance Mixture Imports

Imports into the Philippines

In 2022, purchases abroad of mixtures of odoriferous substances and their preparations increased by 27% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, saw a perceptible setback. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, odoriferous substance mixture imports skyrocketed to $X in 2022. Over the period under review, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.4% 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 +8.5% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 34%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

Spain (X tons), Singapore (X tons) and Indonesia (X tons) were the main suppliers of odoriferous substance mixture imports to the Philippines, together comprising 80% of total imports. The United States, China, Japan and South Korea lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +15.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constituted the largest supplier of mixtures of odoriferous substances and their preparations to the Philippines, comprising 54% of total imports. The second position in the ranking was taken by the United States ($X), with a 9.8% share of total imports. It was followed by Indonesia, with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Singapore totaled +16.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+7.9% per year) and Indonesia (+14.5% per year).

Import Prices by Country

In 2022, the average odoriferous substance mixture import price amounted to $X per ton, falling by -6.5% against the previous year. Over the period under review, the import price, however, saw a resilient increase. The most prominent rate of growth was recorded in 2013 when the average import price increased by 34%. The import price peaked at $X per ton in 2021, and then reduced in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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