Philippines: Nucleic Acid Market 2024

Nucleic Acid Market Size in the Philippines

The Philippine nucleic acid market skyrocketed to $X in 2021, jumping by 15% 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 +1.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Nucleic Acid Exports

Exports from the Philippines

In 2021, shipments abroad of nucleic acids and their salts increased by 195% to X tons, rising for the second year in a row after two years of decline. Overall, exports recorded a pronounced expansion. The most prominent rate of growth was recorded in 2016 with an increase of 449% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, nucleic acid exports rose rapidly to $X in 2021. In general, exports enjoyed buoyant growth. The growth pace was the most rapid in 2016 with an increase of 697% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Vietnam (X tons) was the main destination for nucleic acid exports from the Philippines, accounting for a 36% share of total exports. Moreover, nucleic acid exports to Vietnam exceeded the volume sent to the second major destination, Indonesia (X tons), twofold. The third position in this ranking was held by Thailand (X tons), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam amounted to +8.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+50.5% per year) and Thailand (+71.2% per year).

In value terms, Vietnam ($X) emerged as the key foreign market for nucleic acids and their salts exports from the Philippines, comprising 54% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 14% share of total exports. It was followed by Thailand, with a 10% share.

From 2012 to 2021, the average annual growth rate of value to Vietnam totaled +20.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+53.3% per year) and Thailand (+54.3% per year).

Export Prices by Country

The average nucleic acid export price stood at $X per ton in 2021, shrinking by -61.7% against the previous year. Over the period under review, the export price, however, showed a pronounced expansion. The pace of growth appeared the most rapid in 2020 when the average export price increased by 204% against the previous year. As a result, the export price reached the peak level of $X per ton, and then shrank dramatically in the following year.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Singapore ($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 the United States (+142.6%), while the prices for the other major destinations experienced more modest paces of growth.

Nucleic Acid Imports

Imports into the Philippines

Nucleic acid imports into the Philippines soared to X tons in 2021, rising by 33% compared with the year before. Over the period under review, total imports indicated noticeable growth from 2012 to 2021: its volume increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +103.1% against 2013 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, nucleic acid imports totaled $X in 2021. The total import value increased at an average annual rate of +1.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 when imports increased by 21%. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest nucleic acid supplier to the Philippines, with a 49% share of total imports. Moreover, nucleic acid imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. The third position in this ranking was held by Singapore (X tons), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+6.2% per year) and Singapore (+22.9% per year).

In value terms, China ($X), Japan ($X) and Indonesia ($X) appeared to be the largest nucleic acid suppliers to the Philippines, with a combined 38% share of total imports. Singapore, Germany, Uruguay and India lagged somewhat behind, together comprising a further 13%.

Uruguay, with a CAGR of +44.4%, recorded the highest rates of growth with regard to 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

The average nucleic acid import price stood at $X per ton in 2021, declining by -16.6% against the previous year. Over the period under review, the import price saw a noticeable decrease. The growth pace was the most rapid in 2016 when the average import price increased by 27%. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+1.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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