Philippines: Plant-Growth Regulators Market 2024

Plant-Growth Regulators Market Size in the Philippines

The Philippine plant-growth regulators market soared to $X in 2022, increasing by 15% against the previous year. In general, consumption, however, recorded resilient growth. Plant-growth regulators consumption peaked in 2022 and is expected to retain growth in the near future.

Plant-Growth Regulators Production in the Philippines

In value terms, plant-growth regulators production expanded significantly to $X in 2022 estimated in export price. Overall, production recorded a deep setback. The most prominent rate of growth was recorded in 2019 when the production volume increased by 32%. Plant-growth regulators production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Plant-Growth Regulators Exports

Exports from the Philippines

In 2022, overseas shipments of plant-growth regulators increased by 20% to X tons, rising for the second year in a row after three years of decline. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 569%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, plant-growth regulators exports soared to $X in 2022. In general, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 677% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Indonesia (X tons) was the main destination for plant-growth regulators exports from the Philippines, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Indonesia stood at +54.9%.

In value terms, Indonesia ($X) emerged as the key foreign market for plant-growth regulators exports from the Philippines.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia amounted to +88.2%.

Export Prices by Country

In 2022, the average plant-growth regulators export price amounted to $X per ton, growing by 29% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average export price increased by 179%. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Indonesia.

From 2012 to 2022, the rate of growth in terms of prices for Indonesia amounted to +21.5% per year.

Plant-Growth Regulators Imports

Imports into the Philippines

In 2022, imports of plant-growth regulators into the Philippines amounted to X tons, almost unchanged from 2021. In general, total imports indicated buoyant growth from 2017 to 2022: its volume increased at an average annual rate of +7.4% over the last five-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +67.8% against 2019 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 35% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, plant-growth regulators imports soared to $X in 2022. Overall, imports recorded strong growth. The growth pace was the most rapid in 2021 with an increase of 37%. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest plant-growth regulators supplier to the Philippines, with a 77% share of total imports. Moreover, plant-growth regulators imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fivefold. The third position in this ranking was held by India (X tons), with a 1.8% share.

From 2017 to 2022, the average annual growth rate of volume from China amounted to +10.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+9.0% per year) and India (+3.4% per year).

In value terms, China ($X) constituted the largest supplier of plant-growth regulators to the Philippines, comprising 70% of total imports. The second position in the ranking was held by Malaysia ($X), with a 6.9% share of total imports. It was followed by Indonesia, with a 6.2% share.

From 2017 to 2022, the average annual rate of growth in terms of value from China totaled +30.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+15.5% per year) and Indonesia (+15.2% per year).

Import Prices by Country

The average plant-growth regulators import price stood at $X per ton in 2022, increasing by 16% against the previous year. Over the period under review, import price indicated a buoyant increase from 2017 to 2022: its price increased at an average annual rate of +10.7% over the last five years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plant-growth regulators import price increased by +66.1% against 2017 indices. The most prominent rate of growth was recorded in 2019 when the average import price increased by 17% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in years to come.

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 Indonesia ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2017 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+21.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform