Philippines: Plastic Packaging Market 2024

Plastic Packaging Market Size in the Philippines

The Philippine plastic packaging market reached $X in 2022, picking up by X% against the previous year. In general, the total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. Plastic packaging consumption peaked at $X in 2020; afterwards, it flattened through to 2022.

Plastic Packaging Production in the Philippines

In value terms, plastic packaging production expanded notably to $X in 2022 estimated in export price. Overall, the total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Plastic Packaging Exports

Exports from the Philippines

For the third year in a row, the Philippines recorded decline in shipments abroad of plastic packaging, which decreased by X% to X tons in 2022. In general, exports continue to indicate a slight decline. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, plastic packaging exports fell slightly to $X in 2022. Over the period under review, total exports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for plastic packaging exports from the Philippines, accounting for a X% share of total exports. Moreover, plastic packaging exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), fourfold. Australia (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Australia (X% per year).

In value terms, Japan ($X) remains the key foreign market for plastic packaging exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with a X% share of total exports. It was followed by Australia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Australia (X% per year).

Export Prices by Country

In 2022, the average plastic packaging export price amounted to $X per ton, approximately equating the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2013 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Australia ($X per ton) and the United States ($X per ton), while the average price for exports to South Korea ($X per ton) and Japan ($X per ton) were 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 (X%), while the prices for the other major destinations experienced mixed trend patterns.

Plastic Packaging Imports

Imports into the Philippines

In 2022, the amount of plastic packaging imported into the Philippines amounted to X tons, remaining stable against 2021. Overall, imports posted resilient growth. The pace of growth was the most pronounced in 2015 with an increase of X%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, plastic packaging imports rose slightly to $X in 2022. Over the period under review, imports showed strong growth. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of plastic packaging to the Philippines, with a X% share of total imports. Moreover, plastic packaging imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. Thailand (X tons) ranked third in terms of total imports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Thailand (X% per year).

In value terms, China ($X), Japan ($X) and Thailand ($X) appeared to be the largest plastic packaging suppliers to the Philippines, together accounting for X% of total imports.

In terms of the main suppliers, Japan, with a CAGR of X%, recorded 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

The average plastic packaging import price stood at $X per ton in 2022, leveling off at the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: 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 2022, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :