Philippines: Vitamin Market 2024

Vitamin Market Size in the Philippines

The Philippine vitamin market contracted to $X in 2021, dropping by -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). Overall, consumption, however, enjoyed a buoyant expansion. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Vitamin Exports

Exports from the Philippines

After two years of growth, shipments abroad of provitamins and vitamins decreased by -44.8% to X tons in 2021. Over the period under review, exports, however, posted a significant increase. The pace of growth was the most pronounced in 2017 with an increase of 633%. The exports peaked at X tons in 2020, and then reduced sharply in the following year.

In value terms, vitamin exports declined notably to $X in 2021. In general, exports, however, saw a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 491%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam (X tons) was the main destination for vitamin exports from the Philippines, with a 69% share of total exports. Moreover, vitamin exports to Vietnam exceeded the volume sent to the second major destination, Singapore (X tons), eightfold. The third position in this ranking was held by Malaysia (X tons), with a 9% share.

From 2012 to 2021, the average annual growth rate of volume to Vietnam totaled +32.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+29.0% per year) and Malaysia (+15.3% per year).

In value terms, Singapore ($X), Vietnam ($X) and Malaysia ($X) were the largest markets for vitamin exported from the Philippines worldwide, together accounting for 76% of total exports. These countries were followed by the United States, Germany, Palau, Taiwan (Chinese) and Hong Kong SAR, which together accounted for a further 10%.

Germany, with a CAGR of +77.1%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average vitamin export price amounted to $X per ton, picking up by 46% against the previous year. Over the period under review, the export price, however, saw a abrupt setback. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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 Hong Kong SAR ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Nigeria (+97.8%), while the prices for the other major destinations experienced more modest paces of growth.

Vitamin Imports

Imports into the Philippines

After two years of growth, overseas purchases of provitamins and vitamins decreased by -13.8% to X tons in 2021. Over the period under review, imports, however, posted prominent growth. The pace of growth appeared the most rapid in 2016 with an increase of 49%. Over the period under review, imports reached the peak figure at X tons in 2020, and then reduced in the following year.

In value terms, vitamin imports contracted slightly to $X in 2021. Overall, imports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2016 when imports increased by 35% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest vitamin supplier to the Philippines, with a 56% share of total imports. Moreover, vitamin imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X tons), sixfold. The third position in this ranking was held by Malaysia (X tons), with a 5.5% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+6.6% per year) and Malaysia (+46.3% per year).

In value terms, China ($X) constituted the largest supplier of provitamins and vitamins to the Philippines, comprising 47% of total imports. The second position in the ranking was held by the UK ($X), with a 7.8% share of total imports. It was followed by Germany, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +15.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+20.4% per year) and Germany (+9.4% per year).

Import Prices by Country

In 2021, the average vitamin import price amounted to $X per ton, picking up by 10% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average import price increased by 34%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average 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 Germany ($X per ton), while the price for Spain ($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 (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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