Philippines: Soap Market 2024

Soap Market Size in the Philippines

After two years of growth, the Philippine soap market decreased by -13% to $X in 2021. In general, consumption, however, saw resilient growth. Over the period under review, the market hit record highs at $X in 2020, and then dropped in the following year.

Soap Production in the Philippines

In value terms, soap production reduced slightly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +44.2% against 2018 indices. The pace of growth was the most pronounced in 2015 with an increase of 71%. Soap production peaked at $X in 2020, and then reduced slightly in the following year.

Soap Exports

Exports from the Philippines

In 2021, approx. X tons of soap were exported from the Philippines; with an increase of 31% compared with the year before. In general, total exports indicated a slight expansion from 2012 to 2021: its volume increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +58.5% against 2018 indices. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, soap exports surged to $X in 2021. Overall, exports, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2019 with an increase of 37%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons), Saudi Arabia (X tons) and Vietnam (X tons) were the main destinations of soap exports from the Philippines, with a combined 50% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of +11.9%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) remains the key foreign market for soap exports from the Philippines, comprising 22% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 9.4% share of total exports. It was followed by Saudi Arabia, with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Indonesia totaled +27.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-1.0% per year) and Saudi Arabia (+5.5% per year).

Export Prices by Country

The average soap export price stood at $X per ton in 2021, rising by 4.3% against the previous year. Overall, the export price, however, recorded a deep slump. The most prominent rate of growth was recorded in 2019 when the average export price increased by 24% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Australia ($X per ton), while the average price for exports to the United Arab Emirates ($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 Australia (+14.1%), while the prices for the other major destinations experienced more modest paces of growth.

Soap Imports

Imports into the Philippines

In 2021, supplies from abroad of soap decreased by -23.7% to X tons for the first time since 2015, thus ending a five-year rising trend. Overall, imports, however, showed a prominent increase. The pace of growth appeared the most rapid in 2014 when imports increased by 75% against the previous year. Imports peaked at X tons in 2020, and then dropped remarkably in the following year.

In value terms, soap imports reduced to $X in 2021. Over the period under review, imports, however, recorded a resilient increase. The pace of growth was the most pronounced in 2014 when imports increased by 63% against the previous year. Imports peaked at $X in 2020, and then reduced in the following year.

Imports by Country

Indonesia (X tons), Malaysia (X tons) and China (X tons) were the main suppliers of soap imports to the Philippines, together comprising 77% of total imports. These countries were followed by Thailand, Vietnam, the United States and the Netherlands, which together accounted for a further 19%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +52.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest soap suppliers to the Philippines were Indonesia ($X), Malaysia ($X) and Thailand ($X), with a combined 64% share of total imports. China, Vietnam, the United States and the Netherlands lagged somewhat behind, together accounting for a further 27%.

The Netherlands, with a CAGR of +48.8%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average soap import price amounted to $X per ton, jumping by 23% against the previous year. Over the period under review, the import price showed a mild increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Thailand ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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