Philippines: Wadding Market 2024

Wadding Market Size in the Philippines

The Philippine wadding market was estimated at $X in 2021, rising by 4.9% against the previous year. Overall, the total consumption indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -0.1% against 2019 indices. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Wadding Production in the Philippines

In value terms, wadding production totaled $X in 2021 estimated in export price. In general, the total production indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -0.5% against 2019 indices. The pace of growth appeared the most rapid in 2016 with an increase of 53%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Wadding Exports

Exports from the Philippines

After three years of growth, shipments abroad of wadding decreased by -4.7% to X tons in 2021. Over the period under review, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 148% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2020, and then declined modestly in the following year.

In value terms, wadding exports fell sharply to $X in 2021. In general, exports, however, recorded a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 244%. Over the period under review, the exports attained the maximum at $X in 2020, and then reduced remarkably in the following year.

Exports by Country

Indonesia (X tons), Cambodia (X tons) and South Korea (X tons) were the main destinations of wadding exports from the Philippines, together accounting for 80% of total exports.

From 2012 to 2021, the biggest increases were recorded for Cambodia (with a CAGR of +24.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) remains the key foreign market for wadding exports from the Philippines, comprising 45% of total exports. The second position in the ranking was taken by South Korea ($X), with a 17% share of total exports. It was followed by Cambodia, with a 16% share.

From 2012 to 2021, the average annual growth rate of value to Indonesia totaled +22.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+22.0% per year) and Cambodia (+10.2% per year).

Export Prices by Country

In 2021, the average wadding export price amounted to $X per ton, which is down by -12.8% against the previous year. Over the period under review, export price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the average export price increased by 39% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Myanmar ($X per ton), while the average price for exports to Japan ($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 Myanmar (+22.3%), while the prices for the other major destinations experienced more modest paces of growth.

Wadding Imports

Imports into the Philippines

In 2021, after two years of decline, there was significant growth in supplies from abroad of wadding, when their volume increased by 20% to X tons. In general, imports enjoyed a strong expansion. The pace of growth was the most pronounced in 2018 when imports increased by 169% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, wadding imports soared to $X in 2021. Overall, imports recorded a prominent increase. The most prominent rate of growth was recorded in 2018 with an increase of 170% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

Japan (X tons), China (X tons) and Thailand (X tons) were the main suppliers of wadding imports to the Philippines, with a combined 82% share of total imports. South Korea, the Netherlands, Indonesia, Malaysia, the United States and Germany lagged somewhat behind, together accounting for a further 10%.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +41.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of wadding to the Philippines, comprising 48% of total imports. The second position in the ranking was held by Thailand ($X), with a 10% share of total imports. It was followed by South Korea, with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan stood at +27.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+33.0% per year) and South Korea (+53.4% per year).

Import Prices by Country

The average wadding import price stood at $X per ton in 2021, increasing by 4.3% against the previous year. Overall, the import price enjoyed a prominent increase. The pace of growth appeared the most rapid in 2017 an increase of 219% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of origin: the country with the highest price was Indonesia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+22.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform