Philippines: Waste Cork Market 2025

Waste Cork Market Size in the Philippines

After two years of growth, the Philippine waste cork market decreased by -13.8% to $X in 2021. In general, consumption continues to indicate a relatively flat trend pattern. Waste cork consumption peaked at $X in 2020, and then fell in the following year.

Waste Cork Production in the Philippines

In value terms, waste cork production reduced remarkably to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the production volume increased by 82%. Waste cork production peaked at $X in 2020, and then fell dramatically in the following year.

Waste Cork Exports

Exports from the Philippines

After two years of growth, overseas shipments of waste cork, crushed, granulated or ground cork decreased by -1.6% to X tons in 2021. In general, exports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2013 with an increase of 98%. The exports peaked at X tons in 2020, and then contracted modestly in the following year.

In value terms, waste cork exports expanded remarkably to $X in 2021. Over the period under review, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 1,769%. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

India (X tons) was the main destination for waste cork exports from the Philippines, accounting for a 69% share of total exports. Moreover, waste cork exports to India exceeded the volume sent to the second major destination, China (X tons), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume to India totaled +41.6%.

In value terms, India ($X) remains the key foreign market for waste cork, crushed, granulated or ground cork exports from the Philippines, comprising 81% of total exports. The second position in the ranking was taken by China ($X), with a 19% share of total exports.

From 2012 to 2021, the average annual growth rate of value to India totaled +57.3%.

Export Prices by Country

In 2021, the average waste cork export price amounted to $X per ton, growing by 16% against the previous year. Overall, the export price posted a significant increase. The most prominent rate of growth was recorded in 2014 when the average export price increased by 14,407% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to China stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+11.1%), while the prices for the other major destinations experienced mixed trend patterns.

Waste Cork Imports

Imports into the Philippines

In 2021, waste cork imports into the Philippines shrank significantly to X tons, dropping by -66.4% compared with 2020. In general, imports showed a deep setback. The pace of growth was the most pronounced in 2016 when imports increased by 352% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, waste cork imports dropped significantly to $X in 2021. Over the period under review, imports recorded a drastic downturn. The pace of growth was the most pronounced in 2016 with an increase of 421% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Portugal (X tons) constituted the largest supplier of waste cork to the Philippines, accounting for a 80% share of total imports. Moreover, waste cork imports from Portugal exceeded the figures recorded by the second-largest supplier, China (X tons), eightfold. The third position in this ranking was taken by Singapore (X tons), with a 6.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Portugal stood at -9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-10.0% per year) and Singapore (+58.0% per year).

In value terms, the largest waste cork suppliers to the Philippines were Portugal ($X), China ($X) and Singapore ($X), with a combined 94% share of total imports.

Singapore, with a CAGR of +33.2%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average waste cork import price stood at $X per ton in 2021, almost unchanged from the previous year. Over the period under review, import price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, waste cork import price increased by +25.0% against 2019 indices. The pace of growth appeared the most rapid in 2018 an increase of 33% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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