Philippines: Soap In Bars Market 2023

Soap In Bars Market Size in the Philippines

In 2021, the Philippine soap in bars market decreased by -7.1% to $X, falling for the second consecutive year after two years of growth. Overall, consumption, however, continues to indicate resilient growth. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Soap In Bars Production in the Philippines

In value terms, soap in bars production expanded significantly to $X in 2021 estimated in export price. Over the period under review, production enjoyed a resilient increase. The growth pace was the most rapid in 2018 when the production volume increased by 101% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Soap In Bars Exports

Exports from the Philippines

In 2021, overseas shipments of soap and organic surface-active products in bars increased by 28% to X tons, rising for the third year in a row after two years of decline. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, soap in bars exports surged to $X in 2021. Overall, exports, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 when exports increased by 61% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Vietnam (X tons), Indonesia (X tons) and Thailand (X tons) were the main destinations of soap in bars exports from the Philippines, with a combined 44% 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 Indonesia (with a CAGR of +28.7%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) remains the key foreign market for soap in bars exports from the Philippines, comprising 30% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with an 11% share of total exports. It was followed by Vietnam, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Indonesia stood at +29.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+14.6% per year) and Vietnam (-1.9% per year).

Export Prices by Country

In 2021, the average soap in bars export price amounted to $X per ton, waning by -2.2% against the previous year. Overall, the export price saw a abrupt curtailment. The most prominent rate of growth was recorded in 2019 an increase of 25%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Indonesia ($X per ton), while the average price for exports to Malaysia ($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 Indonesia (+0.4%), while the prices for the other major destinations experienced a decline.

Soap In Bars Imports

Imports into the Philippines

After two years of growth, purchases abroad of soap and organic surface-active products in bars decreased by -16.5% to X tons in 2021. In general, imports, however, saw prominent growth. The pace of growth appeared the most rapid in 2016 when imports increased by 51% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2020, and then shrank significantly in the following year.

In value terms, soap in bars imports contracted to $X in 2021. Overall, total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +7.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +19.3% against 2016 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 41% against the previous year. Over the period under review, imports reached the maximum at $X in 2020, and then shrank in the following year.

Imports by Country

Indonesia (X tons), China (X tons) and Vietnam (X tons) were the main suppliers of soap in bars imports to the Philippines, with a combined 55% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +59.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Thailand ($X) and the United States ($X) were the largest soap in bars suppliers to the Philippines, together accounting for 49% of total imports. These countries were followed by Indonesia, the Netherlands, Malaysia, Vietnam and Taiwan (Chinese), which together accounted for a further 41%.

Among the main suppliers, Vietnam, with a CAGR of +72.7%, recorded the highest growth rate of 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 soap in bars import price stood at $X per ton in 2021, increasing by 11% against the previous year. Over the period under review, the import price, however, showed a slight curtailment. The pace of growth was the most pronounced in 2018 when the average import price increased by 11% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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