The most common and most likely answer to this crossword clue is the 9 letter word AMBERGRIS
I've seen this crossword clue in The Daily Telegraph
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More clues leading to the result AMBERGRIS
- Scented substance good in Morning Fruit
- Grim sabre hacked part of whale
- Author includes ‘Mountain King’ as a perfume ingredient
- Some of perfume, a shade over one thousand dollars, upset gent
- Ms Rudd at last agreeing blubber constitutes whale product
- Light grey French perfume ingredient
- Sperm whales’ innards may contain this novelist pierced by ice floating in sea and river
- Light colour is masking Greek element in perfume
- Warning light on rigs designed to identify whale product
- Bar’s grime — possibly an ash-grey, strong-scented substance
Buddy explains!

The straight part
We know that "whale product" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case whale product = ambergris.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does AMBERGRIS mean?
AMBERGRIS noun- A solid, waxy, flammable substance of a dull grey or blackish color, produced in the intestines of the sperm whale. It is used in perfumes.