It depends on storage conditions.
Cool and dry in a tight container: many years.
Moisture from condensation, loose cap: toast
Continuous elevated temps, sun, stove: Settles out, cakes. The technical term for this is agglomeration.
I found some commercial stuff in the back of the shop that's been there about 15 years. Stirred it up, and it isn't changed. Of course, it's not the same soft, relatively oderless stuff we're getting used to now. It's still the same stinky kinky plastic it was 15 years ago.
jm