Oils & Fats - Philippines

Philippines

Revenue in the Oils & Fats market amounts to €2.22bn in 2024. The market is expected to grow annually by 6.70% (CAGR 2024-2029).
In global comparison, most revenue is generated in India (€43bn in 2024).
In relation to total population figures, per person revenues of €18.67 are generated in 2024.
In the Oils & Fats market, volume is expected to amount to 431.40m kg by 2029. The Oils & Fats market is expected to show a volume growth of 4.2% in 2025.
The average volume per person in the Oils & Fats market is expected to amount to 3.1kg in 2024.

Key regions: Canada, India, Spain, Philippines, South Korea

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Comparación de regiones

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Analyst Opinion

The Oils & Fats market in the Philippines is experiencing minimal growth, influenced by factors such as changing consumer preferences towards healthier options, fluctuating raw material prices, and increased competition from alternative products.

Customer preferences: Consumers in the Philippines are increasingly prioritizing health-conscious choices, leading to a rising demand for oils and fats that are perceived as healthier, such as olive oil and coconut oil. This shift is influenced by a younger demographic that values nutrition and wellness, alongside traditional culinary practices that embrace natural ingredients. Additionally, the growing popularity of plant-based diets is prompting interest in alternatives like avocado oil and nut oils, reflecting a broader trend towards sustainable and mindful eating habits in the Filipino market.

Trends in the market: In the Philippines, the Oils & Fats Market is experiencing a surge in demand for healthier options, with consumers gravitating towards oils perceived as nutritious, such as olive oil and coconut oil. This trend is driven by a younger demographic that prioritizes wellness and nutrition, aligning with traditional culinary practices that favor natural ingredients. Moreover, the increasing adoption of plant-based diets is promoting interest in alternatives like avocado oil and nut oils. This shift holds significant implications for industry stakeholders, prompting them to innovate and expand product offerings to cater to evolving consumer preferences.

Local special circumstances: In the Philippines, the Oils & Fats Market is shaped by unique local factors such as the country's rich biodiversity and culinary heritage. The prevalence of coconut trees facilitates the production of coconut oil, which is deeply ingrained in traditional Filipino cooking. Additionally, cultural practices emphasizing health and wellness resonate with the growing demand for oils like olive and avocado. Regulatory support for sustainable agriculture further encourages the development of locally sourced oils, fostering innovation as producers adapt to consumer preferences for healthful and natural ingredients.

Underlying macroeconomic factors: The Oils & Fats Market in the Philippines is significantly influenced by macroeconomic factors such as agricultural productivity, trade policies, and global commodity prices. The country's economic growth trajectory, driven by rising consumer spending and a burgeoning middle class, enhances demand for various oils, including healthier alternatives. Additionally, fluctuations in global oil prices and supply chain dynamics can impact local production costs and retail prices. Fiscal policies promoting sustainable agriculture and investments in infrastructure further support market expansion, while increasing awareness of health issues encourages consumers to seek oils that align with wellness trends, shaping the overall market landscape.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.