Market Overview:

The Philippines edible oils & fats market size was valued at USD 3.39 billion in 2022 and is expected to be worth USD 3.55 billion in 2023. The market is expected to touch USD 5.07 billion by 2030, exhibiting a CAGR of 5.21% during the forecast period.

The consumption of oils and fats is increasing steadily across the world due to factors such as rise in population and expansion of the food sector. Cooking oils are often an inseparable part of cooking different sweet and savory dishes, and since customers’ dietary habits are changing, the consumption of edible oils & fats has grown considerably in the Philippines. Many Filipino customers are becoming quite conscious of their health and wellbeing, and looking for organic and fortified cooking oils. This factor is expected to boost the Philippines edible oils & fats market growth.

Fortune Business Insights™ displays this information in a report titled, “Philippines Edible Oils & Fats Market, 2023-2030.”

Segments

High Demand for Palm Oil from the Commercial Food Service Industry Boosted its Sales

Based on type, the market is segmented into oils and fats. The oils segment is further segmented into coconut, palm, soybean, and others, while the fats segment covers butter, margarine, tallow, and others. The palm segment has captured the largest Philippines edible oils & fats market share as this oil is being widely used to produce baked goods, confectionaries, and processed foods in the commercial food service industry.

Plant-based Edible Oils to Gain Traction Due to their Health Benefits

Based on source, the market is bifurcated into plant and animal. The plant segment has accounted for the biggest market share as there is robust demand for plant-based or vegetable oils due to the health benefits they offer. These include lower risk of cardiovascular diseases & breast cancer, better metabolism, and rich in omega-3 fatty acids.

Retail Segment to Lead Due to Increasing Sales of Products

Based on end-use, the market is divided into food service and retail. Retail is set to lead the market during the forecast period due to increasing sales for oils & fats from retail stores.

Report Coverage:

The report has conducted a detailed analysis of the market and underlined critical areas such as prominent companies, leading sources, types, and end-uses of the product. It also offers valuable insights into the latest market trends and shares key industry developments. In addition to this, the report covers many factors that have contributed to the market’s growth in recent years.

Drivers and Restraints:

Growing Demand for Vegetable Oils from Food Service Sector to Fuel Market Progress

The food service industry is one of the key sectors of the Philippines as more people are splurging on outdoor dining experiences. As a rising percentage of youngsters in the country are increasing their consumption of fast foods, the network of fast food chains has expanded considerably. This scenario has also boosted the demand for a wide range of vegetable oils, such as coconut, soybean, and palm. The country’s own fast food chain Jollibee has seen exponential growth in its business in recent years. This factor is also expected to fuel the market’s growth in the country. However, the country’s growing dependence on importing edible oils & fats can hamper the market progress.

Competitive Landscape:

Key Market Players to Focus on Corporate Growth Strategies to Boost Market Presence

The market’s competitive landscape consists of a wide range of local as well as international companies that are developing robust growth strategies to gain a competitive edge in the production of edible oils & fats. These firms are focusing on signing merger & acquisition and partnership & collaboration agreements to boost their presence in the market.

Key Industry Development:

November 2022 – OFI fortified its relationship with the Polish business partner and brand Mlekovita. The company got an 18-container shipment of milk products from the Polish brand. OFI is known to exclusively distribute its products in the Philippines market. OFI and PTIA discussed potential import and export projects between Oleo-Fats and other Poland-based firms. Mlekovita will also assist OFI in other segments, such as baking and cooking oil, and help the latter expand its market share in the coming years.

List of Key Players Mentioned in the Report:

  • NutriAsia (Philippines)
  • International Oil Factory (Baguio Oil) (Philippines)
  • Oleo Fats (Philippines)
  • Cargill, Inc. (U.S.)
  • Marca Leon (Philippines)
  • Fuji Oil Co. Ltd. (Japan)
  • CIIF Oil Mills Group (Philippines)
  • Wilmar International Limited (Singapore)
  • Archer Daniels Midland Company (U.S.)
  • Arla Foods amba (Denmark)

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