Philippines Edible Oils & Fats Market

Philippines Edible Oils & Fats Market Overview:

The Philippines edible oils & fats market is projected to exhibit a growth rate (CAGR) of 5.40% during 2024-2032. Increasing health consciousness among consumers, rapid urbanization, the burgeoning foodservice industry, rising disposable incomes, government initiatives promoting local oils, the trend towards plant-based diets, rapid e-commerce adoption, sustainability awareness, and packaging innovations are some of the factors fueling the market growth.

Philippines Edible Oils & Fats Market Trends:

Increasing Health Consciousness

A massive change is taking place in the Philippines edible oils and fats market as health consciousness among consumers is in an upsurge. This seems to be largely attributed to a better understanding of the role of diet on health overall. Health-concerned consumer preferences have resulted in increased demand for healthier substitutes to conventional cooking oils like olive oil and coconut oil, which are believed to be healthy. Especially due to antioxidant and monounsaturated fats that olive oil contains, it also assists to reduce the risk of heart disease and some kinds of cancers. Coconut oil is also popular as it is made up of medium-chain fatty acids, which are believed to improve metabolism, immunity, and the ability to gain or lose weight. To combat this, manufacturers and retailers are providing a more diverse range of healthier oil options and commercially marketing them to selectively target the health in oil message.

Rapid Urbanization and Changing Lifestyles

In recent years, rapid urbanization and changing lifestyles in the Philippines have driven significant shifts in dietary habits and consumption patterns. According to the industry reports, in 2022, 48 % of the total population were urban. Due to increased urbanization and lifestyle changing patterns towards faster lifestyles, there is surge in demand for convenience foods and prepared to eat meals which usually includes edible oils and fats as its major ingredient. A host of issues such as time constraints, higher disposable incomes and conjugal bliss of quick fixes are driving this trend. These factors causing an increase in the consumption of processed foods and cooking oils also help the edible oils and fats market to grow in the country. With convenience being an important selling point, manufacturers are now offering an extensive range of easy-to-use cooking oil solutions, including pre-packaged cooking sprays and portion-controlled cooking oil sachets to accommodate the lifestyle of busy urban consumers.

Growing Foodservice Industry

The Philippines' burgeoning foodservice industry, encompassing restaurants, cafes, and fast-food chains, is a major driver of the edible oils and fats market. With the increasing popularity of dining out and ordering food delivery, there is a rising demand for cooking oils and fats within the foodservice sector. These oils are not only used for cooking but also for frying, baking, and salad dressings, making them essential ingredients in a wide variety of dishes. As the foodservice industry continues to expand and diversify, so does the demand for different types of edible oils and fats to meet the varying culinary needs and preferences of consumers. 

Philippines Edible Oils & Fats Market News:

• In 2024, NutriAsia Inc. unveiled its latest innovation in the edible oils sector with the introduction of a new line of infused cooking oils. These specialty oils, available in flavors such as garlic, chili, and lemon, aim to cater to the evolving tastes and preferences of Filipino consumers. NutriAsia's launch of infused cooking oils reflects its commitment to product innovation and meeting the changing demands of the market.
• In 2024, Universal Robina Corp (URC) broke ground on its new mega production facility in Malvar, Batangas. The new factory will cover an area of 30.7 hectares and will feature state-of-the-art manufacturing technology. 
   

Philippines Edible Oils & Fats Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on type, source, and end use.

Type Insights:

• Oils
  • Soybean
  • Coconut
  • Palm
  • Others
• Fats
  • Butter
  • Margarine
  • Tallow
  • Others
     

The report has provided a detailed breakup and analysis of the market based on the type. This includes oils (soybean, coconut, palm, and others) and fats (butter, margarine, tallow, and others).

Source Insights:

• Animal
• Plant
   

A detailed breakup and analysis of the market based on the source have also been provided in the report. This includes animal and plant.

End Use Insights:

• Food Service
• Retail
   

The report has provided a detailed breakup and analysis of the market based on the end use. This includes food service and retail.

Regional Insights:

• Luzon  
• Visayas 
• Mindanao
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Luzon, Visayas, Mindanao.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Philippines Edible Oils & Fats Market Report Coverage:

Key Questions Answered in This Report:

• How has the Philippines edible oils & fats market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Philippines edible oils & fats market?
• What is the breakup of the Philippines edible oils & fats market on the basis of type?
• What is the breakup of the Philippines edible oils & fats market on the basis of source?
• What is the breakup of the Philippines edible oils & fats market on the basis of end use?
• What are the various stages in the value chain of the Philippines edible oils & fats market? 
• What are the key driving factors and challenges in the Philippines edible oils & fats?
• What is the structure of the Philippines edible oils & fats market and who are the key players?
• What is the degree of competition in the Philippines edible oils & fats market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Philippines edible oils & fats market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Philippines edible oils & fats market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Philippines edible oils & fats industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.