Philippines: Industrial Oleic Acid Market 2025

Industrial Oleic Acid Market Size in the Philippines

In 2021, the Philippine industrial oleic acid market decreased by -2.2% to $X for the first time since 2011, thus ending a nine-year rising trend. In general, the total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +58.8% against 2012 indices. Industrial oleic acid consumption peaked at $X in 2020, and then shrank slightly in the following year.

Industrial Oleic Acid Production in the Philippines

In value terms, industrial oleic acid production fell modestly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +62.5% against 2012 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 20% against the previous year. Industrial oleic acid production peaked at $X in 2020, and then fell slightly in the following year.

Industrial Oleic Acid Exports

Exports from the Philippines

For the third year in a row, the Philippines recorded decline in overseas shipments of industrial oleic acid, which decreased by 0% to X kg in 2018. In general, exports saw a precipitous contraction. The smallest decline of -9.7% was in 2016. Over the period under review, the exports reached the maximum at X kg in 2015; however, from 2016 to 2018, the exports failed to regain momentum.

In value terms, industrial oleic acid exports stood at $X in 2018. Overall, exports saw a abrupt downturn. The smallest decline of -9.8% was in 2016. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2018, the exports remained at a lower figure.

Exports by Country

South Korea (X kg) was the main destination for industrial oleic acid exports from the Philippines, accounting for a approx. 100% share of total exports.

From 2015 to 2018, the average annual rate of growth in terms of volume to South Korea was relatively modest.

From 2015 to 2018, the average annual growth rate of value to South Korea was relatively modest.

Export Prices by Country

In 2018, the average industrial oleic acid export price amounted to $X per ton, approximately equating the previous year. In general, the export price saw a strong expansion. The pace of growth was the most pronounced in 2016 a decrease of less than 0.1%. The export price peaked in 2018 and is likely to see steady growth in years to come.

As there is only one major export destination, the average price level is determined by prices for South Korea.

From 2015 to 2018, the rate of growth in terms of prices for the Netherlands amounted to 0.0% per year.

Industrial Oleic Acid Imports

Imports into the Philippines

In 2021, imports of industrial oleic acid into the Philippines dropped remarkably to X tons, with a decrease of -57.8% on the previous year. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 523% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, industrial oleic acid imports dropped significantly to $X in 2021. Over the period under review, imports saw a abrupt curtailment. The most prominent rate of growth was recorded in 2016 when imports increased by 361% against the previous year. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest industrial oleic acid supplier to the Philippines, with a 66% share of total imports. Moreover, industrial oleic acid imports from Malaysia exceeded the figures recorded by the second-largest supplier, Australia (X tons), sevenfold. China (X tons) ranked third in terms of total imports with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Malaysia stood at +35.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-1.4% per year) and China (-1.2% per year).

In value terms, the largest industrial oleic acid suppliers to the Philippines were Malaysia ($X), China ($X) and Australia ($X), with a combined 80% share of total imports.

Among the main suppliers, Malaysia, with a CAGR of +30.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average industrial oleic acid import price amounted to $X per ton, picking up by 12% against the previous year. In general, the import price, however, continues to indicate a abrupt downturn. The pace of growth was the most pronounced in 2019 an increase of 40%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+26.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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