Philippines: Oleo Oils Market 2024

Oleo Oils Market Size in the Philippines

The Philippine oleo oils market reduced dramatically to $X in 2021, dropping by -69.1% against the previous year. Overall, consumption recorded a dramatic shrinkage. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Oleo Oils Production in the Philippines

In value terms, oleo oils production expanded significantly to $X in 2021 estimated in export price. Over the period under review, production recorded a abrupt curtailment. Oleo oils production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Oleo Oils Exports

Exports from the Philippines

After nine years of growth, shipments abroad of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil decreased by -8.6% to X tons in 2021. In general, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2015 when exports increased by 100%. Over the period under review, the exports reached the peak figure at X tons in 2020, and then dropped in the following year.

In value terms, oleo oils exports amounted to $X in 2021. Overall, total exports indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -35.0% against 2015 indices. The most prominent rate of growth was recorded in 2015 when exports increased by 35%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Thailand (X tons) was the main destination for oleo oils exports from the Philippines, with a 77% share of total exports. Moreover, oleo oils exports to Thailand exceeded the volume sent to the second major destination, Micronesia (X tons), threefold.

From 2012 to 2021, the average annual growth rate of volume to Thailand totaled +30.2%.

In value terms, Thailand ($X) emerged as the key foreign market for lard stearin, lard oil, oleostearin, oleo-oil and tallow oil exports from the Philippines, comprising 94% of total exports. The second position in the ranking was held by Micronesia ($X), with a 5.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Thailand amounted to +1.7%.

Export Prices by Country

The average oleo oils export price stood at $X per ton in 2021, with an increase of 10% against the previous year. Overall, the export price, however, saw a significant decline. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Thailand ($X per ton), while the average price for exports to Micronesia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (-21.9%).

Oleo Oils Imports

Imports into the Philippines

In 2021, approx. X tons of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil were imported into the Philippines; shrinking by -92.6% against 2020. Overall, imports saw a sharp setback. The pace of growth was the most pronounced in 2019 with an increase of 100% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, oleo oils imports dropped notably to $X in 2021. Over the period under review, imports saw a precipitous decline. The pace of growth appeared the most rapid in 2019 with an increase of 112% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Hong Kong SAR (X kg) constituted the largest oleo oils supplier to the Philippines, with a 80% share of total imports. Moreover, oleo oils imports from Hong Kong SAR exceeded the figures recorded by the second-largest supplier, Spain (X kg), fivefold. The third position in this ranking was held by Japan (X kg), with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Hong Kong SAR amounted to -36.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-31.0% per year) and Japan (-28.0% per year).

In value terms, Hong Kong SAR ($X) constituted the largest supplier of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil to the Philippines, comprising 77% of total imports. The second position in the ranking was taken by Spain ($X), with a 13% share of total imports. It was followed by Japan, with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Hong Kong SAR stood at -32.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-32.9% per year) and Japan (-17.6% per year).

Import Prices by Country

The average oleo oils import price stood at $X per ton in 2021, with an increase of 36% against the previous year. Over the period under review, the import price, however, showed a perceptible reduction. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Australia ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+21.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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