Report Update Jan 1, 2025

Philippines - Refined Soybean Oil and Its Fractions - Market Analysis, Forecast, Size, Trends and Insights

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Philippines: Refined Soybean Oil Market 2025

Refined Soybean Oil Market Size in the Philippines

The Philippine refined soybean oil market rose rapidly to $X in 2022, surging by 11% against the previous year. Over the period under review, the total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +77.2% against 2020 indices. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in years to come.

Refined Soybean Oil Production in the Philippines

In value terms, refined soybean oil production fell to $X in 2022 estimated in export price. Over the period under review, production recorded a perceptible decline. The most prominent rate of growth was recorded in 2018 when the production volume increased by 74% against the previous year. Refined soybean oil production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports from the Philippines

In 2019, the amount of refined soybean oil and its fractions exported from the Philippines skyrocketed to X tons, increasing by 1,417% on the previous year. In general, exports, however, continue to indicate a precipitous slump. The exports peaked at X tons in 2014; however, from 2015 to 2019, the exports remained at a lower figure.

In value terms, refined soybean oil exports soared to $X in 2019. Overall, exports, however, showed a sharp shrinkage. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2019, the exports remained at a lower figure.

Exports by Country

Russia (X tons) was the main destination for refined soybean oil exports from the Philippines, with a approx. 100% share of total exports.

From 2012 to 2019, the average annual growth rate of volume to Russia totaled +1,416.6%.

In value terms, Russia ($X) also remains the key foreign market for refined soybean oil and its fractions exports from the Philippines.

From 2012 to 2019, the average annual rate of growth in terms of value to Russia amounted to +2,149.7%.

Export Prices by Country

In 2019, the average refined soybean oil export price amounted to $X per ton, with an increase of 48% against the previous year. Over the period under review, the export price saw a remarkable increase. The pace of growth appeared the most rapid in 2018 when the average export price increased by 93%. The export price peaked in 2019 and is likely to continue growth in years to come.

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

From 2012 to 2019, the rate of growth in terms of prices for Russia amounted to +48.3% per year.

Refined Soybean Oil Imports

Imports into the Philippines

In 2022, overseas purchases of refined soybean oil and its fractions increased by 27% to X tons, rising for the third year in a row after two years of decline. Overall, imports saw a resilient expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 361%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, refined soybean oil imports skyrocketed to $X in 2022. Over the period under review, imports showed a significant increase. The pace of growth appeared the most rapid in 2017 with an increase of 386% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

Malaysia (X tons), Thailand (X tons) and China (X tons) were the main suppliers of refined soybean oil imports to the Philippines, with a combined 96% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +115.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil suppliers to the Philippines were Malaysia ($X), Thailand ($X) and China ($X), with a combined 95% share of total imports.

Thailand, with a CAGR of +121.8%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average refined soybean oil import price amounted to $X per ton, with an increase of 30% against the previous year. Over the period under review, import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil import price increased by +100.4% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 49%. The import price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Malaysia ($X per ton) and Thailand ($X per ton), while the price for China ($X per ton) and Bosnia and Herzegovina ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bosnia and Herzegovina (+31.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for refined soybean oil and its fractions in the world?

The countries with the highest volumes of refined soybean oil consumption in 2020 were China, the United States and India, with a combined 30% share of global consumption. Mauritania, Japan, Russia, Indonesia, Italy, Brazil, the UK, Pakistan, Bangladesh and Germany lagged somewhat behind, together comprising a further 27%.

What are the largest producers of refined soybean oil and its fractions in the world?

The countries with the highest volumes of refined soybean oil production in 2020 were China, the United States and India, together comprising 31% of global production. These countries were followed by Brazil, Japan, Russia, the Netherlands, Indonesia, Pakistan, Germany, Bangladesh, the UK and Italy, which together accounted for a further 27%.

What are the leading suppliers of refined soybean oil and its fractions to the Philippines?

In value terms, Thailand constituted the largest supplier of refined soybean oil to the Philippines, comprising 58% of total imports. The second position in the ranking was occupied by Malaysia, with a 22% share of total imports. It was followed by Bosnia and Herzegovina, with an 8.3% share.

What are the leading importers of refined soybean oil and its fractions from the Philippines?

In value terms, Indonesia remains the key foreign market for refined soybean oil exports from the Philippines, comprising 69% of total exports. The second position in the ranking was occupied by the United Arab Emirates, with a 30% share of total exports.

What is the average export price for refined soybean oil and its fractions in the Philippines?

The average refined soybean oil export price stood at $853 per ton in 2020, with a decrease of -32.2% against the previous year.

What is the average import price for refined soybean oil and its fractions in the Philippines?

The average refined soybean oil import price stood at $921 per ton in 2020, declining by -6.5% against the previous year.

This report provides an in-depth analysis of the refined soybean oil market in the Philippines. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 10415100 - Refined soya-bean oil and its fractions (excluding chemically modified)

Country coverage:

Philippines

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in the Philippines
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

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This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2024
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2024
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2024
2. Market Volume, In Physical Terms, 2012–2024
3. Market Value, 2012–2024
4. Per Capita Consumption In 2012-2024
5. Imports, In Physical Terms, By Country, 2012–2024
6. Imports, In Value Terms, By Country, 2012–2024
7. Import Prices, By Country Of Origin, 2012–2024
8. Exports, In Physical Terms, By Country, 2012–2024
9. Exports, In Value Terms, By Country, 2012–2024
10. Export Prices, By Country Of Destination, 2012–2024
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2024
2. Market Value, 2012–2024
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
5. Trade Balance, In Physical Terms, 2012-2024
6. Trade Balance, In Value Terms, 2012-2024
7. Per Capita Consumption, 2012-2024
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2024
22. Production, In Value Terms, 2012–2024
23. Imports, In Physical Terms, 2012–2024
24. Imports, In Value Terms, 2012–2024
25. Imports, In Physical Terms, By Country, 2024
26. Imports, In Physical Terms, By Country, 2012–2024
27. Imports, In Value Terms, By Country, 2012–2024
28. Import Prices, By Country Of Origin, 2012–2024
29. Exports, In Physical Terms, 2012–2024
30. Exports, In Value Terms, 2012–2024
31. Exports, In Physical Terms, By Country, 2024
32. Exports, In Physical Terms, By Country, 2012–2024
33. Exports, In Value Terms, By Country, 2012–2024
34. Export Prices, By Country Of Destination, 2012–2024