Philippines: Vegetable Oils Market 2024

Vegetable Oils Market Size in the Philippines

In 2022, the Philippine vegetable oils market increased by X% to $X, rising for the fourth year in a row after three years of decline. In general, consumption showed a measured expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Vegetable Oils Production in the Philippines

In value terms, vegetable oils production surged to $X in 2022 estimated in export price. In general, production, however, recorded a deep contraction. The pace of growth appeared the most rapid in 2020 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Vegetable Oils Exports

Exports from the Philippines

Vegetable oils exports from the Philippines skyrocketed to X tons in 2022, jumping by X% against the previous year's figure. In general, exports, however, showed a mild curtailment. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, vegetable oils exports soared to $X in 2022. Over the period under review, exports showed measured growth. The most prominent rate of growth was recorded in 2017 when exports increased by X%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for vegetable oils exports from the Philippines, accounting for a X% share of total exports. Moreover, vegetable oils exports to the United States exceeded the volume sent to the second major destination, the UK (X tons), threefold. Australia (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (X% per year) and Australia (X% per year).

In value terms, the United States ($X) remains the key foreign market for vegetable fats and oils exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by the UK ($X), with a X% share of total exports. It was followed by Canada, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (X% per year) and Canada (X% per year).

Export Prices by Country

In 2022, the average vegetable oils export price amounted to $X per ton, reducing by X% against the previous year. Overall, export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vegetable oils export price decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2014 an increase of X%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Pakistan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Oils Imports

Imports into the Philippines

Vegetable oils imports into the Philippines skyrocketed to X tons in 2022, growing by X% compared with the previous year's figure. Over the period under review, imports posted a buoyant expansion. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in the near future.

In value terms, vegetable oils imports surged to $X in 2022. Overall, imports enjoyed a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons), Indonesia (X tons) and Singapore (X tons) were the main suppliers of vegetable oils imports to the Philippines, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of X%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Malaysia ($X) constituted the largest supplier of vegetable fats and oils to the Philippines, comprising X% of total imports. The second position in the ranking was held by Indonesia ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Malaysia totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Singapore (X% per year).

Import Prices by Country

In 2022, the average vegetable oils import price amounted to $X per ton, picking up by X% against the previous year. In general, the import price enjoyed a prominent increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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