Philippines: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in the Philippines

In 2022, the Philippine virgin olive oil market increased by 43% to $X for the first time since 2017, thus ending a four-year declining trend. In general, consumption saw a strong expansion. Virgin olive oil consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Virgin Olive Oil Exports

Exports from the Philippines

In 2022, approx. X kg of virgin olive oil were exported from the Philippines; falling by -49.5% against the previous year. Over the period under review, exports saw a significant decrease. The pace of growth appeared the most rapid in 2014 when exports increased by 647%. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, virgin olive oil exports declined notably to $X in 2022. In general, exports recorded a dramatic slump. The pace of growth was the most pronounced in 2014 when exports increased by 415%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Singapore (X kg), Canada (X kg) and Bahrain (X kg) were the main destinations of virgin olive oil exports from the Philippines, together comprising 94% of total exports.

From 2013 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +6.5%), while the other leaders experienced mixed trend patterns.

In value terms, Singapore ($X) remains the key foreign market for virgin olive oil exports from the Philippines, comprising 70% of total exports. The second position in the ranking was taken by Canada ($X), with a 27% share of total exports. It was followed by Bahrain, with a 2.2% share.

From 2013 to 2022, the average annual growth rate of value to Singapore totaled +11.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-18.7% per year) and Bahrain (-43.9% per year).

Export Prices by Country

In 2022, the average virgin olive oil export price amounted to $X per ton, approximately mirroring the previous year. Overall, the export price showed a deep setback. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+7.2%), while the prices for the other major destinations experienced mixed trend patterns.

Virgin Olive Oil Imports

Imports into the Philippines

In 2022, overseas purchases of virgin olive oil were finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. In general, imports showed a strong increase. The most prominent rate of growth was recorded in 2014 when imports increased by 125%. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, virgin olive oil imports soared to $X in 2022. Over the period under review, imports showed a strong increase. The most prominent rate of growth was recorded in 2014 when imports increased by 108% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Spain (X tons) constituted the largest virgin olive oil supplier to the Philippines, accounting for a 69% share of total imports. Moreover, virgin olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. The third position in this ranking was held by Turkey (X tons), with a 4.3% share.

From 2012 to 2022, the average annual growth rate of volume from Spain totaled +19.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+5.4% per year) and Turkey (+16.3% per year).

In value terms, Spain ($X) constituted the largest supplier of virgin olive oil to the Philippines, comprising 68% of total imports. The second position in the ranking was held by Italy ($X), with a 26% share of total imports. It was followed by Turkey, with a 3.5% share.

From 2012 to 2022, the average annual growth rate of value from Spain stood at +22.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+14.7% per year) and Turkey (+25.7% per year).

Import Prices by Country

In 2022, the average virgin olive oil import price amounted to $X per ton, surging by 20% against the previous year. Overall, import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, virgin olive oil import price increased by +76.0% against 2016 indices. The pace of growth appeared the most rapid in 2018 when the average import price increased by 22%. The import price peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :