Report Update: May 1, 2024

Philippines - Palm Oil - Market Analysis, Forecast, Size, Trends and Insights

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Palm Oil Price in the Philippines - 2023

Palm Oil Price in the Philippines (CIF) - 2023

The average palm oil import price stood at $996 per ton in June 2023, declining by -6.9% against the previous month. Overall, the import price continues to indicate a perceptible contraction. The growth pace was the most rapid in March 2023 an increase of 6.5% m-o-m. Over the period under review, average import prices reached the maximum at $1,475 per ton in June 2022; however, from July 2022 to June 2023, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In June 2023, the country with the highest price was Malaysia ($1,030 per ton), while the price for Indonesia stood at $969 per ton.

From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by Malaysia (-3.0%).

Palm Oil Price in the Philippines (FOB) - 2022

In 2022, the average palm oil export price amounted to $1,309 per ton, with an increase of 31% against the previous year. Overall, the export price enjoyed a measured increase. The pace of growth appeared the most rapid in 2021 an increase of 75% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Singapore ($1,362 per ton) and Malaysia ($1,323 per ton), while the average price for exports to China ($1,163 per ton) and India ($1,182 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sri Lanka (+49.6%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Oil Imports in the Philippines

For the fourth consecutive year, the Philippines recorded growth in overseas purchases of palm oil, which increased by 87% to 1M tons in 2022. In general, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 679%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, palm oil imports surged to $1.3B in 2022. Overall, imports enjoyed a significant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 971%. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in the immediate term.

Import of Palm Oil in the Philippines (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Malaysia	14.4	23.9	325	761	275.3%
Indonesia	19.6	31.1	274	562	206.1%
Others	0.6	0.9	0.4	1.0	18.6%
Total	34.6	55.9	599	1,324	237.0%

Top Suppliers of Palm Oil to the Philippines in 2022:

Malaysia (563.0K tons)
Indonesia (450.9K tons)

Palm Oil Exports in the Philippines

For the third year in a row, the Philippines recorded decline in shipments abroad of palm oil, which decreased by -16.5% to 20K tons in 2022. In general, exports recorded a abrupt downturn. The smallest decline of -5.4% was in 2020.

In value terms, palm oil exports amounted to $26M in 2022. Over the period under review, exports, however, recorded significant growth. The growth pace was the most rapid in 2021 when exports increased by 57% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Export of Palm Oil in the Philippines (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Singapore	N/A	N/A	3.0	16.1	436.7%
Malaysia	9.0	1.4	9.7	4.3	-21.8%
India	N/A	N/A	5.5	3.9	-29.1%
China	0.1	0.9	1.3	1.4	141.0%
Cameroon	0.8	0.4	1.4	N/A	32.3%
Sri Lanka	1.5	8.1	2.4	N/A	26.5%
Portugal	1.2	4.2	N/A	N/A	250.0%
Others	0.6	0.1	0.2	0.2	-30.7%
Total	13.2	15.0	23.6	25.9	25.2%

Top Export Markets for Palm Oil from the Philippines in 2022:

Singapore (11.8K tons)
Malaysia (3.3K tons)
India (3.3K tons)
China (1.2K tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the palm 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:

FCL 257 - Oil of palm

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:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

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 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
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 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
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, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023