Philippines: Vegetable Oils Market 2024

Vegetable Oils Market Size in the Philippines

In 2023, after four years of growth, there was significant decline in the Philippine vegetable oils market, when its value decreased by X% to $X. Over the period under review, consumption saw a perceptible slump. As a result, consumption attained the peak level of $X, and then reduced remarkably in the following year.

Vegetable Oils Production in the Philippines

In value terms, vegetable oils production dropped to $X in 2023 estimated in export price. Over the period under review, production showed a abrupt descent. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Vegetable Oils Exports

Exports from the Philippines

In 2023, the amount of vegetable fats and oils exported from the Philippines soared to X tons, picking up by X% compared with the previous year's figure. In general, exports enjoyed a modest increase. The pace of growth appeared the most rapid in 2017 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2018 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, vegetable oils exports surged to $X in 2023. Over the period under review, exports showed a strong increase. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2023, 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, Australia (X tons), fivefold. The third position in this ranking was held by the Netherlands (X tons), with a X% share.

From 2012 to 2023, the average annual growth rate of volume to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and the Netherlands (X% per year).

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

From 2012 to 2023, the average annual rate of growth in terms of value to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and Canada (X% per year).

Export Prices by Country

In 2023, the average vegetable oils export price amounted to $X per ton, waning by X% against the previous year. Overall, the export price, however, continues to indicate a notable increase. The pace of growth appeared the most rapid in 2014 when the average export price increased by X%. The export price peaked at $X per ton in 2021; however, from 2022 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Japan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Oils Imports

Imports into the Philippines

In 2023, purchases abroad of vegetable fats and oils decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. In general, imports, however, showed buoyant growth. The growth pace was the most rapid in 2016 when imports increased by X% against the previous year. Imports peaked at X tons in 2022, and then contracted markedly in the following year.

In value terms, vegetable oils imports reduced markedly to $X in 2023. Overall, imports, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2022 when imports increased by X%. As a result, imports attained the peak of $X, and then declined dramatically in the following year.

Imports by Country

Malaysia (X tons), Indonesia (X tons) and Singapore (X tons) were the main suppliers of vegetable oils imports to the Philippines, together comprising X% of total imports.

From 2012 to 2023, 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 ($X), Indonesia ($X) and Singapore ($X) constituted the largest vegetable oils suppliers to the Philippines, together comprising X% of total imports.

Indonesia, with a CAGR of X%, recorded 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 mixed trend patterns.

Import Prices by Country

In 2023, the average vegetable oils import price amounted to $X per ton, with a decrease of X% against the previous year. In general, the import price, however, saw a temperate expansion. The growth pace was the most rapid in 2022 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton, and then shrank dramatically in the following year.

Prices varied noticeably by country of origin: 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 2023, 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