The demand for soybean oil in the Philippines stood at 27.8 thousand metric tons in 2023. From 2024 onwards, the forecasts indicate a consistent upward trend with the following year-on-year variations:
- 2024: +3.2%
- 2025: +2.4%
- 2026: +2.0%
- 2027: +2.3%
- 2028: +2.3%
Over the five-year period from 2024 to 2028, the compound annual growth rate (CAGR) is approximately 2.4%, indicating a steady but gradual increase in demand for soybean oil in the Philippines.
Future trends to watch for:
- Economic growth and increase in per capita income fueling higher demand for edible oils.
- Potential shifts in consumer preferences towards healthier oil options.
- Impact of regulatory changes and trade policies on the soybean oil market.
- Technological advancements in oil extraction and processing which might affect demand and supply dynamics.
