In 2023, the domestic consumption of soybean oil in the Philippines stood at 74.0 thousand metric tons. Starting from this baseline, forecasts for the subsequent years indicate a steady annual increase of 1.0 thousand metric tons, with values projected to be 75.0 thousand metric tons in 2024, 76.0 in 2025, 77.0 in 2026, 78.0 in 2027, and 79.0 in 2028. This represents a year-on-year growth of approximately 1.35%. Over the last five years, the compound annual growth rate (CAGR) has been consistently around 1.3%.
Future trends to watch for include potential changes in dietary preferences, agricultural developments affecting soybean yield, and trade policies impacting soybean oil imports. Additionally, price fluctuations in alternative cooking oils could influence consumption patterns. Monitoring these factors will provide deeper insights into the stability and future growth of the soybean oil market in the Philippines.
