In 2023, domestic food consumption of soybean oil in the Philippines stood at 70 thousand metric tons. Based on the forecasted data, there is a consistent annual growth from 2024 to 2028, increasing from 71.0 to 75.0 thousand metric tons. This represents a year-on-year growth rate of approximately 1.4%. When examining the Compound Annual Growth Rate (CAGR) over the five-year period from 2024 to 2028, the average annual increase is also about 1.4%.
Future trends to watch for include:
• Changing dietary preferences among consumers which could either positively or negatively impact soybean oil consumption.
• Government policies and health campaigns that may influence the demand for different types of cooking oils.
• The impact of economic factors like household income growth, which might affect purchasing power and consumption patterns.
• Environmental and agricultural conditions that can affect the supply and price of soybean oil in the market.
