In 2023, the soybean oil market size in the Philippines stood at 28.0 thousand metric tons. Based on the forecasted data, the market is expected to increase to 28.7 thousand metric tons in 2024, representing a year-on-year growth of approximately 2.5%. The market continues to grow with projected volumes of 29.4 thousand metric tons in 2025 (a 2.4% increase), 30.0 thousand metric tons in 2026 (a 2.0% increase), 30.7 thousand metric tons in 2027 (a 2.3% increase), and reaching 31.4 thousand metric tons by 2028 (a 2.3% increase). The Compound Annual Growth Rate (CAGR) from 2024 to 2028 is estimated to be around 2.3%.
Future trends to watch for in the soybean oil market in the Philippines include potential impacts from global trade dynamics, fluctuations in agricultural outputs due to climate change, and increasing health-conscious consumption patterns influencing demand for vegetable oils.
