The vegetable oils market in the Philippines is projected to see steady growth from 657.0 thousand metric tons in 2024 to 712.0 thousand metric tons in 2028. This represents a compound annual growth rate (CAGR) of approximately 2.02% over the five-year period. In 2023, the market volume stood at 643.0 thousand metric tons, and the year-on-year growth rates from 2024 to 2025, 2025 to 2026, 2026 to 2027, and 2027 to 2028 are 2.13%, 2.08%, 2.04%, and 1.86% respectively, showing a consistent upward trend.
Future trends to watch for include the impact of global supply chain fluctuations, changes in consumer preferences towards healthier oil alternatives, and potential regulatory changes affecting production and importation policies. Additionally, sustainability practices and innovations in oil extraction technologies may also play significant roles in shaping the market.
