In 2023, the import of soybean oil to the Philippines stood at 26.785 million USD. Based on forecasted data, the imports are expected to reach 27.512 million USD in 2024, marking a 2.71% increase year-over-year. For 2025, an increase of 2.87% is anticipated, taking the value to 28.301 million USD. Further projections for 2026 suggest a 2.73% rise to 29.075 million USD. By 2027, another 2.61% increase is expected, bringing the value to 29.834 million USD. Finally, for 2028, the forecasted value is 30.577 million USD, reflecting a 2.49% rise. The compounded annual growth rate (CAGR) over the five-year period from 2024 to 2028 is approximately 2.68%.
Future trends to watch for include changes in global soybean oil prices, shifts in domestic policy regarding imports, and evolving consumption patterns in the Philippines. Additionally, monitoring the development of alternative cooking oils and emerging health trends may provide further insights into the dynamics influencing soybean oil imports.
