Philippines Vegetable Oil Market Size, Share, Trends and Forecast by Oil Type, Application, and Region, 2025-2033

Philippines Vegetable Oil Market Size, Share, Trends and Forecast by Oil Type, Application, and Region, 2025-2033

Report Format: PDF+Excel | Report ID: SR112025A38576

Philippines Vegetable Oil Market Overview:

The Philippines vegetable oil market size reached USD 1.26 Billion in 2024. Looking forward, the market is projected to reach USD 1.99 Billion by 2033, exhibiting a growth rate (CAGR) of 4.65% during 2025-2033. The market is driven by consistent household consumption across traditional cooking and street food sectors, underpinned by affordability and nutritional initiatives. A mix of domestic coconut oil production and imported palm oil ensures stable supply across regions and applications. Expansion in processed food manufacturing and oleochemical exports is further augmenting the Philippines vegetable oil market share.

Report Attribute 
Key Statistics
Base Year
2024
Forecast Years
2025-2033
Historical Years
2019-2024
Market Size in 2024 USD 1.26 Billion
Market Forecast in 2033 USD 1.99 Billion
Market Growth Rate 2025-2033 4.65%


Philippines Vegetable Oil Market Trends:

Local Copra-Based Oil Production and Import Supplementation

The Philippines has a longstanding domestic vegetable oil industry anchored in coconut oil production derived from copra. It is the world’s leading coconut oil producer, contributing 51% of global supply with 1.2 million tons in 2023, 83% of its total oils and fats output. Roughly 90% (1.1 million tons) of coconut oil is exported, leaving limited supply for domestic use. With 63,380 hectares of oil palm plantations producing 140,000 tons annually, palm oil represents 10% of the country’s oils and fats production. Small and mid-sized processors operate throughout Luzon, Visayas, and Mindanao, producing refined coconut oil for culinary use and byproducts for animal feed and industrial applications. However, due to limited soybean and sunflower oil cultivation, the country imports significant volumes of other vegetable oils, especially palm oil from Indonesia and Malaysia, to meet demand in food processing and foodservice sectors. Coconut oil remains a household staple, particularly in rural communities, due to its availability and cultural familiarity. Meanwhile, urban consumers increasingly use blended oils for cost and functionality, such as palm-coconut or palm-canola blends. The government continues to support local coconut farmers through the replanting of senile trees, copra price stabilization schemes, and post-harvest facility upgrades. These efforts aim to raise yield, improve oil quality, and reduce the volatility of supply. Imports, meanwhile, ensure consistent availability of low-cost oils during domestic supply disruptions. The dynamic balance between homegrown production and global sourcing ensures steady Philippines vegetable oil market growth, supporting both household cooking and commercial use.

Growth of Packaged Food and Manufacturing Applications

Vegetable oil plays a critical role in the Philippines’ expanding processed food sector, which includes noodles, biscuits, snacks, canned goods, and baked products. Major food companies use oil for frying, dough softening, and preservation functions. Revenue in the Philippines edible oils market is projected to reach USD 2.14 Billion in 2025, with a CAGR of 7.45% through 2030. Per capita revenue is expected at USD 18.33, with average consumption reaching 2.78 kg per person in 2025. By 2030, total market volume is forecasted to hit 378.52 million kg, supported by 4.9% volume growth in 2026. As demand for shelf-stable, ready-to-eat, and affordable packaged food continues to rise, especially in densely populated regions like Metro Manila and Davao, so does the industrial requirement for vegetable oil. In addition to food use, oil byproducts such as stearic acid and glycerin are used in cosmetics, cleaning products, and pharmaceuticals. Coconut oil-based oleochemicals produced locally are exported and used in soaps and surfactants, supporting a value-added product stream. Moreover, the growing logistics and distribution networks, driven by e-commerce and nationwide grocery chains, have improved oil access in secondary cities and remote provinces. Producers are also beginning to introduce sustainable packaging and traceable sourcing in response to global retail demands. As international food brands expand their presence and local firms scale operations, consistent and high-quality oil supply becomes a crucial input. The industrial linkages between food manufacturing, consumer goods, and export-oriented oleochemicals continue to solidify the strategic role of vegetable oil in the national economy.

Philippines Vegetable Oil Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2025-2033. Our report has categorized the market based on oil type and application.

Oil Type Insights:

  • Palm Oil
  • Soybean Oil
  • Sunflower Oil
  • Canola Oil
  • Coconut Oil
  • Palm Kernel Oil

The report has provided a detailed breakup and analysis of the market based on the oil type. This includes palm oil, soybean oil, sunflower oil, canola oil, coconut oil, and palm kernel oil.

Application Insights:

  • Food Industry
  • Biofuels
  • Others

The report has provided a detailed breakup and analysis of the market based on the application. This includes food industry, biofuels, and others.

Regional Insights:

  • Luzon
  • Visayas
  • Mindanao

The report has also provided a comprehensive analysis of all major regional markets. This includes Luzon, Visayas, and Mindanao.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Philippines Vegetable Oil Market Report Coverage:

Report Features Details
Base Year of the Analysis 2024
Historical Period 2019-2024
Forecast Period 2025-2033
Units Billion USD
Scope of the Report

Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:

  • Oil Type
  • Application
  • Region
Oil Types Covered Palm Oil, Soybean Oil, Sunflower Oil, Canola Oil, Coconut Oil, Palm Kernel Oil
Applications Covered Food Industry, Biofuels, Others
Regions Covered Luzon, Visayas, Mindanao
Customization Scope 10% Free Customization
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Questions Answered in This Report:

  • How has the Philippines vegetable oil market performed so far and how will it perform in the coming years?
  • What is the breakup of the Philippines vegetable oil market on the basis of oil type?
  • What is the breakup of the Philippines vegetable oil market on the basis of application?
  • What is the breakup of the Philippines vegetable oil market on the basis of region?
  • What are the various stages in the value chain of the Philippines vegetable oil market? 
  • What are the key driving factors and challenges in the Philippines vegetable oil market?
  • What is the structure of the Philippines vegetable oil market and who are the key players?
  • What is the degree of competition in the Philippines vegetable oil market? 

Key Benefits for Stakeholders:

  • IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Philippines vegetable oil market from 2019-2033.
  • The research report provides the latest information on the market drivers, challenges, and opportunities in the Philippines vegetable oil market.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Philippines vegetable oil industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

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Philippines Vegetable Oil Market Size, Share, Trends and Forecast by Oil Type, Application, and Region, 2025-2033
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