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
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Key Statistics
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Base Year
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2024
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Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024 | USD 1.26 Billion |
Market Forecast in 2033 | USD 1.99 Billion |
Market Growth Rate 2025-2033 | 4.65% |
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.
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:
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:
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:
The report has also provided a comprehensive analysis of all major regional markets. This includes Luzon, Visayas, and Mindanao.
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.
Report Features | Details |
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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:
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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:
Key Benefits for Stakeholders: