Philippines Cooking Oil Consumption is Expected to Reach over 2,700 Thousand Tons by 2021: Ken Research

Philippines Cooking Oil Market by regions (Luzon, Visayas and Mindanao), by Distribution Channels (Traditional Markets, Direct Sales, Supermarkets and Hypermarkets and Online), by End User (Food Products Manufactures, Hotels and Restaurants, Street Food and Hawkers and Residential), by Type of Cooking Oil (Palm Oil, Coconut Oil, Soybean Oil, Canola Oil, Corn Oil and Others), Company Profile of Major Players including Malabon Soap And Oil Industrial, San Pablo MGF Corp, Marca Leon, Magic Fry, International Oil Factory, UFC Philippines, AD Gothong Manufacturing Corporation, Fly Ace Corporation)

• The Philippines Cooking Oil market has seen number of international brands entering the market. However, the local brands still dominate the industry
• Philippines Cooking Oil market has shown an impressive growth rate over the past five years owing to growth in number of households, enhancing food processing sector, rapid rise in tourism and hospitality sector.
• Coconut oil is being replaced by palm oil in terms of domestic consumption. Canola oil and soybean oil are the upcoming cooking oils in Philippines

The future for Philippines Cooking Oil industry is compelling with anticipated future CAGR of 9.7% from 2016-2021. The Philippines Cooking Oil market will be driven by rising population, changing lifestyles, expanding tourism and anticipated hospitality boom. The market is expected to witness growing preference for healthier oils such as Canola oil as the health conscious people in the country incline in future.

There is a positive outlook in the retail category where supermarkets are gradually eating up the market share of traditional markets. The increase in the total import of cooking oil will also fuel the cooking oil market in Philippines. The increasing tourism in Luzon, Western Visayas and Mindanao will further uplift the number of hotel chains and restaurants sector in the country. The rising hotel chains & restaurants will boost the demand for cooking oil in the country.

The Cargill Oil Mills plans to develop coconut farming industry in the Rural Philippines which will improve the cooking oil market in the period 2017-2019 as the ageing coconut trees in the country will be replaced leading to better productivity. The major growth in the Philippines food manufacturing industry in the period 2019-2021 will aid Philippines cooking oil market. Moreover, Philippines cooking oil consumption patterns are expected to further shift from using coconut oil to palm oil on account of the anticipated future price fluctuation in the coconut oil prices. Furthermore, it is also anticipated that Philippines will become the 5th largest supermarket industry in the world. The growth of supermarket industry will further reduce the share of traditional markets in selling cooking oils by the year 2021. Olive oil blended with sunflower oil has been expected to generate significant demand over the coming years as number of health conscious people rise.

Ken Research in its latest study, Philippines Cooking Oil Market by Type (Palm, Coconut, Soyabean, Canola, Corn and Others), by Region (Luzon, Visayas and Mindanao) - Outlook to 2021 suggests that Minola, Baguio, Spring Cooking Oil, Golden Fiesta and Marca Leon will remain the major players in this space. However, these major players will witness rising competition from other smaller brands.

Rising tourism, growing hospitality industry, changing consumer preferences and increase in number of households is expected to drive the Philippines Cooking Oil Market in the future. The report provides information on market size of the Philippines Cooking Oil Market, market segmentation on the basis of major regions, distribution channels, end users and type of cooking oil.

For more information on the research report, refer to below link:
https://www.kenresearch.com/food-beverage-and-tobacco/general-food/philippines-cooking-oil-market/142317-11.html

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