Global Market Research Reports : Ken Research: Baguio Oil Coconut Oil Philippines

Friday, January 5, 2018

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.

Key Topics Covered in the Report:

Soybean Oil Exports Philippines

Cooking Oil Market in Philippines

Palm Oil Consumption Philippines

Baguio Oil Coconut Oil Philippines

Philippines Palm Oil Future

Edible Oil Market Philippines

Export Coconut Oil Philippines

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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https://www.kenresearch.com/food-beverage-and-tobacco/non-alcoholic-beverages/japan-energy-and-sports-drink-market-research-report/432-11.html

https://www.kenresearch.com/food-beverage-and-tobacco/dairy-products/uganda-dairy-market-report/60307-11.html

Contact:

Ken Research

Ankur Gupta, Head Marketing & Communications

sales@kenresearch.com

+91-124-4230204

Thursday, January 4, 2018

Philippines Cooking Oil Market is expected to be driven by Rising Number of Hotels and Restaurants and Growing Health Conscious Population: Ken Research

Rising number of households, growing hospitality sector, and enhancing food products manufacturing sector have aided the demand for cooking oil in Philippines.

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 the Philippines cooking oil market is expected to grow at a robust CAGR on the back of the growth of food manufacturing industry which is expected to reach USD 42 billion by 2021.

As of 2016, the Philippines are one of the largest exporters of coconuts and coconut oil in the world. However, coconut oil has now become a more export oriented commodity and is used less for domestic consumption purposes. It is gradually being replaced by palm oil in the recent years. In the observed period 2011-2016, there has been a shift in preference from the use of coconut oil to palm oil in the country. The major reason for the shift in the preference is that the coconut has been subject to large scale fluctuation in its prices while the price fluctuations in the palm are comparatively less. Moreover, palm oil is considerably cheaper compared to coconut oil.

Over the past years, traditional markets including wet markets have dominated the sales of cooking oil in Philippines. But over the past five years the share for these traditional markets seems declining as the supermarkets emerge as the go-to places instead of these traditional markets. The main reason for this change in trend is the strict government regulations against adulteration. The traditional markets sell products which are often adulterated with used oils and not of the desired quality. Moreover, these markets remain very dirty and there is an issue of contamination thus these traditional markets are losing the market share due to the strict government regulations. The government has also banned the sale of used oil which further discourages the existence of wet markets and sari-sari stores. Major retail outlets such as Seven-Eleven have been increasing their number of outlets at a rapid pace which has considerably affected the share of traditional markets in the sales of cooking oil.

Furthermore, an increasing number of health conscious consumers in the age bracket 25-45 years combined with growing awareness about food contents with trans-fats, partially hydrogenated oils (PHOs), and cholesterol that are responsible for various chronic diseases are factors that have been fueling demand for cooking oils in Philippines. The cooking oil manufacturers are adapting new processing technique such as cold pressing and new edible oils products are introduced in the market, which are healthier and have a balanced fatty acid profile. This makes them preferred choice of health conscious consumers, in turn driving demand for such products. Also, the rise in health conscious customers in the year 2016 has developed consumer preferences for health-friendly cooking oils such as olive oil, canola oil and palm oil.

The cooking oil manufacturing companies in the country should encourage tie-ups with the major chips, snacks and biscuit manufacturers including Jack ‘n Jill, WL foods, Irvins and others to uplift their cooking oil sale. The large scale tourism in the Luzon and Western Visayas region has increased the number of hotel chains in the country. The cooking oil manufacturers should encourage their tie-up with these hotel chains and restaurants as they purchase cooking oil in bulk quantities ranging between 15-17 Kilo Tins. Moreover, in order to capture such customers these manufacturers can provide a 5%-6% discount on bulk purchases and easier payment terms with better packaging.