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PHO Oils Market

PHO Oils Market (Type: Palm Oil, Soy Oil, Groundnut Oil, Coconut Oil, Rapeseed Oil, Sunflower Oil, and Cottonseed Oil) - Philippines Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

Can PHO Oils Increase Risk of COVID-19 in Patients with Comorbidities?

Recently, in October 2020, a Bill on trans fats elimination in the Philippines has been filed by the House Representatives Alfred Delos Santos and Ronnie Ong, owing to the potentially harmful effects of oil on consumers. Consumers with comorbidities such as heart diseases are more likely to contract coronavirus. This is anticipated to increase business challenges for companies in the Philippines PHO oils market such as food manufacturing giant Nestle Philippines who is requesting clear legislation terms for the Bill.

Since ASEAN neighbors such as Singapore and Thailand are taking proactive measures to limit the consumption of trans fatty acid (TFA) products, representatives of the Bill are unwilling to make Philippines a dumping ground for such products. Such trends are likely to affect business in the Philippines PHO oils market during the ongoing COVID-19 outbreak.

philippines pho oils market segmentation

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Unhealthy Consequences of PHOs Involving Bad Cholesterol Affect Market Growth

The revenue of Philippines PHO oils market is expected to decline from US$ 94.9 Mn in 2020 to US$ 45.5 Mn by the end of 2031. This is evident since most nutritionists tend to agree on unhealthy consequences of partially hydrogenated oils (PHO) or trans fats. PHO oil is found to increase bad cholesterol, while lowering good cholesterol, which increases the risk for heart diseases. Hence, companies should adapt their manufacturing capabilities for PHO-free alternatives such as palm kernel oil, since the latter provides similar structural integrity including PHOs.

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Manufacturers Anticipated to Adapt Production toward PHO-free Alternatives for New Income

Since transition from PHOs to healthy alternatives is a time-consuming and ongoing process, manufacturers in the Philippines PHO oils market should gradually shift from PHOs to PHO-free alternatives to create new income sources. Stratas Foods LLC - a global supplier of fats, oils, sauces, and dressings to the foodservice industry, is gaining recognition for introducing its Golden Flex donut frying shortening formulated from soybean to replace PHO oils. Manufacturers in the Philippines PHO oils market are taking cues from such manufacturers.

In order to sustain in the F&B industry, companies are maintaining steady supply chains for PHO oils in pastry, cookie, and frosting applications. Many manufacturers still use PHO oils to produce spreads, cakes, and biscuits. One of the main advantages of PHO oils that manufacturers are capitalizing on is its ability to increase the shelf life of food products and maintain flavor stability.

Companies Supply PHOs for Bakery Products

Bakery products such as rusks, crackers, pies, and wafers, among others, are helping manufacturers in the Philippines PHO oils market sustain production and supply chains in the upcoming years. However, this trend is estimated to decline, as an increasing number of consumers is gaining awareness about the unhealthy consequences of PHOs such as risk of developing ovarian cancer and heart diseases. Since producers are gradually transitioning toward PHO-free alternatives, products including French fries, soup powders, breakfast cereals, and snacks still demand PHO oils.

While unlocking growth opportunities in alternate income sources, companies in the Philippines PHO oils market are taking efforts to meet demands for peanut butter and bakery products.

Palm Oil Shortenings Replacing PHO Oil in Bakery Products

Companies in the Philippines PHO oils market are taking cues from Cargill, an American privately held global food corporation, has introduced its PHO-free palm shortening that gives bakers a smoother, creamier, and more temperature-tolerant product. Manufacturers are catering to multiple bakery performance needs by increasing their R&D in developing PHO-free palm shortenings that overcome transportation and storage drawbacks of conventional palm shortenings.

Manufacturers in the Philippines PHO oils market are boosting their output capacities for palm oil shortenings, as its gaining popularity as a preferred replacement for PHO oils in bakery products. They are gaining a strong research base in shortenings that mimic the properties of PHO oils.

philippines pho oils market infographic

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Analysts’ Viewpoint

Bad cholesterol associated with PHO oils has compelled consumers to opt for clean labels in food products to avoid contraction of COVID-19, especially in individuals with comorbidities. The Philippines PHO oils market is slated to clock a disappointing CAGR of -6.3% during the assessment period. This is evident since the FDA (Food and Drug Administration) no longer recognizes PHO oil as safe for consumers and has demanded all food companies to phase out artificial trans fats from products. Hence, manufacturers in Philippines are adapting their production capabilities for PHO-free alternatives such as palm oil shortenings that are gaining prominence in bakery products.

Philippines PHO Oils Market: Overview

  • The PHO oils market value in the Philippines is estimated to be US$ 87.1 Mn in 2021, finds Transparency Market Research (TMR) in a recent study. According to the report, the market in the Philippines is expected to reach US$ 45 Mn by 2030, at a CAGR of -6.3%. With changing preferences of consumers regarding food products, the PHO oils market is expected to witness a negative impact during the forecast period.
  • Consumers are inclining toward healthy food and ingredients, which have health benefits. With increasing complexities in consumer dynamics, owing to professional and personal commitments, along with stressful lifestyles, consumers are seeking healthy food products that are trans-fat-free and contain essential nutrients. Thus, all these factors are projected to restrain the growth of the PHO oils market in the Philippines.
  • PHO oils are widely used in food products and baked goods such as pies, cakes, frozen pizza, cookies, crackers, and margarine and butter-like spreads. The increasing use of PHO oils in food products is significantly contributing to the growth of the PHO oils market.
  • With rising health consciousness among consumers, manufacturers are focusing on the development of innovative food products, which contain the minimum amount of trans-fat or trans-fat-free products. Increasing awareness regarding health concerns associated with PHO oils has negatively impacted the growth of the market in the Philippines market.
  • Based on type, the soy oil segment is expected to hold a major value share, which is more than 50% of the total Philippines PHO oils market

Philippines PHO Oils: Market Frontrunners

  • Based on type, soy oil accounts for the highest market value share in 2021, owing to the increasing use of soy oil in food products as well as the foodservice industry
  • With increasing number of health concerns related to the consumption of PHO oils, consumers are inclining toward non-PHO alternatives that significantly contribute to the declining sales of the PHO oils in the region. Consumers are increasingly demanding trans-fat-free oil and food products that are beneficial for human health.
  • PHO oils are often used for deep frying in restaurants, as they can be used for longer periods than most conventional oils before becoming rancid. The use of different PHO oils can create large variations in trans-fat, which is expected to increase the level of the trans-fat in food and food products. The abuse of the cooling oil is common in street vended food products in developing countries, which increased the risk of health concerns.

Philippines PHO Oils Market: Drivers

  • Increasing Application of PHO Oils in Food Products to Drive Global Market: PHO from vegetable oils is used to make margarine, bakes goods, snacks, and other food products, owing to baked foods that require semi-solid fats to suspend solids at room temperature. PHOs have the right consistency and mouthfeel to replace animal fats, such as butter, lard, and tallow at a lower cost. PHO shortenings contain a higher level of trans-fat acids, which is beneficial for the ideal meting properties for high-quality acing. PHO has the right consistency and mouthfeel as butter, lard, and other similar products that are beneficial for maintaining the consistency and quality of food products. PHO oils are cheap as compared to other oils, and have beneficial properties as other animal-based butter and lard. The physiochemical properties of the PHO oils have benefited the growth of the PHO oils market.
  • Longer Shelf Life of PHO Oils Benefiting Market: PHO oil has a longer shelf life as compared to fully hydrogenated oils. Functional properties of the PHO oil help to form a stable texture, increase the shelf life of the food, and stabilize the flavor of the food. PHO oils are increasingly used in the food industry and foodservice industry, owing to their functional properties, which help to increase the shelf life and form the desired texture of the food. The increasing use of PHO oils in food products is expected to propel the PHO oils market. 

Philippines PHO Oils Market: Strategies

  • With increasing health concerns associated with the PHO oil, consumers are inclining toward refined or fully hydrogenated oil, which contains a lower amount of fats. With increasing demand for trans-fat-free oil, manufacturers are reducing the production of the PHO oils and focusing on trans-fat-free oils. Manufacturers are more focused on the research & development and advanced technologies to provide oils with value-added compositions. Manufacturers are also entering into strategic partnerships with players in similar scope to diversify their product portfolio and strengthen their global presence.

Philippines PHO Oils Market: Players

  • Some of the prominent market players in the Philippines PHO oils market are
    • Bunge Limited
    • Cargill Inc.
    • Archer-Daniels-Midland Company
    • AAK AB
    • Ventura Foods
    • Apical Group Ltd
    • Wilmar International Ltd
    • Intercontinental specialty fats sdn. Bhd
    • Oleo-Fats Inc.
    • IOI Corporation Berhad
    • among others

Philippines PHO Oils Market – Segmentation

TMR’s study on the PHO Oils market offers information divided into important segments — type, and country. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.

Type
  • Palm Oil
  • Soy Oil
  • Groundnut Oil
  • Coconut Oil
  • Rapeseed Oil
  • Sunflower Oil
  • Cottonseed Oil
Country
  • Philippines
PHO Oils Market

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1. Executive Summary

    1.1. Global Market Outlook

    1.2. Demand Side Trends

    1.3. Supply Side Trends

    1.4. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Key Market Trends

    3.1. Key Trends Impacting the Market

    3.2. Product Innovation / Development Trends

4. Philippines PHO Oils Market Demand Analysis 2016–2020 and Forecast, 2021–2031

    4.1. Historical Market Volume (Tons) Analysis, 2016–2020

    4.2. Current and Future Market Volume (Tons) Projections, 2021–2031

5. Philippines PHO Oils Market - Pricing Analysis

    5.1. Pricing Analysis  

    5.2. Average Pricing Analysis Benchmark

6. Philippines PHO Oils Market Demand Analysis 2016–2020 and Forecast, 2021–2031

    6.1. Historical Market Value (US$ Mn) Analysis, 2016–2020

    6.2. Current and Future Market Value (US$ Mn) Projections, 2021–2031

        6.2.1.  Y-o-Y Growth Trend Analysis

        6.2.2. Absolute $ opportunity Analysis

7. Market Background

    7.1. Macro-Economic Factors 

        7.1.1. Global GDP Growth Outlook 

        7.1.2. Global Industry Value Added 

        7.1.3. Global Urbanization Growth Outlook 

        7.1.4. Global Food Security Index Outlook

        7.1.5. Global Rank – Ease of Doing Business

        7.1.6. Global Rank – Trading Across Borders

    7.2. Impact of COVID-19 on Food & Beverages Industry

        7.2.1. Manufacturer/Processors

        7.2.2. Supply Chain and Logistics

        7.2.3. Wholesalers/Traders

        7.2.4. Retailers

    7.3. COVID-19 Risk Assessment/Impact

    7.4. Global Food & Beverage Industry Outlook

    7.5. End User Industry Demand Analysis

    7.6. Products offered by Key Players

    7.7. Industry Value and Supply Chain Analysis 

        7.7.1. Profit Margin Analysis at each point of sales

            7.7.1.1. Philippines PHO Oils Market Processors

            7.7.1.2. Distributors/Suppliers/Wholesalers

            7.7.1.3. Traders/Retailers

            7.7.1.4. End-Users

    7.8. Key Certifications/Claims

    7.9. Key Regulations

    7.10. Market Dynamics

        7.10.1. Drivers

        7.10.2. Restraints

        7.10.3. Opportunity Analysis

    7.11. Forecast Factors - Relevance & Impact

8. Philippines PHO Oils Market Analysis 2016–2020 and Forecast 2021–2031

    8.1. Introduction

    8.2. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2016–2020

    8.3. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2021–2031

        8.3.1. By Type

            8.3.1.1. Palm Oil

            8.3.1.2. Soy Oil

            8.3.1.3. Groundnut Oil

            8.3.1.4. Coconut Oil

            8.3.1.5. Rapeseed Oil

            8.3.1.6. Sunflower Oil

            8.3.1.7. Cottonseed Oil

        8.3.2. By Country

    8.4. Market Attractiveness Analysis

        8.4.1. By Country

        8.4.2. By Type

    8.5. Drivers and Restraints - Impact Analysis

9. Philippines PHO Oils Market Analysis 2016–2020 and Forecast 2021–2031

    9.1. Introduction

    9.2. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2016–2020

    9.3. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2021–2031

        9.3.1. By Country

            9.3.1.1. Philippines

    9.4. Market Attractiveness Analysis

        9.4.1. By Country

        9.4.2. By Type

    9.5. Drivers and Restraints - Impact Analysis

10. Market Structure Analysis

    10.1. Market Analysis by Tier of Companies 

    10.2. Market Concentration

    10.3. Market Presence Analysis

11. Competition Analysis

    11.1. Competition Dashboard

    11.2. Competition Deep Dive 

        11.2.1. Bunge Limited

            11.2.1.1. Overview

            11.2.1.2. Product Portfolio

            11.2.1.3. Sales Footprint

            11.2.1.4. Key Developments

            11.2.1.5. Strategy Overview

        11.2.2. Archer-Daniels-Midland Company

            11.2.2.1. Overview

            11.2.2.2. Product Portfolio

            11.2.2.3. Sales Footprint

            11.2.2.4. Key Developments

            11.2.2.5. Strategy Overview

        11.2.3. Cargill, Incorporated

            11.2.3.1. Overview

            11.2.3.2. Product Portfolio

            11.2.3.3. Sales Footprint

            11.2.3.4. Key Developments

            11.2.3.5. Strategy Overview

        11.2.4. AAK AB

            11.2.4.1. Overview

            11.2.4.2. Product Portfolio

            11.2.4.3. Sales Footprint

            11.2.4.4. Key Developments

            11.2.4.5. Strategy Overview

        11.2.5. Ventura Foods

            11.2.5.1. Overview

            11.2.5.2. Product Portfolio

            11.2.5.3. Sales Footprint

            11.2.5.4. Key Developments

            11.2.5.5. Strategy Overview

        11.2.6. Apical Group Ltd

            11.2.6.1. Overview

            11.2.6.2. Product Portfolio

            11.2.6.3. Sales Footprint

            11.2.6.4. Key Developments

            11.2.6.5. Strategy Overview

        11.2.7. Wilmar International Ltd

            11.2.7.1. Overview

            11.2.7.2. Product Portfolio

            11.2.7.3. Sales Footprint

            11.2.7.4. Key Developments

            11.2.7.5. Strategy Overview

        11.2.8. Intercontinental specialty fats sdn. Bhd

            11.2.8.1. Overview

            11.2.8.2. Product Portfolio

            11.2.8.3. Sales Footprint

            11.2.8.4. Key Developments

            11.2.8.5. Strategy Overview

        11.2.9. Oleo-Fats Inc.

            11.2.9.1. Overview

            11.2.9.2. Product Portfolio

            11.2.9.3. Sales Footprint

            11.2.9.4. Key Developments

            11.2.9.5. Strategy Overview

        11.2.10. IOI Corporation Berhad

            11.2.10.1. Overview

            11.2.10.2. Product Portfolio

            11.2.10.3. Sales Footprint

            11.2.10.4. Key Developments

            11.2.10.5. Strategy Overview

        11.2.11. Others on Additional Request

12. Assumptions and Acronyms Used

13. Research Methodology

List of Tables

Table 01: Philippines PHO Oils Market Value (US$ Mn)  Analysis and Forecast by Type, 2016-2031

Table 02: Philippines PHO Oils Market Volume (Tons)  Analysis and Forecast by Type, 2016-2031

Table 03: Philippines PHO Oils Market Value (US$ Mn)  Analysis and Forecast by Country, 2016-2031

Table 04: Philippines PHO Oils Market Volume (Tons)  Analysis and Forecast by Country, 2016-2031

List of Figures

Figure 01: Philippines PHO Oils Market Value (US$ Mn) Forecast, 2021–2031

Figure 02: Philippines PHO Oils Market Volume (Tons) Forecast, 2021–2031

Figure 03: Philippines PHO Oils Market Value (US$ Mn)  Analysis & Forecast by Type, 2021–2031

Figure 04: Philippines PHO Oils Market Volume (Tons) Analysis & Forecast by Type, 2021–2031

Figure 05: Philippines PHO Oils Market Value (US$ Mn)  Analysis & Forecast by Type, 2021–2031

Figure 06: Philippines PHO Oils Market Volume (Tons) Analysis & Forecast by Type, 2021–2031

Figure 07: Philippines PHO Oils Market Attractiveness Analysis by Type, 2021-2031

Figure 08: Philippines PHO Oils Market Value (US$ Mn)  Analysis & Forecast by Country, 2021–2031

Figure 09: Philippines PHO Oils Market Volume (Tons) Analysis & Forecast by Country, 2021–2031

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