Philippines Coconut Oil Market Report and Forecast 2024-2032

Philippines Coconut Oil Market Size

The Philippines coconut oil market is projected to grow at a CAGR of 2.7% between 2024 and 2032.

Philippines Coconut Oil Market Outlook

• According to the PSA, accommodation and food Service Activities establishments numbers showed a YOY growth of 15.4% in 2021.

• According to ITA, women account for 54.6% of the population, and most of them are aged between19 to 64 in 2022.

• Data from the PSA revealed that the restaurant and food service activities industry generated about PhP 556.62 billion in 2021.

Philippines Coconut Oil Market Growth

Due to the many health benefits associated with using coconut oil for cooking, these oils are widely becoming popular among consumers. Having a high smoke point and stable saturated fat composition make them suitable for frying and baking applications imparting a distinct flavour to dishes. Mostly used in snacks, baked and dairy alternative food products to enhance their texture and shelf life.

In August 2023, the Department of Agriculture and the Philippine Coconut Authority initiated the 100 million seedlings project to bolster coconut cultivation in Mindanao and the northern regions. The project received an initial funding of PHP 100 million. In collaboration with the indigenous population, this project aimed to use open areas for planting and ensure environmental conservation.

The presence of lauric acid, a medium-chain fatty acid in coconut oil allows it to have antibacterial, antifungal and antiviral properties making it suitable for the pharmaceutical industry. Moreover, due to their moisturizing properties, they are used across a wide range of creams, lotions and hair care formulations. The neuroprotective and cognitive-enhancing effects of consuming this oil make it a suitable ingredient to produce many health supplements.

Philippines Coconut Oil Industry Segmentation

Philippines Coconut Oil Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• RBD

• Virgin

• Crude

Market Breakup by Nature

• Conventional

• Organic

Market Breakup by Source

• Wet Coconut

• Dry Coconut

Market Breakup by Application

• Food and Beverages

• Pharmaceuticals

• Cosmetic and Personal Care

• Others

Philippines Coconut Oil Market Share

Dry coconut, with higher oil content and longer shelf life, is ideal for economical coconut oil extraction, offering quality and nutritional consistency. Wet coconut, used for virgin coconut oil, retains natural taste and nutrients, suitable for culinary uses, enhancing metabolism and immune health.

Leading Companies in the Philippines Coconut Oil Market

The growth of the coconut oil market is fueled by increased consumption of food and beverages due to growing awareness of its culinary benefits. Its usage across industries also contributes to its expansion.

• Greenville Agro Corporation

• Royce Food Corporation 

• Archer-Daniels-Midland Co.

• Cargill Inc.

• Tantuco Enterprises, Inc.

• Celebes Coconut Corporation

• Bunge Global S.A.

• HanCole Corporation

• Others

Key Highlights of the Report