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.
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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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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.
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.
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.
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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 – 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.
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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