Philippines PHO Oils Market: Introduction
Revenue generated from the PHO oils in Philippines is
expected to reach US$ 45 Mn by 2031 from
US$ 87 Mn in 2021, at a CAGR of -6.3% during
the forecast period. Based on type, the soy oil in Philippines is anticipated
to reach US$ 23.3 Mn by 2031 from US$ 49 Mn
in 2021, at a CAGR of -7.5% during the forecast
period.
Increase in Awareness about Healthy Food Products
and Healthy Lifestyle
With rising awareness regarding healthy food products and healthy
lifestyle, consumers are inclining toward healthy eating regimes. Due to
growing health concerns associated with food ingredients and oil, the demand
for alternatives are increasing. The PHO oil has a longer shelf life and other
functional properties, which makes it popular among consumers. Besides
functional properties of the PHO oil, it also contains a higher amount of
unsaturated fatty acid, which increases the blood cholesterol levels in the
human body. With concerns associated with the consumption of PHO oil, consumers
are seeking non-PHO alternatives, which are free from trans-fat and free from
other health hazardous compounds. Increasing awareness and healthy lifestyle of
consumers are restraining the growth of the PHO oil market in the upcoming term
of the year.
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Shifting Consumer Demand for Safety Assurance and
Transparency
The current health trends have led to an increased concern regarding
food safety with the regulation and international norm for food safety.
Consumers today make informed decisions about products they are buying and are
prone to seeking products that are safe and meet the higher regulatory
standards. There is an increasing health concerns about partially hydrogenated
oil, and trans-fat rises the level of lower density lipoprotein in the human
body. The lower density lipoprotein is associated with a higher risk of strokes
and diabetes. With increasing number of health concerns related to PHO oils,
consumers are inclining toward the healthy alternative to PHO oils.
Manufacturers are also reducing the production of the PHO oils, owing to
government-imposed regulations regarding the PHO oil and reduce the trans-fat
level in food products, which significantly contribute to the increasing demand
for healthy alternatives for PHO oils in the market.
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Reducing Use of PHO Oils in Food Industry and Food
Products
Due to the rise in some fatal diseases caused as a result of consumption
of fatty food products, concerned food safety authorities and organizations
have been taking steps on limiting the use of trans-fatty acids in most food
products that are being consumed. According to the WHO, every year, trans-fat
intake leads to more than 500,000 deaths of people from
cardiovascular diseases. Countries such as Austria, Denmark, Hungary, Iceland,
Norway, Chile, Ecuador, and Singapore have limited industrially produced
trans-fat content in all foods to 2% of fats and oils.
Moreover, North American countries, i.e. the U.S. and Canada are set to
implement nationwide bans on partially hydrogenated oils, which are considered
as main sources of industrially-produced trans-fats. As a result, the
implementation of stringent regulations for the elimination of trans-fat in
food products and food industry is expected to hinder the growth of the PHO
oils market.
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Challenges for PHO Oil Manufacturers
With rising health concerns and government regulations related to PHO
oils, manufacturers are focusing on research & development activities to
reduce trans-fat in fat oil and development of alternatives to PHO oils. The
demand for non-partially hydrogenated oil (PHO) is increasing at a faster pace,
due to the growing need for improved functionality and diversity in product
offerings. The bakery industry across the globe is experiencing significant
growth in terms of value, which is creating the demand for fats with improved
texture, taste, and extended stability. Big manufacturers in oils and fats
industries, such as Cargill Incorporated, offer a product portfolio that
includes high-stability oils, hydrogenated fats, tropical oils, and customized
blends. Baked products undergo a complex process to reach their final
structure, flavor, and texture.
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