Philippines PHO Oils Market: Introduction
Revenue generated from the PHO oils in Philippines isexpected to reach US$ 45 Mn by 2031 fromUS$ 87 Mn in 2021, at a CAGR of -6.3% duringthe forecast period. Based on type, the soy oil in Philippines is anticipatedto reach US$ 23.3 Mn by 2031 from US$ 49 Mnin 2021, at a CAGR of -7.5% during the forecastperiod.
Increase in Awareness about Healthy Food Productsand Healthy Lifestyle
With rising awareness regarding healthy food products and healthylifestyle, consumers are inclining toward healthy eating regimes. Due togrowing health concerns associated with food ingredients and oil, the demandfor alternatives are increasing. The PHO oil has a longer shelf life and otherfunctional properties, which makes it popular among consumers. Besidesfunctional properties of the PHO oil, it also contains a higher amount ofunsaturated fatty acid, which increases the blood cholesterol levels in thehuman body. With concerns associated with the consumption of PHO oil, consumersare seeking non-PHO alternatives, which are free from trans-fat and free fromother health hazardous compounds. Increasing awareness and healthy lifestyle ofconsumers are restraining the growth of the PHO oil market in the upcoming termof the year.
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Shifting Consumer Demand for Safety Assurance andTransparency
The current health trends have led to an increased concern regardingfood safety with the regulation and international norm for food safety.Consumers today make informed decisions about products they are buying and areprone to seeking products that are safe and meet the higher regulatorystandards. There is an increasing health concerns about partially hydrogenatedoil, and trans-fat rises the level of lower density lipoprotein in the humanbody. The lower density lipoprotein is associated with a higher risk of strokesand 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 togovernment-imposed regulations regarding the PHO oil and reduce the trans-fatlevel in food products, which significantly contribute to the increasing demandfor healthy alternatives for PHO oils in the market.
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Reducing Use of PHO Oils in Food Industry and FoodProducts
Due to the rise in some fatal diseases caused as a result of consumptionof fatty food products, concerned food safety authorities and organizationshave been taking steps on limiting the use of trans-fatty acids in most foodproducts that are being consumed. According to the WHO, every year, trans-fatintake leads to more than 500,000 deaths of people fromcardiovascular diseases. Countries such as Austria, Denmark, Hungary, Iceland,Norway, Chile, Ecuador, and Singapore have limited industrially producedtrans-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 implementnationwide bans on partially hydrogenated oils, which are considered as mainsources of industrially-produced trans-fats. As a result, the implementation ofstringent regulations for the elimination of trans-fat in food products andfood 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 PHOoils, manufacturers are focusing on research & development activities toreduce trans-fat in fat oil and development of alternatives to PHO oils. Thedemand for non-partially hydrogenated oil (PHO) is increasing at a faster pace,due to the growing need for improved functionality and diversity in productofferings. The bakery industry across the globe is experiencing significantgrowth in terms of value, which is creating the demand for fats with improvedtexture, taste, and extended stability. Big manufacturers in oils and fatsindustries, such as Cargill Incorporated, offer a product portfolio thatincludes high-stability oils, hydrogenated fats, tropical oils, and customizedblends. Baked products undergo a complex process to reach their finalstructure, flavor, and texture.
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