PHO Oils Market Production, Size, Key Trends Challenges, Top Key Players and Forecast to 2031
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.
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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.
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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