2021 saw butter and spreads continue to perform strongly in a continuation of the strong positive growth that has been seen in the category since 2018. One major factor has underpinned the very favourable performance of margarine and spreads, where growth is being driven mainly by the promotional efforts of dominant leading player Magnolia Inc, which offers several brands of margarine.
Most of the leading companies and brands in butter and spreads managed to perform well during 2020 and this can be seen as a sign of a strongly developing category with strong promise for the future. Magnolia Inc, for instance, managed to record a favourable performance in 2020, especially for its margarine brands.
The availability of dairy-free alternatives to butter remains limited in the Philippines. While this products have yet to gain mass popularity, some companies are betting on the products eventually becoming mainstream, launching options with the potential to appeal to huge numbers of Filipinos.
The versatility of butter and spreads and the ubiquity of these products in Philippine cuisine can be expected to continue working in favour of the category during the forecast period. In particular, the fact that butter is considered an essential ingredient in very many staple local dishes is set to ensure that demand for butter and spreads continues to record steady growth.
The adverse and uncertain economic environment that has unfolded since the onset of the COVID-19 pandemic has resulted in many Filipinos facing reductions in incomes, while many have lost their sources of income completely. This has had a corrosive effect on the purchasing power of significant numbers of consumers, although the situation in 2021 was far less bleak than what was seen during 2020 as the national and global economy recovered somewhat after the initial shock of the COVID-19 situation.
During December 2020, Senate Bill 1954, also known as the Trans-Fat Free Philippines Act, was filed by Senator Francis Pangilinan. This Senate bill seeks to prohibit the manufacture, importation, distribution and sale of food and similar products that are high in trans-fatty acids.
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Understand the latest market trends and future growth opportunities for the Butter and Spreads industry in Philippines with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Butter and Spreads industry in Philippines, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Butter and Spreads research and analysis database.
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