Definition:
The Oils and Fats market covers all substances that are composed of fatty acids and used for cooking purposes or as an ingredient in many food products. These fats and oils can be obtained from plants or animals and are available in both liquid (oils) and solid (fats) form.
Structure:
The market consists of four different submarkets:
Additional Information:
The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.
For more information on the displayed data, click the info button on the right side of each box.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Nov 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
The Oils & Fats market within the Food sector in ASEAN is experiencing minimal growth, influenced by shifting consumer preferences towards healthier options, fluctuating raw material prices, and competition from plant-based alternatives that challenge traditional products.
Customer preferences: Consumers in the ASEAN region are increasingly prioritizing health-conscious choices, leading to a growing demand for oils and fats that align with nutritional benefits. This shift is particularly notable among younger, health-aware demographics who favor products with clean labels and functional ingredients. Additionally, the rise of plant-based diets is influencing traditional cooking oils, prompting brands to innovate with healthier alternatives like avocado and coconut oil. Cultural preferences also play a role, as traditional practices are being re-evaluated in light of modern wellness trends, fostering a dynamic market landscape.
Trends in the market: In the ASEAN region, the Oils & Fats market is experiencing a significant shift towards healthier product offerings, driven by a surge in health-conscious consumer behavior. As younger demographics increasingly seek transparency in food labeling, brands are responding by introducing oils with functional benefits, such as omega-3 enriched and low-saturated fat options. The growing popularity of plant-based diets is also reshaping product lines, with avocado, coconut, and olive oils gaining prominence. This evolving landscape presents industry stakeholders with opportunities to innovate and align their offerings with consumer preferences, ultimately enhancing market competitiveness.
Local special circumstances: In the ASEAN region, the Oils & Fats market is shaped by diverse geographical and cultural factors that influence consumer preferences. Tropical climates facilitate the cultivation of palm, coconut, and other oil-rich crops, making them staples in local diets. Cultural culinary practices often favor certain oils, such as coconut oil in Southeast Asian dishes, driving demand for traditional products. Additionally, regulatory frameworks promoting sustainable practices and health standards are encouraging brands to innovate with cleaner, healthier oil options, aligning with rising consumer awareness around nutrition and environmental impact.
Underlying macroeconomic factors: The Oils & Fats market in ASEAN is significantly influenced by macroeconomic factors such as global commodity prices, trade policies, and national economic performance. Fluctuations in global oil prices impact production costs and consumer pricing, while trade agreements within the region facilitate smoother import and export processes, enhancing market accessibility. Additionally, national economic health, characterized by GDP growth and consumer spending power, drives demand for oils and fats in food production and consumption. Fiscal policies promoting sustainable agriculture and investments in local oil processing industries further shape market dynamics, fostering innovation and responsiveness to evolving consumer preferences for health-conscious and environmentally friendly products.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights