Key regions: Canada, India, Spain, Philippines, South Korea
The Oils & Fats market in Bhutan is witnessing subdued growth, influenced by factors such as shifting consumer preferences, health trends promoting reduced fat intake, and competition from imported alternatives, which challenge local production and innovation efforts.
Customer preferences: Consumers in Bhutan are increasingly prioritizing health-conscious eating, resulting in a shift towards oils that are perceived as healthier, such as olive oil and avocado oil. This trend is bolstered by the younger demographic's growing awareness of nutrition and wellness, influenced by global health movements. Additionally, traditional cooking practices are evolving, with an increasing preference for oils that align with modern dietary trends, leading to a greater demand for organic and sustainably sourced options in the local market.
Trends in the market: In Bhutan, the Oils & Fats market is experiencing a notable shift towards healthier cooking oils, driven by a growing awareness of nutrition among consumers. Olive oil and avocado oil are gaining popularity, particularly among the younger demographic who embrace global wellness trends. This shift is significant as it reflects a broader change in dietary preferences, with an increasing demand for organic and sustainably sourced oils. Industry stakeholders must adapt to these evolving consumer preferences, as this trend presents opportunities for innovation and differentiation in product offerings, ultimately impacting supply chain dynamics and marketing strategies.
Local special circumstances: In Bhutan, the Oils & Fats market is shaped by unique geographical and cultural factors, particularly its emphasis on traditional cooking methods and locally sourced ingredients. The rugged terrain and limited agricultural land restrict the availability of certain oil crops, leading to a reliance on imports for varieties like olive and avocado oils. Additionally, Bhutan's commitment to Gross National Happiness influences consumer choices, with a preference for organic and sustainably sourced products. Regulatory support for local farmers also encourages innovation in oil production, aligning with the growing health consciousness among consumers.
Underlying macroeconomic factors: The Oils & Fats market in Bhutan is significantly affected by macroeconomic factors such as global commodity prices, trade dynamics, and national economic stability. Fluctuations in international oil prices can impact import costs, influencing consumer prices and purchasing behavior. Bhutan's economic health, characterized by growth in tourism and renewable energy sectors, supports consumer spending. Fiscal policies promoting agricultural innovation and sustainability enhance local production capabilities. Moreover, global trends towards health-conscious eating and organic products align with Bhutan's cultural values, further shaping market demand and encouraging investment in eco-friendly oil production methods.
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.
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