Key regions: Canada, India, Spain, Philippines, South Korea
The Oils & Fats market within The Food market in BRICS has witnessed minimal growth, influenced by factors such as changing consumer preferences, health concerns over saturated fats, and increasing competition from alternative cooking solutions and plant-based products.
Customer preferences: Consumers in the BRICS nations are increasingly prioritizing health and wellness, leading to a notable shift towards oils and fats perceived as healthier options, such as olive oil and avocado oil. This trend is influenced by a growing awareness of the adverse effects of saturated fats and a preference for plant-based alternatives. Additionally, younger demographics, particularly millennials and Gen Z, are embracing sustainability and ethical sourcing, driving demand for organic and responsibly produced oils. As lifestyle choices evolve, the focus on clean labels and transparency in ingredient sourcing is becoming paramount.
Trends in the market: In the BRICS nations, the Oils & Fats Market is experiencing a pronounced shift towards healthier alternatives, with consumers increasingly favoring oils like olive and avocado oil. This trend is driven by heightened health awareness regarding saturated fats, alongside a preference for plant-based options. Furthermore, younger generations, including millennials and Gen Z, are championing sustainability, which is prompting a surge in demand for organic and ethically sourced oils. As these lifestyle changes take root, the emphasis on clean labels and ingredient transparency is reshaping market dynamics, significantly impacting industry stakeholders and their product offerings.
Local special circumstances: In Brazil, the Oils & Fats Market is significantly influenced by the country's rich agricultural landscape, which supports a diverse range of oil production, from palm to soy. The cultural preference for traditional cooking oils, such as dendê oil, coexists with a burgeoning interest in healthier, imported oils. In South Africa, regulatory initiatives promoting healthier eating habits are encouraging consumers to shift towards oils with better nutritional profiles, such as canola and sunflower oil. This combination of local agriculture, cultural practices, and government policies shapes distinct consumer choices, driving innovation and competition in the market.
Underlying macroeconomic factors: The Oils & Fats Market within The Food market is shaped by macroeconomic factors such as fluctuating commodity prices, trade policies, and domestic economic stability. In Brazil, strong agricultural exports benefit from favorable global demand, enhancing local oil production capabilities. Conversely, South Africa faces challenges from currency volatility and inflation, impacting consumer purchasing power and oil prices. Additionally, government initiatives aimed at promoting healthier eating habits and supporting sustainable agricultural practices are pivotal. These factors collectively influence consumer preferences and market dynamics, driving growth and competition in the oils and fats sector.
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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