Key regions: Canada, Japan, United Kingdom, South Korea, United States
The Butter Market within the Oils & Fats sector in ASEAN is experiencing minimal growth, influenced by factors such as fluctuating dairy prices, changing consumer preferences towards healthier alternatives, and competition from margarine and plant-based spreads.
Customer preferences: Consumers in the ASEAN region are increasingly favoring healthier and more sustainable food options, prompting a notable shift towards plant-based spreads and low-fat alternatives to traditional butter. This trend is particularly pronounced among younger demographics, who are more health-conscious and environmentally aware. Additionally, cultural influences are driving the popularity of local ingredients, leading to a rise in artisanal and ethnic butter variants. As lifestyles become busier, convenience also plays a critical role, with consumers gravitating towards ready-to-use spreads that align with their on-the-go habits.
Trends in the market: In the ASEAN region, the Butter Market within the Oils & Fats sector is experiencing a notable shift towards healthier and more sustainable options. Consumers are increasingly opting for plant-based spreads and low-fat butter alternatives, particularly among younger demographics who prioritize health and environmental sustainability. This trend is complemented by a growing interest in local and artisanal products, leading to the emergence of ethnic butter variants. Additionally, the demand for convenience is driving the popularity of ready-to-use spreads, catering to the fast-paced lifestyles of consumers. Industry stakeholders must adapt to these evolving preferences to remain competitive and meet consumer expectations.
Local special circumstances: In ASEAN, the Butter Market within the Oils & Fats sector is influenced by diverse geographical and cultural factors. Countries with rich dairy traditions, like Thailand and Malaysia, are witnessing a blend of traditional and modern preferences, where consumers appreciate both local dairy products and healthier alternatives. Regulatory frameworks promoting sustainable farming practices further encourage the growth of organic and artisanal butter products. Additionally, regional festivals and culinary practices drive demand for unique flavor profiles, enhancing the market's diversity and catering to local palates.
Underlying macroeconomic factors: The Butter Market within the Oils & Fats sector in ASEAN is significantly influenced by macroeconomic factors such as fluctuations in global dairy prices, trade policies, and national economic stability. Countries experiencing economic growth often see an increase in disposable income, leading to a higher demand for premium and specialty butter products. Additionally, fiscal policies that support agricultural development and sustainability initiatives are crucial for boosting local dairy production. Furthermore, shifting consumer preferences towards healthier fats and organic options, coupled with rising awareness of nutrition, enhance the market's potential. These dynamics, alongside regional trade agreements, further shape the competitive landscape, impacting overall market performance.
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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