Key regions: Canada, Japan, United Kingdom, South Korea, United States
The Butter Market within the Oils & Fats sector of The Food market in GCC is experiencing minimal growth, influenced by factors such as shifting consumer preferences towards healthier alternatives and price fluctuations in dairy supplies.
Customer preferences: Consumers in the GCC are increasingly gravitating towards plant-based and healthier fat alternatives, driven by a growing awareness of health and wellness. This shift is particularly evident among younger demographics who prioritize sustainability and nutritional transparency. Additionally, traditional cooking methods are evolving, with many embracing modern culinary techniques that favor lighter spreads over butter. Cultural influences, such as the rise of veganism and Mediterranean diets, are further reshaping preferences, prompting retailers to diversify their offerings and cater to these changing tastes.
Trends in the market: In the GCC, the Butter Market within the Oils & Fats sector is experiencing a notable shift towards healthier and plant-based alternatives. Consumers are increasingly opting for spreads that align with their health-conscious lifestyles, reflecting a broader trend towards nutritional transparency. This is particularly pronounced among younger demographics who are influenced by the rise of veganism and Mediterranean dietary practices. Retailers are responding by diversifying their product lines, introducing innovative, low-fat, and plant-based spreads. This evolution not only meets consumer demand but also poses significant implications for traditional butter producers, who may need to adapt their offerings to remain competitive in this changing landscape.
Local special circumstances: In the GCC, the Butter Market within the Oils & Fats sector is shaped by a blend of cultural preferences and health trends. The region's rich culinary heritage emphasizes traditional dairy products, yet there's a rising demand for healthier options influenced by the region's increasing awareness of obesity and lifestyle diseases. Additionally, regulatory bodies are promoting nutritional standards that encourage the reduction of saturated fats, pushing both consumers and producers towards innovative, healthier alternatives. This dynamic creates a unique market landscape, distinct from other regions.
Underlying macroeconomic factors: The Butter Market within the Oils & Fats sector in the GCC is significantly shaped by macroeconomic factors such as oil price volatility, consumer spending patterns, and economic diversification efforts. As oil-dependent economies navigate global economic fluctuations, there is a push towards diversifying revenue sources, impacting disposable income levels and purchasing behavior. Moreover, fiscal policies promoting healthy eating are fostering an environment for innovative dairy alternatives and low-fat butter products. Additionally, international trade agreements can influence import costs and supply chain dynamics, affecting market availability and pricing strategies for butter and related products in the region.
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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