Key regions: Canada, Japan, United Kingdom, South Korea, United States
The Butter Market within the Oils & Fats sector in Greece is witnessing negligible growth, influenced by factors such as shifting consumer preferences towards plant-based alternatives, economic challenges, and limited innovation in product offerings.
Customer preferences: In Greece, consumers are increasingly favoring plant-based dairy alternatives due to rising health consciousness and environmental concerns, resulting in a decline in traditional butter consumption. Younger demographics, particularly millennials and Gen Z, are gravitating towards products that align with sustainable and ethical practices, influencing their purchasing decisions. Additionally, the growing trend of Mediterranean diets emphasizes olive oil and other fats over dairy, further contributing to the shift away from butter in everyday cooking and baking.
Trends in the market: In Greece, the Butter Market is experiencing a notable shift as health-conscious consumers increasingly turn to plant-based alternatives, driven by rising awareness of dietary impacts on health and the environment. This trend is particularly pronounced among younger generations, such as millennials and Gen Z, who prioritize sustainability and ethical sourcing in their food choices. Additionally, the Mediterranean diet's emphasis on olive oil and other fats is further diminishing traditional butter usage in cooking and baking. These changes hold significant implications for industry stakeholders, prompting manufacturers to innovate and adapt their product lines to meet evolving consumer preferences.
Local special circumstances: In Greece, the Butter Market faces unique challenges and opportunities influenced by the country's rich culinary traditions and geographic diversity. The prominence of the Mediterranean diet, which favors olive oil over butter, shapes consumer preferences, especially in coastal regions where olive cultivation is prevalent. Furthermore, cultural practices surrounding food, such as communal cooking and emphasis on fresh ingredients, encourage the use of local fats. Regulatory factors, including EU health guidelines promoting reduced saturated fat intake, also steer consumers towards healthier alternatives, impacting traditional butter consumption patterns.
Underlying macroeconomic factors: The Butter Market in Greece is significantly influenced by macroeconomic factors such as national economic growth, consumer spending power, and agricultural policies. With Greece's economy gradually recovering, increased disposable income allows consumers to explore diverse dairy options, including butter. Global trends, such as the rising demand for natural and organic products, also affect local preferences, prompting butter producers to innovate with premium offerings. Additionally, fluctuations in dairy prices, driven by climate change and global supply chain disruptions, impact production costs and market pricing, further shaping consumer behavior in this segment.
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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