Key regions: Canada, Japan, United Kingdom, South Korea, United States
The Butter Market within the Oils & Fats sector in Ivory Coast is experiencing subdued growth, influenced by factors such as fluctuating dairy prices, limited consumer awareness, and competition from alternative fats, which are hindering its expansion.
Customer preferences: In Ivory Coast, consumer preferences in the Butter Market are shifting towards healthier and more sustainable options, reflecting a growing awareness of nutrition and wellness. Younger demographics are increasingly opting for plant-based alternatives, driven by concerns over health and environmental impact. Additionally, traditional culinary practices are being re-examined, with a resurgence of interest in artisanal and locally sourced products. This trend underscores a cultural shift towards valuing quality and authenticity in food choices, influencing purchasing decisions in the Oils & Fats sector.
Trends in the market: In Ivory Coast, the Butter Market within the Oils & Fats sector is experiencing a notable shift towards health-conscious and sustainable choices. Consumers are increasingly seeking organic and plant-based butter alternatives, motivated by a heightened awareness of nutritional value and environmental impact. This trend is particularly pronounced among younger consumers, who prioritize wellness and ethical sourcing. Furthermore, there is a resurgence in appreciation for traditional and locally produced butters, reflecting a desire for authenticity and quality in food. These shifts present opportunities for industry stakeholders to innovate product offerings and align with evolving consumer values.
Local special circumstances: In Ivory Coast, the Butter Market within the Oils & Fats sector is uniquely shaped by the country's rich agricultural heritage and diverse culinary traditions. The prevalence of local crops, such as shea and palm, influences consumers' preferences for regionally sourced butters, promoting authenticity and supporting local farmers. Additionally, cultural celebrations often feature traditional butter products, reinforcing their significance in Ivorian cuisine. Regulatory efforts to promote sustainable agriculture further encourage the shift towards organic options, enhancing the market's appeal to environmentally conscious consumers.
Underlying macroeconomic factors: The Butter Market within the Oils & Fats sector in Ivory Coast is significantly influenced by macroeconomic factors such as agricultural productivity, trade policies, and consumer purchasing power. Global demand for natural and organic products boosts local butter production, encouraging investments in sustainable farming practices. Additionally, fluctuations in global commodity prices, particularly for palm and shea, impact production costs and retail prices. National economic stability, characterized by inflation rates and currency strength, also affects consumer spending habits, guiding preferences toward affordable local alternatives. Furthermore, government initiatives aimed at enhancing food security and promoting local agribusiness support the growth of the butter market, fostering a resilient economy.
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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