Key regions: Canada, Japan, United Kingdom, South Korea, United States
The Butter Market within the Oils & Fats sector in The Food market in Thailand is experiencing negligible growth. This stagnation is influenced by factors such as changing consumer preferences, competition from margarine alternatives, and economic fluctuations affecting purchasing power.
Customer preferences: In Thailand, consumers are shifting towards healthier and more sustainable food options, leading to a decline in traditional butter consumption. This trend is influenced by a growing awareness of health impacts associated with saturated fats, prompting a preference for plant-based alternatives like margarine and nut butters. Additionally, younger demographics, particularly millennials and Gen Z, prioritize convenience and are increasingly drawn to innovative spreads that align with their busy lifestyles and eco-conscious values. Emphasis on clean-label and organic products further shapes these preferences, signaling a significant transformation in the butter market.
Trends in the market: In Thailand, the Butter Market within the Oils & Fats sector is experiencing a notable decline in traditional butter consumption, driven by a consumer shift towards healthier options. Plant-based alternatives, such as margarine and nut butters, are gaining popularity due to heightened awareness of health risks associated with saturated fats. Younger consumers, especially millennials and Gen Z, are seeking convenient, innovative spreads that match their fast-paced lifestyles. This trend emphasizes clean-label and organic products, prompting industry stakeholders to adapt their offerings to align with evolving consumer preferences, which could reshape market dynamics and competitive strategies.
Local special circumstances: In Thailand, the Butter Market within the Oils & Fats sector is influenced by unique local factors such as the tropical climate and the prevalence of rice-based diets. The warm weather diminishes the appeal of traditional butter, prompting consumers to seek lighter, plant-based alternatives like coconut oil and margarine. Additionally, cultural preferences for bold flavors and local ingredients drive demand for innovative spreads that incorporate Thai flavors. Regulatory trends promoting health-oriented food products further accelerate the shift towards cleaner, organic options, reshaping competitive dynamics in the market.
Underlying macroeconomic factors: The Butter Market within the Oils & Fats sector in Thailand is significantly shaped by macroeconomic factors, including global commodity prices, trade policies, and domestic economic growth. Fluctuations in the global dairy market can impact local butter prices and production costs, affecting consumer purchasing behavior. Additionally, Thailand's economic stability, driven by government initiatives to boost agricultural productivity, influences the availability and affordability of local fats and oils. Fiscal policies promoting health and nutrition further encourage consumers to gravitate towards healthier alternatives, reshaping preferences and driving innovation in product offerings within the butter 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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
