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Oils & Fats - Central America

Central America
  • Revenue in the Oils & Fats market amounts to US$3.09bn in 2024. The market is expected to grow annually by 7.00% (CAGR 2024-2029).
  • In global comparison, most revenue is generated India (US$46bn in 2024).
  • In relation to total population figures, per person revenues of US$58.48 are generated in 2024.
  • In the Oils & Fats market, volume is expected to amount to 663.60m kg by 2029. The Oils & Fats market is expected to show a volume growth of 3.7% in 2025.0.
  • The average volume per person in the Oils & Fats market is expected to amount to 10.6kg in 2024.

Definition:

The Oils and Fats market covers all substances that are composed of fatty acids and used for cooking purposes or as an ingredient in many food products. These fats and oils can be obtained from plants or animals and are available in both liquid (oils) and solid (fats) form.

Structure:

The market consists of four different submarkets:

  • The Butter market covers all products that are defined as a high-fat milk product and contain a minimum of 80% fat. Its other ingredients are water, protein, and lactose.
  • The Margarine market covers all products that are made of vegetable oils and contains a minimum of 80% fat.
  • The Edible Oils market covers any type of oil that is extracted from plants and is used for cooking and food preparation.
  • The Other Oils & Fats market covers lard and other edible animal fats.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

For more information on the displayed data, click the info button on the right side of each box.

In-Scope

  • Butter
  • Margarine
  • Edible oils
  • Edible animal fats

Out-Of-Scope

  • Peanut Butter
  • Ghee
  • Butter oil
  • Out-of-home consumption
Oils & Fats: market data & analysis - Cover

Market Insights report

Oils & Fats: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Volume

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Price

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Sales Channels

    Most recent update: Nov 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Oils & Fats Market in Central America is witnessing minimal growth due to factors such as shifting consumer preferences towards healthier alternatives, fluctuations in raw material prices, and increasing competition from imported products that challenge local brands.

    Customer preferences:
    Consumers in Central America are increasingly gravitating towards healthier fats and oils, influenced by rising health consciousness and a desire for natural ingredients. This shift is evident as individuals opt for options like avocado oil and coconut oil, often driven by cultural ties to traditional cooking methods that emphasize freshness. Additionally, younger demographics are prioritizing plant-based diets, further steering demand towards non-traditional oils. This evolving preference reflects a broader lifestyle change focused on wellness and sustainability, challenging conventional oils' market dominance.

    Trends in the market:
    In Central America, the Oils & Fats market is experiencing a notable shift towards healthier and more natural options, with consumers increasingly favoring oils such as avocado and coconut. This trend is largely driven by heightened health awareness and a cultural inclination towards fresh, traditional cooking methodologies. Furthermore, younger consumers are embracing plant-based diets, which is reshaping demand for non-traditional oils. As these preferences evolve, industry stakeholders may need to adapt product offerings, innovate marketing strategies, and emphasize sustainability to maintain competitiveness in this dynamic landscape.

    Local special circumstances:
    In Central America, the Oils & Fats market is uniquely influenced by its diverse agricultural landscape and rich culinary traditions. Local crops like palm, coconut, and avocado are not only staple ingredients but also integral to cultural practices, promoting the use of natural oils in traditional dishes. Additionally, regulatory frameworks emphasizing sustainable agricultural practices are encouraging the production of organic oils. These factors, combined with a rising demand for health-conscious products among younger consumers, are driving innovation and reshaping market dynamics in this region.

    Underlying macroeconomic factors:
    The Oils & Fats market in Central America is significantly shaped by macroeconomic factors such as global commodity prices, trade policies, and national economic stability. Fluctuations in the prices of key agricultural inputs, influenced by global supply and demand dynamics, directly affect production costs and consumer pricing. Moreover, countries with favorable trade agreements and export incentives are better positioned to enhance their market presence. National economic health, characterized by GDP growth and employment rates, also plays a crucial role, as increased disposable income drives consumer preferences toward premium and health-oriented products. Additionally, fiscal policies promoting sustainable agriculture are fostering innovation and investment in organic oil production, further reshaping market dynamics in the region.

    Methodology

    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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    Oils & Fats: market data & analysis - BackgroundOils & Fats: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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