Key regions: Canada, India, Spain, Philippines, South Korea
The Oils & Fats Market within The Food market in China is experiencing subdued growth due to shifting consumer preferences towards healthier options, rising prices of raw materials, and increased competition from alternative products that challenge traditional fats.
Customer preferences: Consumers in China are increasingly prioritizing health-conscious eating, driving a notable shift towards plant-based oils and fats over traditional animal-based options. This trend is influenced by a growing awareness of health risks associated with saturated fats and a cultural inclination towards wellness. Additionally, millennials and Gen Z, who are more experimental with culinary choices, are fueling demand for innovative, sustainable oils that align with their lifestyle preferences. As urban living becomes more prevalent, convenience and clean-label products are also gaining traction, reshaping the oils and fats landscape.
Trends in the market: In China, the Oils & Fats market is experiencing a significant shift towards plant-based oils as consumers increasingly embrace health-conscious eating habits. This trend reflects a growing awareness of the health risks associated with saturated fats, particularly among millennials and Gen Z, who are seeking innovative and sustainable culinary options. The rise of urban living is further propelling demand for convenient, clean-label products. As these preferences evolve, industry stakeholders must adapt their offerings and marketing strategies to align with the changing consumer landscape, emphasizing transparency and health benefits to capture market share.
Local special circumstances: In China, the Oils & Fats market is uniquely shaped by regional culinary traditions and a strong emphasis on health and wellness. The country's diverse geography contributes to the popularity of various oils, such as peanut and sesame, reflecting local tastes and cooking methods. Cultural factors, including the rising influence of traditional Chinese medicine, promote the use of oils perceived as beneficial for health. Regulatory measures aimed at reducing trans fats and promoting food safety further drive consumer preferences towards cleaner, plant-based options, transforming the competitive landscape.
Underlying macroeconomic factors: The Oils & Fats market in China is significantly influenced by macroeconomic factors such as economic growth, consumer purchasing power, and shifting dietary patterns. As China’s economy continues to expand, rising disposable incomes enable consumers to seek higher-quality oils and fats, while urbanization trends promote the adoption of diverse cooking oils. Additionally, government policies aimed at improving food safety and promoting healthier eating habits are steering consumer preferences towards premium and plant-based options. Fluctuations in global oil prices and trade dynamics also impact local production costs and availability, shaping competitive strategies within the market.
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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