Oils & Fats - CIS | Statista Market Forecast

Oils & Fats - CIS

CIS

Highlights

Revenue in the Oils & Fats market amounts to US$8.45bn in 2024. The market is expected to grow annually by 7.22% (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$34.80 are generated in 2024.
In the Oils & Fats market, volume is expected to amount to 1.22bn kg by 2029. The Oils & Fats market is expected to show a volume growth of 2.8% in 2025.0.
The average volume per person in the Oils & Fats market is expected to amount to 4.4kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Oils & Fats Market in the CIS region is experiencing subdued growth due to factors such as fluctuating commodity prices, changing consumer preferences toward healthier options, and increased competition from alternative products in the food industry.

Customer preferences: Consumers in the CIS region are increasingly prioritizing health and wellness, driving a notable shift towards oils and fats perceived as healthier alternatives, such as avocado oil and coconut oil. This trend is influenced by a growing awareness of nutrition and the rise of plant-based diets among younger demographics. Additionally, cultural preferences for natural and organic products are prompting manufacturers to innovate and diversify their offerings. As lifestyles become more fast-paced, convenient and ready-to-use oil products are gaining traction, catering to the demand for quick meal preparation.

Trends in the market: In the CIS region, the Oils & Fats market is experiencing a significant shift towards healthier options, with consumers increasingly favoring oils like avocado and coconut oil due to their perceived health benefits. This trend is bolstered by heightened nutritional awareness and a surge in plant-based diets among younger consumers. Additionally, cultural preferences for natural and organic products are driving manufacturers to innovate their product lines. As lifestyles become busier, the demand for convenient, ready-to-use oil products is rising, prompting industry stakeholders to adapt and diversify their offerings to meet evolving consumer needs.

Local special circumstances: In the CIS region, the Oils & Fats market is shaped by unique local factors, including diverse agricultural practices and a strong emphasis on traditional cooking methods. Many consumers prefer sunflower and rapeseed oils, which are locally produced and culturally significant. Regulatory support for organic farming is fostering a rise in natural oil products. Additionally, harsh climatic conditions encourage the exploration of preservation techniques, driving demand for long-lasting, healthy oil alternatives. This blend of tradition and innovation is redefining consumer preferences in the market.

Underlying macroeconomic factors: The Oils & Fats market in the CIS region is significantly influenced by macroeconomic factors, including agricultural productivity, global commodity prices, and shifts in consumer spending. Fluctuations in oilseed prices, driven by international supply and demand dynamics, can directly impact local production costs and retail prices. Furthermore, national economic health, characterized by GDP growth and inflation rates, affects consumers' purchasing power and preferences for premium or budget-friendly oil products. Fiscal policies promoting sustainable agriculture are encouraging investments in organic oils, while increasing health consciousness among consumers is shifting demand towards healthier fat alternatives, reshaping the market landscape.

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.