Key regions: Canada, India, Spain, Philippines, South Korea
The Oils & Fats market within The Food market in the EAEU is experiencing subdued growth, influenced by shifting consumer preferences, health concerns, and competition from alternative spreads, which are affecting demand and overall market dynamics.
Customer preferences: Consumers in the EAEU are increasingly prioritizing health-conscious choices in the Oils & Fats market, leading to a rise in demand for plant-based and organic oils that align with their wellness goals. Cultural shifts toward traditional diets, emphasizing local and natural ingredients, are influencing purchasing decisions. Additionally, younger demographics are gravitating towards innovative cooking oils that offer functionality, such as enhanced flavor profiles and nutritional benefits, reflecting a broader trend of mindful eating and lifestyle sustainability.
Trends in the market: In the EAEU, the Oils & Fats market is experiencing a significant shift towards health-oriented products, with consumers increasingly favoring plant-based and organic oils that support their wellness ambitions. This trend is further fueled by a cultural revival of traditional diets, emphasizing local and natural ingredients. Younger consumers are particularly drawn to innovative oils that offer not just enhanced flavor but also added nutritional benefits. This evolving landscape presents opportunities and challenges for industry stakeholders, demanding adaptation to meet changing consumer preferences while also prioritizing sustainability in production practices.
Local special circumstances: In the EAEU, the Oils & Fats market is influenced by diverse geographical factors, including the region's rich agricultural heritage and climate variations that determine the availability of local oilseed crops. Culturally, traditional culinary practices emphasize the use of specific oils, fostering regional preferences for sunflower and rapeseed oils. Additionally, regulatory frameworks promoting organic farming and sustainable practices are reshaping production standards. These local elements drive innovation and adaptation, compelling producers to align with consumer demand for health-conscious and environmentally friendly options.
Underlying macroeconomic factors: The Oils & Fats market in the EAEU is significantly influenced by macroeconomic factors such as global commodity prices, exchange rates, and national economic stability. Fluctuations in crude oil prices impact the cost of production and transportation, while currency volatility can affect import and export dynamics. Additionally, national economic health, reflected in GDP growth and consumer purchasing power, plays a crucial role in shaping demand for various oils. Fiscal policies promoting agricultural innovation and sustainability are also pivotal, as they encourage investments in oilseed cultivation and processing, aligning with the growing consumer preference for health-conscious and environmentally sustainable products.
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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