Key regions: South Korea, United Kingdom, United States, Philippines, China
The Edible Oils Market in Bhutan is experiencing subdued growth due to factors like fluctuating import costs, limited local production capabilities, and changing consumer preferences towards healthier options, which are impacting overall market dynamics.
Customer preferences: Consumers in Bhutan are showing a marked shift towards healthier edible oil options, reflecting a growing awareness of nutrition and wellness. This trend is particularly evident among younger demographics who prioritize organic and locally sourced products, influenced by global health narratives. Additionally, urbanization and changing lifestyles are driving a preference for convenience, prompting an increased interest in ready-to-use oil blends. Cultural influences, such as traditional cooking methods, are also evolving, leading to a blend of modern and traditional oil choices among households.
Trends in the market: In Bhutan, the Edible Oils Market is experiencing a notable shift towards healthier options, as consumers increasingly prioritize nutrition and wellness. This trend is particularly pronounced among younger consumers who are gravitating towards organic and locally sourced oils, driven by heightened global health consciousness. Urbanization is also influencing purchasing behaviors, leading to a greater demand for convenient ready-to-use oil blends. Moreover, traditional cooking practices are evolving, resulting in a blend of modern and traditional oils, which presents opportunities for industry stakeholders to innovate product offerings and cater to diverse consumer preferences.
Local special circumstances: In Bhutan, the Edible Oils Market is uniquely influenced by its geographical diversity and rich cultural heritage. The mountainous terrain limits agricultural production, leading to a reliance on both importation and local sourcing of oils. Cultural practices emphasize traditional cooking methods, with ghee and mustard oil being staples in Bhutanese cuisine. Regulatory frameworks promoting organic farming are encouraging the growth of locally sourced oils. As a result, there is a rising demand for eco-friendly packaging and sustainable practices, shaping product development and market dynamics to reflect both health consciousness and cultural authenticity.
Underlying macroeconomic factors: The Edible Oils Market in Bhutan is significantly shaped by macroeconomic factors such as global commodity prices, trade policies, and national economic stability. Fluctuations in oilseed prices on the international market can directly impact local oil production costs, influencing consumer prices and availability. Bhutan's focus on enhancing self-sufficiency through fiscal policies that promote local agriculture supports the growth of indigenous oils like ghee and mustard oil. Additionally, tourism and remittances contribute to national economic health, boosting consumer purchasing power, while increasing environmental awareness drives demand for sustainably sourced and packaged 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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