Edible Oils - BRICS | Statista Market Forecast

The Edible Oils Market within the Oils & Fats segment in BRICS has seen minimal growth, influenced by factors such as fluctuating raw material prices, changing consumer preferences, and increasing health concerns regarding oil consumption. These dynamics shape market trends.

Customer preferences: Consumers in the BRICS nations are increasingly prioritizing health-conscious choices in the Edible Oils Market, leading to a notable shift towards oils perceived as healthier, such as olive, avocado, and coconut oils. This trend is influenced by rising awareness of the Mediterranean diet and the benefits of unsaturated fats. Additionally, younger demographics are favoring organic and sustainably sourced oils, reflecting a growing emphasis on environmental impact and ethical consumption. These evolving preferences are reshaping product offerings and marketing strategies in the sector.

Trends in the market: In the BRICS nations, the Edible Oils Market is experiencing a significant shift towards healthier oil options, as consumers increasingly opt for oils such as olive, avocado, and coconut, driven by health-conscious choices. This trend is largely influenced by the rising popularity of the Mediterranean diet and the understanding of unsaturated fats' benefits. Additionally, younger consumers are gravitating towards organic and sustainably sourced oils, highlighting a growing focus on environmental sustainability and ethical consumption. These trends are prompting industry stakeholders to innovate product offerings and adapt marketing strategies, aligning with consumer preferences for health and sustainability.

Local special circumstances: In Brazil, the Edible Oils Market is significantly shaped by the country's rich agricultural diversity and cultural affinity for traditional cooking oils like palm and soybean oil. The increasing demand for healthier alternatives is influenced by local dietary habits that emphasize fried foods, necessitating a transition towards oils with better nutritional profiles. In Russia, regulations on oil quality and labeling are tightening, pushing manufacturers to innovate and offer higher-grade oils in response to consumer concerns about health and safety. Meanwhile, in South Africa, the rising awareness of heart health is driving the popularity of canola and sunflower oils, reflecting a shift towards oils perceived as healthier options.

Underlying macroeconomic factors: The Edible Oils Market within the Oils & Fats segment is significantly influenced by macroeconomic factors such as commodity prices, trade policies, and national economic health. Global fluctuations in oilseed prices directly impact production costs, affecting retail prices for consumers. Countries with strong agricultural sectors, like Brazil and Russia, benefit from favorable fiscal policies that support domestic production and export initiatives. Additionally, increasing health consciousness among consumers drives demand for higher-quality, healthier oil options, prompting manufacturers to innovate. Economic stability in these nations further enhances market growth, while any trade restrictions can create volatility, influencing supply chains and pricing strategies.

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.