Key regions: South Korea, United Kingdom, United States, Philippines, China
The Edible Oils Market in Chad has shown minimal growth, influenced by factors such as limited agricultural productivity, fluctuating oil prices, and competition from imported oils. Consumer preferences for traditional fats also impact the market's expansion potential.
Customer preferences: Consumers in Chad are gradually shifting towards healthier and more diverse edible oil options, influenced by rising health awareness and changing dietary habits. With a growing middle class and urbanization, there is an increased demand for oils perceived as healthier, such as sunflower and olive oil, despite the traditional preference for palm oil. Additionally, younger demographics are more open to experimenting with international cuisines, prompting a rise in the popularity of imported oils. This trend reflects cultural nuances and a desire for convenience in food preparation.
Trends in the market: In Chad, the Edible Oils Market is experiencing a notable shift towards healthier oil options, with consumers increasingly favoring sunflower and olive oils over traditional palm oil. This trend is largely driven by heightened health awareness and changing dietary preferences among the growing middle class, particularly in urban areas. Younger consumers are also exploring international cuisines, which has led to a rise in the popularity of imported oils. These developments signify a crucial evolution in consumer behavior, presenting opportunities for industry stakeholders to innovate and diversify their product offerings to cater to this emerging demand.
Local special circumstances: In Chad, the Edible Oils Market is shaped by unique local factors such as its climatic diversity and agricultural practices, which influence oil production and availability. The country’s reliance on traditional crops like groundnuts and sesame has created a niche for locally sourced oils, yet urban consumers are increasingly turning to imported sunflower and olive oils, reflecting a blend of cultural preferences and health consciousness. Additionally, regulatory frameworks surrounding food safety and quality have prompted a shift towards healthier options, driving innovation in the market.
Underlying macroeconomic factors: The Edible Oils Market in Chad is significantly influenced by macroeconomic factors such as agricultural productivity, global oil prices, and economic stability. Fluctuations in international oil prices impact the affordability of imported oils, while local agricultural output, particularly of groundnuts and sesame, shapes supply dynamics. Additionally, Chad's economic health, characterized by reliance on agriculture and fluctuating commodity prices, affects consumer purchasing power. Government fiscal policies aimed at supporting local farmers and enhancing food security also play a crucial role, fostering a market environment that encourages both local production and sustainable practices in the edible oils sector.
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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