Key regions: South Korea, United Kingdom, United States, Philippines, China
The Edible Oils Market within the Oils & Fats sector in the CIS region has been experiencing subdued growth, influenced by factors such as fluctuating commodity prices, changing consumer preferences, and increasing health concerns about saturated fats.
Customer preferences: Consumers in the CIS region are increasingly gravitating towards healthier edible oil options, driven by rising health consciousness and a desire for natural ingredients. This shift is evident in the growing preference for oils rich in omega-3 fatty acids and plant-based alternatives, such as avocado and olive oil. Additionally, younger demographics are more inclined to explore organic and non-GMO products, influenced by social media health trends. This evolving consumer landscape reflects a broader cultural movement towards wellness and sustainability in food choices.
Trends in the market: In the CIS region, the Edible Oils Market is experiencing a notable shift towards healthier options, with consumers increasingly favoring oils high in omega-3 fatty acids and plant-based choices like avocado and olive oil. This trend is significantly driven by heightened health awareness and a preference for natural ingredients, particularly among younger demographics who are influenced by social media health movements. As sustainability and wellness become central to food choices, industry stakeholders must adapt by diversifying product offerings, emphasizing transparency in sourcing, and aligning with consumer demand for organic and non-GMO certifications.
Local special circumstances: In the CIS region, the Edible Oils Market is shaped by a rich agricultural landscape and diverse culinary traditions that influence consumer preferences. Local production of sunflower and rapeseed oils remains prominent due to favorable climatic conditions, while cultural staples like traditional frying methods drive demand for specific oils. Additionally, regulatory frameworks promoting health and nutrition are encouraging producers to innovate with fortified and organic options. This unique blend of geography, culture, and regulation creates a dynamic market landscape that responds to both local tastes and global health trends.
Underlying macroeconomic factors: The Edible Oils Market in the CIS region is significantly influenced by macroeconomic factors such as agricultural productivity, trade policies, and consumer spending patterns. Global economic trends, including fluctuating oil prices and supply chain disruptions, impact the cost of raw materials and pricing strategies for edible oils. National economic health, characterized by GDP growth and inflation rates, affects consumer purchasing power and demand for premium products. Additionally, fiscal policies that promote agricultural subsidies and investment in sustainability initiatives are fostering innovation in oil production, enhancing product variety and quality to meet evolving consumer preferences for health-oriented and environmentally friendly options.
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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