Key regions: South Korea, United Kingdom, United States, Philippines, China
The Edible Oils Market within the Oils & Fats sector in G7 nations is witnessing negligible growth, influenced by factors such as market saturation, shifting consumer preferences towards healthier options, and increasing awareness of sustainable sourcing practices.
Customer preferences: Consumers in G7 nations are increasingly gravitating towards plant-based and organic edible oils, reflecting a growing awareness of health and sustainability. This shift is influenced by demographic changes, with younger generations prioritizing wellness and environmental impact in their purchasing decisions. Additionally, the rise of culinary exploration has led to a demand for diverse oils, such as avocado and coconut, that cater to health-conscious lifestyles. As a result, brands are innovating to offer transparent sourcing and nutritional benefits to meet these evolving preferences.
Trends in the market: In G7 nations, the Edible Oils Market is experiencing a notable shift towards plant-based and organic oils, driven by a heightened consumer focus on health and sustainability. This trend is particularly evident among younger demographics who prioritize wellness and environmentally friendly products in their choices. The increasing popularity of diverse oils, such as avocado and coconut, reflects a growing culinary exploration among consumers. Consequently, brands are innovating their offerings to emphasize transparent sourcing, health benefits, and sustainable practices, which are pivotal for maintaining competitiveness in a rapidly evolving market.
Local special circumstances: In the G7 nations, the Edible Oils Market is shaped by distinct local factors, such as diverse culinary traditions and stringent food safety regulations. For instance, in Italy, there is a strong preference for high-quality olive oil, influenced by its cultural significance and regional production practices. In Canada, governmental initiatives promoting local sourcing and organic farming bolster the demand for sustainable oils. Meanwhile, in the UK, consumer awareness around health claims drives interest in nutrient-rich oils, leading brands to innovate in product transparency and traceability to meet regulatory standards and consumer expectations.
Underlying macroeconomic factors: The Edible Oils Market in G7 nations is significantly influenced by macroeconomic factors such as global trade dynamics, commodity price fluctuations, and national economic policies. Countries with stable economic growth and robust agricultural sectors, like Germany and France, see increased consumer spending on premium oils, boosting market performance. Conversely, inflationary pressures and changing fiscal policies can impact pricing strategies and consumer purchasing power. Additionally, sustainability trends and international agreements on food standards enhance market opportunities for organic and ethically sourced oils, aligning with rising consumer demand for healthier 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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