Edible Oils - Jamaica | Statista Market Forecast

Revenue in the Edible Oils market amounts to US$97.53m in 2024. The market is expected to grow annually by 6.97% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$35bn in 2024).
In relation to total population figures, per person revenues of US$34.53 are generated in 2024.
In the Edible Oils market, volume is expected to amount to 19.61m kg by 2029. The Edible Oils market is expected to show a volume growth of 2.3% in 2025.0.
The average volume per person in the Edible Oils market is expected to amount to 6.22kg in 2024.

Definition:

The Edible Oils market covers any type of oil that is extracted from plants and nuts and is used for cooking and food preparation.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Olive oil
Sunflower oil
Other edible oils (e.g. palm, soybean, coconut oil, canola oil, rapeseed oil, sesame oil, soybean oil)
Cooking oil blends

Butter
Margarine
Animal fats (e.g. lard)
Out-of-home consumption

The Edible Oils Market in Jamaica is witnessing minimal growth, influenced by factors such as fluctuating import costs, changing consumer preferences towards healthier options, and competition from local and international brands impacting market dynamics.

Customer preferences: In Jamaica, consumers are gravitating towards healthier cooking oils, reflecting a growing awareness of nutrition and wellness. This shift is evident in the rising popularity of oils rich in omega-3 fatty acids and those derived from plant sources, such as avocado and coconut oil. Additionally, younger demographics, influenced by global health trends and local culinary traditions, are increasingly opting for organic and sustainably sourced products. This evolving preference is reshaping the competitive landscape, pushing brands to innovate and diversify their offerings to meet consumer demands.

Trends in the market: In Jamaica, the Edible Oils Market is experiencing a significant shift towards healthier options, with consumers increasingly choosing oils high in omega-3 fatty acids and plant-based varieties like avocado and coconut oil. This trend is gaining momentum, particularly among younger demographics who are influenced by global health movements and local culinary practices. As awareness of nutrition and wellness grows, the demand for organic and sustainably sourced oils is rising. This evolution compels industry stakeholders to adapt by innovating and expanding their product lines to cater to health-conscious consumers, ultimately reshaping the competitive landscape.

Local special circumstances: In Jamaica, the Edible Oils Market is uniquely shaped by the island's rich agricultural heritage and cultural preferences for local ingredients. The prominence of traditional cooking methods, such as frying and stewing, elevates the demand for oils that complement Jamaican cuisine, including coconut and palm oil. Additionally, regulatory measures promoting healthy eating are influencing consumer choices, encouraging a shift towards organic and sustainably sourced oils. This cultural emphasis on health and local produce drives innovation among producers, fostering a competitive environment focused on quality and authenticity.

Underlying macroeconomic factors: The Edible Oils Market in Jamaica is significantly influenced by macroeconomic factors such as import tariffs, agricultural productivity, and global commodity prices. Fluctuations in crude oil prices directly impact the cost of edible oils, while local agricultural policies aim to enhance domestic production of oilseeds, potentially reducing reliance on imports. Furthermore, Jamaica's economic health, characterized by GDP growth and consumer spending trends, affects purchasing power and preferences for premium oils. Fiscal policies promoting sustainable agriculture and local sourcing also encourage innovation and quality enhancement among producers, aligning with global trends toward health-conscious consumption.

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.