Edible Oils - New Zealand | Statista Market Forecast

The Edible Oils market in New Zealand is experiencing negligible growth, influenced by factors such as stable consumer preferences, rising health concerns about saturated fats, and competition from alternative cooking oils and fat substitutes, limiting expansion opportunities.

Customer preferences: Consumers in New Zealand are increasingly gravitating towards healthier cooking options, reflecting a shift towards plant-based diets and clean-label products. This trend is driven by growing awareness of health issues linked to saturated fats, prompting many to explore oils derived from sources like avocados, nuts, and seeds. Additionally, younger demographics are prioritizing sustainability, seeking out eco-friendly brands and locally sourced oils. This evolving landscape highlights a cultural shift towards mindful consumption that balances health, environmental impact, and culinary diversity.

Trends in the market: In New Zealand, the Edible Oils Market is experiencing a notable shift towards healthier options, with consumers increasingly favoring oils derived from avocados, nuts, and seeds over traditional options high in saturated fats. This trend reflects a broader movement towards plant-based diets and clean-label products, driven by heightened health consciousness. Additionally, younger consumers are placing greater emphasis on sustainability, seeking locally sourced and eco-friendly brands. These evolving preferences are reshaping market dynamics, prompting industry stakeholders to innovate and adapt their offerings to meet the demand for health-focused and environmentally responsible products.

Local special circumstances: In New Zealand, the Edible Oils Market is influenced by the country's unique agricultural landscape and a strong emphasis on sustainability. The diverse climate supports the cultivation of high-quality avocados, nuts, and seeds, leading to a burgeoning local production of healthier oils. Culturally, there is a growing preference for clean-label products, reflecting a strong consumer demand for transparency in food sourcing. Regulatory initiatives promoting sustainable practices further enhance the appeal of eco-friendly brands, encouraging innovation and driving market growth aligned with health-conscious consumer trends.

Underlying macroeconomic factors: The Edible Oils Market in New Zealand is shaped by macroeconomic factors such as agricultural productivity, trade dynamics, and consumer spending patterns. The country's robust agricultural sector, bolstered by favorable climatic conditions, enhances local oil production while reducing dependence on imports. Global commodity price fluctuations for oils, influenced by geopolitical tensions and supply chain disruptions, also impact market pricing and availability. Additionally, New Zealand's focus on sustainability and eco-friendly practices aligns with fiscal policies promoting green initiatives, further driving consumer interest in locally sourced, healthier oil options. The overall economic stability, characterized by low unemployment and steady GDP growth, supports increased discretionary spending on premium edible oils.

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.