Key regions: South Korea, United Kingdom, United States, Philippines, China
The Edible Oils Market within the Oils & Fats sector in North America has shown negligible growth, influenced by factors such as market saturation, health-conscious consumer trends, and the rising popularity of alternative cooking oils and fats.
Customer preferences: Consumers are increasingly prioritizing health and wellness, resulting in a notable shift towards plant-based and organic edible oils, such as avocado and coconut oil, which are perceived as healthier alternatives. This trend is further fueled by a growing awareness of the benefits of unsaturated fats and a desire for clean-label products. Additionally, younger demographics are gravitating towards oils that align with their ethical values, such as sustainably sourced or non-GMO options, reflecting a broader cultural movement towards environmental consciousness and holistic living.
Trends in the market: In North America, the Edible Oils Market is experiencing a significant shift towards plant-based and organic oils, with consumers increasingly favoring options like avocado and coconut oil for their perceived health benefits. This trend is driven by a heightened awareness of the advantages of unsaturated fats and clean-label products. Furthermore, younger consumers are seeking oils that reflect their ethical values, such as sustainably sourced and non-GMO varieties. This cultural shift towards health, sustainability, and transparency presents both opportunities and challenges for industry stakeholders, necessitating innovative product development and effective marketing strategies.
Local special circumstances: In North America, the Edible Oils Market is shaped by diverse geographical influences, with regions like California promoting avocado oil due to its local production and health-conscious culture. Cultural factors drive demand for organic and non-GMO options, reflecting consumers' preference for clean-label products. Additionally, regulatory frameworks around labeling and sustainability standards encourage transparency, influencing purchasing decisions. The emphasis on ethical sourcing and health benefits creates a dynamic market environment, pushing brands to innovate and align with consumer values.
Underlying macroeconomic factors: The Edible Oils Market in North America is significantly influenced by macroeconomic factors such as consumer spending trends, agricultural productivity, and international trade dynamics. The health-conscious shift among consumers is bolstered by rising disposable incomes, enabling greater expenditure on premium edible oils like avocado and olive oil. Fluctuations in global oilseed prices, driven by climate change impacts and geopolitical tensions, also affect market stability. Moreover, fiscal policies promoting sustainable agriculture and investment in local food systems further enhance market growth, compelling brands to adapt to shifting consumer preferences and regulatory standards.
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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