Key regions: South Korea, United Kingdom, United States, Philippines, China
The Edible Oils Market within the Oils & Fats segment in Thailand is experiencing negligible growth, influenced by factors such as market saturation, rising health concerns regarding oil consumption, and increasing competition from alternative cooking fats.
Customer preferences: Consumers in Thailand are increasingly prioritizing health-conscious choices in their cooking habits, leading to a notable shift towards natural and organic edible oils. With rising awareness of the health impacts of fat consumption, there is a growing demand for oils rich in omega-3 and omega-6 fatty acids, such as flaxseed and avocado oil. Additionally, younger demographics, influenced by social media trends, are gravitating towards plant-based alternatives, encouraging brands to innovate and diversify their product offerings in the competitive edible oils market.
Trends in the market: In Thailand, the Edible Oils Market is experiencing a significant shift towards health-oriented products, with consumers increasingly favoring natural and organic oils in their cooking. This trend is fueled by heightened awareness of health issues associated with fat consumption, driving demand for oils high in omega-3 and omega-6 fatty acids, such as flaxseed and avocado oil. Younger consumers, influenced by social media, are also embracing plant-based alternatives, prompting brands to innovate and expand their offerings. This evolving landscape presents opportunities for industry stakeholders to cater to health-conscious preferences and adapt to changing consumer behaviors.
Local special circumstances: In Thailand, the Edible Oils Market is shaped by unique cultural preferences and agricultural practices, with a strong emphasis on traditional cooking methods that favor local oils like palm and coconut. The country's tropical climate supports the cultivation of diverse oil-producing plants, allowing for a rich variety of options. Additionally, regulatory measures promoting health awareness are driving consumer interest in organic and sustainably sourced oils. This combination of local agricultural resources and cultural dietary habits influences market dynamics, fostering an environment ripe for innovation in health-oriented edible oil products.
Underlying macroeconomic factors: The Edible Oils Market in Thailand is significantly influenced by macroeconomic factors such as agricultural productivity, trade policies, and consumer spending patterns. The strong agricultural base, coupled with favorable climate conditions, enhances local oil production, particularly for palm and coconut oils. Global economic trends, such as fluctuating oil prices and international trade agreements, also impact import costs and competitive pricing. Additionally, rising disposable incomes and health-conscious consumer behavior have led to increased demand for premium, organic oils. Fiscal policies promoting sustainable farming practices further encourage innovation in the market, aligning with growing consumer interest in eco-friendly products.
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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