Key regions: South Korea, United Kingdom, United States, Philippines, China
The Edible Oils Market within the Oils & Fats sector in the United Kingdom is experiencing negligible growth, influenced by factors such as market saturation, changing consumer preferences towards healthier options, and economic pressures affecting purchasing habits.
Customer preferences: Consumers in the United Kingdom are increasingly gravitating towards plant-based and sustainably sourced edible oils, reflecting a broader shift towards health-conscious and environmentally friendly choices. This trend is particularly pronounced among younger demographics, who prioritize organic and non-GMO certifications. Additionally, cultural influences are steering preferences towards Mediterranean and Asian cooking oils, as diverse culinary practices gain popularity. The rise of home cooking and meal prepping, accelerated by the pandemic, further drives interest in versatile and health-oriented oil options.
Trends in the market: In the United Kingdom, the Edible Oils market is experiencing a significant shift towards plant-based and sustainably sourced oils, driven by a growing consumer preference for health-conscious and eco-friendly options. Younger demographics are leading this trend, favoring organic and non-GMO products. Additionally, cultural influences are expanding the popularity of Mediterranean and Asian cooking oils, as diverse culinary practices become more mainstream. The rise of home cooking, spurred by the pandemic, further enhances demand for versatile and nutritious oils, prompting industry stakeholders to adapt their offerings to meet these evolving consumer needs.
Local special circumstances: In the United Kingdom, the Edible Oils market is shaped by unique local factors, including a strong emphasis on food safety regulations and labeling transparency that encourages consumer trust. The UK's rich culinary diversity, influenced by its multicultural population, fosters a demand for a variety of oils, such as olive, sesame, and rapeseed. Additionally, environmental concerns have led to government initiatives promoting sustainable sourcing, driving brands to innovate and offer eco-friendly products. These elements collectively influence market dynamics, prioritizing health and sustainability.
Underlying macroeconomic factors: The Edible Oils market in the United Kingdom is significantly influenced by macroeconomic factors such as fluctuating commodity prices, trade policies, and inflation rates. Global economic trends, including supply chain disruptions and geopolitical tensions, can lead to price volatility that affects consumer purchasing power and demand for various oils. The UK’s economic health, marked by GDP growth and employment rates, also plays a crucial role in shaping consumer spending habits. Furthermore, government fiscal policies aimed at promoting sustainable practices and local sourcing are encouraging investments in eco-friendly oil production, aligning market trends with environmental objectives and consumer preferences for healthier 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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