Key regions: Canada, India, Spain, Philippines, South Korea
The Oils & Fats Market within The Food market in Egypt is experiencing minimal growth due to factors like fluctuating raw material prices, changing consumer preferences towards healthier options, and competition from imported products that challenge local offerings.
Customer preferences: Consumers in Egypt are increasingly gravitating towards healthier cooking oils, reflecting a growing awareness of nutrition and wellness. This trend is influenced by a younger demographic that prioritizes fitness and balanced diets, often seeking oils rich in omega-3 and omega-6 fatty acids. Additionally, the cultural shift towards plant-based diets is fostering interest in alternatives like olive, avocado, and coconut oils. This evolution in preferences is further propelled by social media and health influencers advocating for cleaner eating, prompting consumers to scrutinize product labels more closely.
Trends in the market: In Egypt, the Oils & Fats market is experiencing a notable shift towards healthier options, with consumers increasingly opting for oils that promote wellness. This trend is driven by a younger population that values nutrition, seeking products high in omega-3 and omega-6 fatty acids. Furthermore, the rise in popularity of plant-based diets has spurred demand for oils like olive, avocado, and coconut. Social media and health influencers play a significant role in shaping these preferences, leading consumers to examine product labels with greater scrutiny. This evolving landscape presents both opportunities and challenges for industry stakeholders, who must adapt to changing consumer demands and innovate to remain competitive.
Local special circumstances: In Egypt, the Oils & Fats market is shaped by unique local factors, including a rich culinary heritage that values traditional cooking methods and flavors. The country’s Mediterranean climate supports the cultivation of olive trees, enhancing the popularity of olive oil, while cultural preferences for fried foods drive demand for healthier frying oils. Additionally, government regulations promoting nutrition education and food labeling transparency influence consumer choices. These elements create a distinct market dynamic, encouraging both innovation and adherence to traditional practices among industry players.
Underlying macroeconomic factors: The Oils & Fats market in Egypt is significantly influenced by macroeconomic factors such as global commodity prices, national economic stability, and exchange rate fluctuations. Rising global oil prices directly impact local production costs and consumer prices, shaping purchasing behavior. Additionally, Egypt's economic health, characterized by inflation rates and GDP growth, affects disposable income and consumer spending patterns. Fiscal policies aimed at boosting agricultural productivity and promoting local oil production also play a crucial role, encouraging investment in the sector. Furthermore, ongoing trade agreements and international market trends influence supply chains, affecting availability and pricing of various oils and fats.
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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