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Oils & Fats - G7

G7
  • Revenue in the Oils & Fats market amounts to US$43.61bn in 2024. The market is expected to grow annually by 3.69% (CAGR 2024-2029).
  • In global comparison, most revenue is generated India (US$46bn in 2024).
  • In relation to total population figures, per person revenues of US$56.04 are generated in 2024.
  • In the Oils & Fats market, volume is expected to amount to 8.51bn kg by 2029. The Oils & Fats market is expected to show a volume growth of 1.9% in 2025.0.
  • The average volume per person in the Oils & Fats market is expected to amount to 10.2kg in 2024.

Definition:

The Oils and Fats market covers all substances that are composed of fatty acids and used for cooking purposes or as an ingredient in many food products. These fats and oils can be obtained from plants or animals and are available in both liquid (oils) and solid (fats) form.

Structure:

The market consists of four different submarkets:

  • The Butter market covers all products that are defined as a high-fat milk product and contain a minimum of 80% fat. Its other ingredients are water, protein, and lactose.
  • The Margarine market covers all products that are made of vegetable oils and contains a minimum of 80% fat.
  • The Edible Oils market covers any type of oil that is extracted from plants and is used for cooking and food preparation.
  • The Other Oils & Fats market covers lard and other edible animal fats.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

For more information on the displayed data, click the info button on the right side of each box.

In-Scope

  • Butter
  • Margarine
  • Edible oils
  • Edible animal fats

Out-Of-Scope

  • Peanut Butter
  • Ghee
  • Butter oil
  • Out-of-home consumption
Oils & Fats: market data & analysis - Cover

Market Insights report

Oils & Fats: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Volume

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Price

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Sales Channels

    Most recent update: Nov 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Oils & Fats Market within The Food market in G7 is experiencing negligible growth, influenced by shifting consumer preferences towards health-conscious options, regulatory changes, and competition from plant-based alternatives that challenge traditional fats.

    Customer preferences:
    Consumers are increasingly gravitating towards healthier and more sustainable oils and fats, reflecting a broader trend towards wellness and environmental consciousness. This shift is particularly evident among younger demographics, who prioritize plant-based options and clean-label products. Additionally, cultural influences, such as the Mediterranean diet, are promoting the use of olive oil and other heart-healthy fats. The rise in cooking at home, accelerated by the pandemic, has also led to greater experimentation with diverse oils, further shaping preferences in the Oils & Fats Market.

    Trends in the market:
    In the G7 nations, the Oils & Fats Market is experiencing a significant shift towards healthier and more sustainable options, driven by growing consumer demand for wellness-oriented products. The popularity of plant-based oils, such as avocado and coconut oil, is surging, especially among younger consumers who favor clean-label and environmentally friendly choices. Furthermore, the influence of dietary trends, particularly the Mediterranean diet, is reinforcing the preference for heart-healthy fats like olive oil. As home cooking continues to rise post-pandemic, industry stakeholders must adapt to these evolving consumer preferences, emphasizing innovation in product offerings and transparency in sourcing practices.

    Local special circumstances:
    In Canada, the Oils & Fats Market is shaped by its diverse multicultural population, leading to a demand for a variety of oils that cater to different culinary traditions, such as sesame oil in Asian cuisines and canola oil for local recipes. Additionally, stricter regulations around food labeling and health claims are pushing manufacturers to innovate and provide transparency in sourcing. In France, the emphasis on artisanal and regional products influences consumer preferences, driving demand for high-quality oils like truffle and walnut oil, which are seen as gourmet choices.

    Underlying macroeconomic factors:
    The Oils & Fats Market is significantly influenced by macroeconomic factors such as global commodity prices, trade policies, and consumer spending trends. Fluctuations in the prices of raw materials like palm and soybean oil affect production costs and, consequently, retail prices. National economic health, characterized by GDP growth and employment rates, impacts consumer purchasing power and preferences for premium versus standard oils. Moreover, fiscal policies promoting sustainability and healthy eating are encouraging innovation in oil production, such as the rise of plant-based and organic oils. These factors collectively shape market dynamics and consumer choices in the Oils & Fats sector.

    Methodology

    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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    Oils & Fats: market data & analysis - BackgroundOils & Fats: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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