Key regions: Canada, India, Spain, Philippines, South Korea
The Oils & Fats market in Ireland is experiencing negligible growth, influenced by factors such as changing consumer preferences, health trends favoring reduced fat intake, and the rise of plant-based alternatives, which are reshaping traditional consumption patterns.
Customer preferences: Consumers in Ireland are increasingly prioritizing health-conscious eating, leading to a noticeable decline in traditional oils and fats. This shift is fueled by a growing awareness of heart health and obesity, particularly among younger demographics who prefer plant-based oils and low-fat alternatives. Additionally, the rise of veganism and flexitarian diets is prompting consumers to gravitate towards oils derived from nuts, seeds, and avocados. As sustainability becomes a key concern, there is also a heightened interest in ethically sourced and environmentally friendly fat products.
Trends in the market: In Ireland, the Oils & Fats market is experiencing a significant shift towards healthier and more sustainable options, with consumers increasingly favoring plant-based oils over traditional fats. The trend is particularly pronounced among younger demographics, who are drawn to oils derived from nuts, seeds, and avocados, aligning with their health-conscious lifestyles. Additionally, the rise of veganism and flexitarian diets is driving demand for low-fat alternatives. This shift towards ethically sourced and environmentally friendly products presents opportunities and challenges for industry stakeholders, who must adapt their offerings to meet evolving consumer preferences.
Local special circumstances: In Ireland, the Oils & Fats market is shaped by the country's rich agricultural heritage and a strong emphasis on sustainable practices. The growing awareness of health and environmental issues has led consumers to prioritize locally sourced, organic oils over imported options. Ireland's temperate climate favors the cultivation of diverse oilseed crops, while cultural ties to traditional cooking methods influence the acceptance of healthier alternatives. Regulatory support for organic farming and food labeling further drives transparency, enabling consumers to make informed choices in an evolving market landscape.
Underlying macroeconomic factors: The Oils & Fats market in Ireland is significantly influenced by macroeconomic factors such as agricultural productivity, consumer spending patterns, and global commodity prices. As the economy grows, disposable incomes rise, leading to increased demand for premium, organic oils. Fluctuations in global oilseed prices, driven by factors like climate change and supply chain disruptions, also impact local pricing and availability. Furthermore, supportive fiscal policies promoting sustainable agriculture enhance competitiveness in the market. Regulatory frameworks focused on food safety and labeling further empower consumers, fostering a trend towards healthier, locally sourced options in an increasingly discerning market landscape.
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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