Key regions: Canada, India, Spain, Philippines, South Korea
The Oils & Fats market in Lebanon is witnessing subdued growth, influenced by factors such as fluctuating raw material prices, shifting consumer preferences towards healthier options, and economic challenges that affect purchasing power and consumption patterns.
Customer preferences: Consumers in Lebanon are gravitating towards healthier oils and fats, reflecting a broader shift towards wellness and nutrition. This trend is influenced by heightened health awareness, particularly among younger demographics, who are increasingly favoring olive oil and plant-based alternatives over traditional frying oils. Additionally, the rise of social media has amplified interest in cooking and dietary choices, leading to a growing demand for organic and locally sourced products. As lifestyles evolve, convenience and transparency in sourcing are becoming critical factors in purchasing decisions.
Trends in the market: In Lebanon, the Oils & Fats market is experiencing a significant shift toward healthier products, with consumers increasingly opting for olive oil and plant-based fats over traditional frying oils. This trend is driven by a growing awareness of health and nutrition among younger generations, who prioritize wellness in their dietary choices. Additionally, the influence of social media is fostering interest in cooking, leading to a demand for organic and locally sourced oils. As lifestyles change, transparency in sourcing and convenience are becoming essential, prompting industry stakeholders to adapt their offerings and marketing strategies to align with these evolving consumer preferences.
Local special circumstances: In Lebanon, the Oils & Fats market is shaped by a rich culinary heritage that values traditional cooking methods, with olive oil being a staple in Lebanese cuisine. The country's Mediterranean climate supports the cultivation of olives, fostering a robust local production that appeals to health-conscious consumers. Additionally, the economic challenges and fluctuating currency have heightened interest in cost-effective, locally sourced oils. Regulatory efforts to promote organic farming are further influencing consumer preference for sustainable and transparent sourcing, driving market dynamics toward healthier options.
Underlying macroeconomic factors: The Oils & Fats market in Lebanon is significantly influenced by macroeconomic factors, including national economic stability, inflation rates, and currency fluctuations. The ongoing economic crisis has led consumers to seek more affordable, locally-produced oils, while also driving up interest in healthier, organic options. Global trends towards sustainability and health consciousness resonate with Lebanese consumers, further shaping demand. Additionally, fiscal policies promoting agricultural production and investment in local farming bolster the oils market, allowing for greater resilience against external shocks and enhancing the appeal of domestic products amidst rising import costs.
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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