Key regions: Philippines, China, United States, South Korea, India
The Margarine Market within the Oils & Fats sector in New Zealand has shown negligible growth, influenced by factors such as shifting consumer preferences towards healthier alternatives and the rising popularity of butter, impacting its market expansion.
Customer preferences: Consumers in New Zealand are gravitating towards natural and minimally processed food options, resulting in a declining interest in margarine. This shift is influenced by a growing awareness of health and wellness, with many opting for butter or plant-based spreads perceived as more nutritious. Demographic changes, particularly among younger generations, highlight a preference for organic and ethically sourced ingredients. Additionally, lifestyle factors such as increased cooking at home have led to a resurgence in traditional fats, further challenging the margarine market's growth trajectory.
Trends in the market: In New Zealand, the margarine market is experiencing a notable decline as consumers increasingly favor natural and minimally processed food alternatives. This trend, driven by heightened health consciousness, sees many opting for traditional butter or plant-based spreads viewed as healthier options. Younger generations are particularly influential, prioritizing organic and ethically sourced ingredients in their diets. Additionally, the rise in home cooking has revived interest in traditional fats, posing significant challenges for margarine producers. Industry stakeholders must adapt to these evolving preferences to remain competitive.
Local special circumstances: In New Zealand, the margarine market is uniquely influenced by the country's strong agricultural sector and a cultural emphasis on sustainable living. Local consumers prioritize products that align with eco-friendly practices, leading to a decline in margarine sales as they shift towards butter and plant-based alternatives. Additionally, strict food regulations promote transparency in ingredient sourcing, further driving demand for natural fats. The country's commitment to health and wellness, coupled with its diverse culinary heritage, encourages a return to traditional cooking methods, impacting margarine's market presence.
Underlying macroeconomic factors: The margarine market in New Zealand is significantly influenced by macroeconomic factors such as agricultural productivity, consumer spending trends, and health-consciousness among the populace. A robust agricultural sector ensures a steady supply of raw materials, while favorable fiscal policies supporting local farmers promote sustainable practices. Additionally, fluctuations in disposable income impact consumer preferences, leading to a shift towards premium butter and plant-based alternatives. Global trends towards health and wellness, coupled with rising awareness of nutrition, drive demand for natural fats over processed margarine, further reshaping market dynamics.
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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