Key regions: Philippines, China, United States, South Korea, India
The Margarine Market within the Oils & Fats sector in Thailand is experiencing minimal growth. This stagnation is influenced by shifting consumer preferences towards healthier options, rising competition from butter alternatives, and economic factors affecting purchasing power.
Customer preferences: In Thailand, there is a noticeable shift towards plant-based and healthier dietary options, influencing the margarine market within the oils and fats sector. Younger consumers, particularly millennials and Gen Z, are increasingly prioritizing nutrition and sustainability, driving demand for natural and organic spreads. Additionally, the rise of veganism and flexitarian diets is prompting interest in margarine alternatives made from nuts and seeds. As health awareness grows, traditional margarine products face challenges, leading manufacturers to innovate and reformulate to align with these evolving consumer preferences.
Trends in the market: In Thailand, the margarine market within the oils and fats sector is experiencing a significant transformation as consumers gravitate towards healthier and plant-based alternatives. The demand for natural and organic spreads is surging, particularly among millennials and Gen Z, who emphasize nutrition and sustainability in their dietary choices. This shift is further fueled by the increase in veganism and flexitarian lifestyles, leading to a growing interest in margarine alternatives derived from nuts and seeds. As health consciousness rises, traditional margarine products are under pressure, prompting manufacturers to innovate and reformulate their offerings. This evolution poses both challenges and opportunities for industry stakeholders, requiring them to adapt to changing consumer preferences to remain competitive.
Local special circumstances: In Thailand, the margarine market within the oils and fats sector is shaped by a rich culinary heritage that emphasizes traditional flavors and cooking methods, which often prioritize local ingredients. The tropical climate influences the availability of various plant-based oils, fostering a unique blend of traditional and innovative margarine products. Additionally, stringent food safety regulations and labeling requirements promote transparency, compelling manufacturers to emphasize natural ingredients. The Thai government's initiatives to encourage healthier eating habits also play a crucial role, driving consumer interest in nutritious, sustainable options, particularly among younger demographics.
Underlying macroeconomic factors: The margarine market in Thailand is significantly influenced by macroeconomic factors such as the nation’s economic stability, consumer purchasing power, and global commodity prices. A growing economy with rising disposable incomes encourages consumers to seek higher-quality, health-conscious margarine options. Additionally, fluctuations in the prices of raw materials, such as palm oil and soybean oil, can impact production costs and ultimately retail prices. Fiscal policies promoting agricultural sustainability and food innovation further support market growth. As global health trends lean towards plant-based diets, Thai manufacturers are adapting to meet both domestic demand and export opportunities, enhancing resilience in the oils and fats sector.
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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