Oils & Fats - Myanmar

Myanmar

Highlights

Revenue in the Oils & Fats market amounts to US$449.50m in 2024. The market is expected to grow annually by 12.08% (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$8.18 are generated in 2024.
In the Oils & Fats market, volume is expected to amount to 61.75m kg by 2029. The Oils & Fats market is expected to show a volume growth of 5.0% in 2025.0.
The average volume per person in the Oils & Fats market is expected to amount to 0.9kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Oils & Fats market in Myanmar is experiencing subdued growth, influenced by factors like fluctuating commodity prices, changing consumer preferences for healthier options, and competition from imported products, which challenge local production and innovation efforts.

Customer preferences: Consumers in Myanmar are increasingly prioritizing health and wellness, leading to a notable shift towards oils and fats perceived as healthier options, such as coconut and olive oils. This trend is further amplified by a growing awareness of nutrition among the urban population, particularly among millennials and Gen Z, who are influenced by global health trends and access to information via social media. Additionally, the rise of busy lifestyles is prompting demand for convenient, ready-to-use cooking oils that align with modern cooking practices, reflecting a blend of tradition and contemporary dietary needs.

Trends in the market: In Myanmar, the Oils & Fats market is experiencing a significant shift towards healthier options, with consumers increasingly favoring oils like coconut and olive for their perceived nutritional benefits. Urban millennials and Gen Z are driving this change, influenced by global health trends and greater access to nutritional information via social media. Concurrently, the demand for convenient, ready-to-use cooking oils is rising, reflecting the integration of traditional cooking practices with contemporary lifestyles. These trends present opportunities for industry stakeholders to innovate product offerings and align marketing strategies with evolving consumer preferences.

Local special circumstances: In Myanmar, the Oils & Fats market is shaped by a unique blend of geographical, cultural, and regulatory factors. The country's tropical climate facilitates the cultivation of diverse oilseeds, such as sesame and groundnut, which are integral to traditional cuisine. Cultural preferences for specific flavors and cooking methods influence oil selection, with local practices emphasizing the use of traditional oils. Additionally, regulatory changes promoting healthier food options are encouraging manufacturers to diversify their product lines, fostering innovation while meeting the evolving tastes of health-conscious consumers.

Underlying macroeconomic factors: The Oils & Fats market in Myanmar is significantly influenced by macroeconomic factors such as national economic stability, global commodity prices, and trade policies. The country’s economic growth, driven by agricultural exports and increased foreign investment, enhances the purchasing power of consumers, thereby boosting demand for diverse oil products. Fluctuations in global oilseed prices impact local production costs, influencing retail prices. Moreover, government initiatives promoting sustainable agricultural practices and reducing import tariffs on healthier oils are fostering market expansion. As health awareness rises, the shift towards more nutritious oils aligns with global trends, further shaping consumer preferences and 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.