Key regions: Canada, India, Spain, Philippines, South Korea
The Oils & Fats Market within The Food market in NAFTA is witnessing minimal growth, influenced by shifting consumer preferences towards healthier alternatives, regulatory changes, and the impact of economic fluctuations on purchasing power.
Customer preferences: Consumers are increasingly inclined towards plant-based oils and fats, driven by a rising awareness of health and wellness. This trend is further influenced by demographic shifts, particularly among younger consumers who prioritize sustainability and ethical sourcing. Additionally, the growing popularity of Mediterranean and Asian cuisines has prompted interest in diverse oil varieties, such as olive and sesame oil. Furthermore, lifestyle changes, including the demand for convenient cooking solutions, are leading to an uptick in the use of pre-packaged and blended oils, reflecting a shift in culinary preferences.
Trends in the market: In North America, the Oils & Fats market is experiencing a significant shift towards plant-based oils, reflecting a growing consumer preference for health-conscious and sustainable options. In Latin America, there is an increasing demand for traditional oils, such as coconut and avocado oil, driven by culinary trends and local diets. In Europe, the emphasis on ethical sourcing and transparency is reshaping supply chains, prompting producers to adopt sustainable practices. These trends are crucial for industry stakeholders, as they must innovate product offerings and marketing strategies to align with evolving consumer values and preferences.
Local special circumstances: In the U.S., the Oils & Fats market is influenced by a strong health trend, with consumers favoring oils rich in omega-3 fatty acids and antioxidants, prompting brands to innovate with blends that cater to these preferences. In Mexico, traditional culinary practices elevate the demand for locally sourced oils like avocado and canola, reflecting cultural heritage and cooking methods. Meanwhile, in Canada, strict regulatory standards around food labeling and environmental sustainability are pushing companies to adopt transparent sourcing practices, shaping consumer trust and brand loyalty.
Underlying macroeconomic factors: The Oils & Fats market within the Food sector is significantly influenced by macroeconomic factors such as global commodity prices, trade agreements, and regional economic stability. In the U.S., fluctuating prices for raw materials like palm oil and soybean oil impact production costs, leading to price adjustments for consumers. In Mexico, economic growth and rising disposable incomes are boosting demand for premium oils, while trade policies under NAFTA facilitate smoother cross-border transactions. In Canada, economic indicators such as inflation and employment rates affect consumer spending on health-oriented oils, driving brands to adapt to changing financial landscapes and health-conscious trends.
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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