Key regions: Canada, India, Spain, Philippines, South Korea
The Oils & Fats Market in New Zealand is witnessing negligible growth, influenced by shifting consumer preferences toward healthier alternatives, increasing awareness of dietary impacts, and the rising demand for plant-based options, which challenge traditional products.
Customer preferences: In New Zealand, there is a significant shift towards healthier eating habits, as consumers increasingly prioritize nutritional value and clean-label products in their diets. This trend is driven by a growing awareness of the health implications associated with high saturated fat intake and a cultural preference for fresh, natural ingredients. Additionally, younger demographics, including millennials and Gen Z, are leading the charge toward plant-based oils and fats, influenced by environmental concerns and ethical considerations surrounding food production.
Trends in the market: In New Zealand, the Oils & Fats market is experiencing a pronounced shift towards healthier alternatives, as consumers increasingly favor oils with lower saturated fat content and enhanced nutritional profiles. There is a notable rise in demand for plant-based oils, driven by a desire for clean-label products and a growing focus on sustainability. Additionally, the popularity of functional fats, such as omega-3 enriched oils, is gaining traction among health-conscious consumers. This evolving landscape presents significant opportunities for industry stakeholders to innovate and expand their product offerings, aligning with changing consumer preferences while addressing environmental and health concerns.
Local special circumstances: In New Zealand, the Oils & Fats market is shaped by the country's unique agricultural landscape and cultural values emphasizing environmental stewardship. The abundance of locally sourced, high-quality plant oils, such as avocado and macadamia, contributes to the growing preference for premium, sustainable products. Furthermore, regulatory support for clean-label initiatives encourages transparency in food labeling, aligning with consumer demand for healthier options. This local focus on sustainability and quality differentiates New Zealand's market from others, driving innovation and attracting health-conscious consumers.
Underlying macroeconomic factors: The Oils & Fats market in New Zealand is significantly influenced by macroeconomic factors such as global commodity prices, trade dynamics, and the national economy's resilience. Fluctuations in the prices of raw materials, driven by international supply chain disruptions, can impact production costs and profit margins for local producers. Moreover, New Zealand's robust agricultural sector, supported by favorable fiscal policies and government incentives for sustainable practices, bolsters the market's growth. Additionally, rising consumer awareness regarding health and nutrition, coupled with a stable economic environment, enhances demand for premium oils and fats, driving innovation and market expansion.
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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