Key regions: United States, Russia, Canada, China, United Kingdom
The Other Oils & Fats Market in Benin has seen minimal growth due to factors like limited consumer awareness, rising competition from imported products, and fluctuating prices of raw materials, which hinder further expansion and market development.
Customer preferences: In Benin, consumers are gradually shifting towards healthier and more sustainable oils and fats, reflecting a growing awareness of nutrition and wellness. This trend is influenced by a younger demographic that values organic and locally-sourced products, leading to increased interest in traditional oils like palm and groundnut. Additionally, urbanization is driving a demand for convenient cooking solutions, prompting a rise in pre-packaged fats and oils. Cultural traditions are also evolving, with a preference for oils that align with modern dietary practices, such as lower saturated fats.
Trends in the market: In Benin, the Oils & Fats Market is experiencing a notable shift towards healthier and more sustainable options, with consumers increasingly favoring organic and locally-sourced oils. Traditional oils like palm and groundnut are gaining traction among a younger demographic that prioritizes nutrition and wellness. Urbanization is also influencing this trend, as busy lifestyles lead to a demand for convenient, pre-packaged cooking fats. Additionally, evolving cultural preferences are steering choices towards oils with lower saturated fats, reflecting a broader movement towards modern dietary practices and potentially reshaping industry dynamics.
Local special circumstances: In Benin, the Other Oils & Fats Market is shaped by unique local factors, including the country's rich agricultural landscape and a strong cultural emphasis on traditional cooking practices. The availability of indigenous oilseeds, such as sesame and palm, fosters a preference for locally-sourced products. Additionally, increasing awareness of health issues related to diet is prompting consumers to seek oils with beneficial properties, such as omega-3 fatty acids. Regulatory support for sustainable farming practices is further driving the shift towards organic oils, enhancing market dynamics amid a growing demand for healthier culinary options.
Underlying macroeconomic factors: The Other Oils & Fats Market in Benin is significantly influenced by macroeconomic factors such as agricultural productivity, trade policies, and consumer income levels. As global demand for healthy oils rises, Benin's ability to leverage its agricultural resources becomes crucial. National economic health, characterized by GDP growth and inflation rates, impacts consumer purchasing power, which in turn affects market performance. Additionally, fiscal policies promoting local production and export incentives enhance competitiveness. Fluctuations in global oil prices also play a role, as they can affect the cost of imported oils, thereby influencing consumer choices towards locally-sourced alternatives.
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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