Other Oils & Fats - BRICS | Statista Market Forecast

Revenue in the Other Oils & Fats market amounts to US$3.08bn in 2024. The market is expected to grow annually by 6.90% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$2bn in 2024).
In relation to total population figures, per person revenues of US$0.93 are generated in 2024.
In the Other Oils & Fats market, volume is expected to amount to 511.40m kg by 2029. The Other Oils & Fats market is expected to show a volume growth of 4.2% in 2025.0.
The average volume per person in the Other Oils & Fats market is expected to amount to 0.1kg in 2024.

Definition:

The Other Oils & Fats market covers lard and other edible animal fats, such as fat from cattle, buffaloes, sheep, goats, poultry, fats and fish oils.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Lard
Other animal fats
Duck and chicken fats
Fish oils, liver fish oils, fish fats

Butter
Margarine
Vegetable oils
Olive oils
Out-of-home consumption

The Other Oils & Fats Market within The Food market in BRICS is witnessing minimal growth, influenced by factors such as market saturation, shifting consumer preferences towards healthier options, and increasing competition from alternative sources and substitutes.

Customer preferences: Consumers in the BRICS nations are increasingly leaning towards plant-based oils and fats, driven by a growing awareness of health and wellness. This shift reflects a cultural inclination towards traditional diets rich in natural ingredients, alongside a rising demand for organic and non-GMO products. Additionally, the influence of younger demographics prioritizing sustainability and ethical sourcing is reshaping purchasing decisions. As lifestyles evolve, consumers are also gravitating towards convenience, prompting interest in pre-packaged, ready-to-use oil products that cater to busy schedules.

Trends in the market: In the BRICS nations, the Other Oils & Fats Market is experiencing a notable shift towards plant-based alternatives, as consumers increasingly prioritize health and wellness. This trend is particularly evident in India, where traditional cooking oils like mustard and coconut are regaining popularity due to their perceived health benefits. In Brazil, the demand for organic and non-GMO oils is rising, driven by a younger demographic's focus on sustainability. Additionally, convenience is becoming paramount, leading to an uptick in pre-packaged oils that cater to fast-paced lifestyles, prompting industry stakeholders to innovate and adapt their product offerings.

Local special circumstances: In India, the Other Oils & Fats Market is shaped by a rich culinary heritage that emphasizes the use of traditional oils, such as mustard and coconut, which are celebrated for their health benefits and flavor. This cultural preference is reinforced by regional cooking practices that value natural ingredients. In Brazil, the market dynamics are influenced by strict regulations on food labeling, driving consumer demand for transparency in organic and non-GMO oils. Additionally, local sustainability movements are gaining traction, encouraging producers to innovate with eco-friendly packaging and sourcing methods.

Underlying macroeconomic factors: The Other Oils & Fats Market in BRICS nations is significantly shaped by macroeconomic factors, including fluctuating commodity prices, trade policies, and economic growth rates. In India, rising disposable incomes and urbanization are driving demand for diverse oils, while government initiatives promoting local production bolster market resilience. In Brazil, economic stability and consumer trends towards healthy eating are fueling the shift towards organic and sustainably sourced oils. Furthermore, global economic trends, such as inflation and supply chain disruptions, are impacting pricing and availability, compelling producers to adopt innovative practices to remain competitive.

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.