Other Oils & Fats - Colombia | Statista Market Forecast

Revenue in the Other Oils & Fats market amounts to US$262.30m in 2024. The market is expected to grow annually by 7.26% (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$5.01 are generated in 2024.
In the Other Oils & Fats market, volume is expected to amount to 47.29m kg by 2029. The Other Oils & Fats market is expected to show a volume growth of 3.2% in 2025.0.
The average volume per person in the Other Oils & Fats market is expected to amount to 0.7kg 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 in Colombia is witnessing minimal growth, influenced by factors such as fluctuating consumer preferences, competition from alternative fats, and economic challenges impacting purchasing power among consumers.

Customer preferences: In Colombia, there is a noticeable shift towards healthier and more sustainable dietary choices, with consumers increasingly favoring oils derived from plant sources, such as avocado and coconut, over traditional fats. This trend is influenced by rising health consciousness among younger demographics, who prioritize natural ingredients and nutritional value. Additionally, economic factors are prompting families to seek affordable yet nutritious options, leading to a growing interest in local and organic oils that align with both cultural preferences and budget considerations.

Trends in the market: In Colombia, the Other Oils & Fats Market is experiencing a significant shift toward plant-based oils, particularly avocado and coconut oils, as consumers prioritize health and sustainability. This trend is propelled by heightened awareness of nutrition among younger generations, who are increasingly rejecting traditional fats in favor of natural, nutrient-rich alternatives. Furthermore, economic considerations are driving families to explore local and organic oils that resonate with cultural practices while remaining budget-friendly. This evolving preference poses important implications for industry stakeholders, as they must adapt their offerings and marketing strategies to align with these consumer values and capitalize on the growing demand for healthier options.

Local special circumstances: In Colombia, the Other Oils & Fats Market is shaped by unique local factors such as the country's rich biodiversity and cultural culinary traditions that favor the use of native oils. The prevalence of avocado and coconut cultivation, particularly in regions like Antioquia and the Pacific coast, supports the availability of these oils. Additionally, regulatory initiatives promoting organic farming practices enhance consumer trust and demand for local products. This blend of geographical advantages and cultural preferences drives a robust market for healthier, sustainable oils, reflecting a shift towards natural consumption patterns.

Underlying macroeconomic factors: The Other Oils & Fats Market in Colombia is significantly influenced by macroeconomic factors such as national economic health, trade policies, and global market trends. The country's economic stability, characterized by moderate GDP growth and inflation control, fosters consumer confidence, leading to increased spending on premium oils. Additionally, trade agreements facilitate the import and export of diverse oils, enhancing market accessibility. Global trends towards health-conscious consumption drive demand for natural oils, while fiscal policies promoting agricultural innovation support local producers. These elements collectively enhance the market's potential for growth and sustainability.

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.