Other Oils & Fats - G20 | Statista Market Forecast

The Other Oils & Fats Market in the G20 is experiencing minimal growth, influenced by factors such as fluctuating commodity prices, changing consumer preferences towards healthier options, and increased competition from alternative fat sources.

Customer preferences: Consumers are increasingly gravitating towards plant-based oils and fats, influenced by a growing awareness of health and environmental sustainability. This trend is particularly prominent among millennials and Gen Z, who prioritize clean labels and ethical sourcing in their food choices. Additionally, cultural shifts towards vegetarianism and veganism are reshaping traditional cooking practices, leading to heightened interest in oils such as avocado, coconut, and olive. As a result, brands are innovating to meet the demand for healthier, high-quality fats that align with evolving lifestyles and values.

Trends in the market: In the global Other Oils & Fats Market, there is a discernible shift toward plant-based oils, driven by heightened consumer awareness regarding health and environmental sustainability. In regions like North America and Europe, millennials and Gen Z are increasingly opting for oils such as avocado, coconut, and olive, reflecting a preference for clean labels and ethical sourcing. Meanwhile, Asia-Pacific markets are witnessing an integration of traditional cooking methods with contemporary health trends, prompting brands to innovate healthier oil options. This evolution signifies a pivotal change, compelling industry stakeholders to adapt their product offerings and marketing strategies to align with these emerging consumer values.

Local special circumstances: In Indonesia, the Other Oils & Fats Market is heavily influenced by the country's rich agricultural heritage and cultural preferences for traditional cooking oils like palm and coconut. The local demand for sustainably sourced products is rising, driven by increasing environmental awareness among consumers and governmental regulations promoting eco-friendly practices. In contrast, in Italy, the market is shaped by a strong emphasis on quality and provenance, with consumers favoring premium olive oils and artisanal production methods that reflect the region's culinary traditions. This divergence in local factors shapes unique market dynamics in each region.

Underlying macroeconomic factors: The Other Oils & Fats Market is significantly shaped by macroeconomic factors such as global commodity prices, trade policies, and shifts in consumer preferences. In countries like Indonesia, a booming agricultural sector and favorable tropical climate support the production of palm and coconut oils, while rising incomes enhance consumer spending on quality products. Conversely, in Italy, economic stability and a strong focus on sustainability lead to increased demand for premium olive oils. Global trends like health consciousness and environmental sustainability further influence local markets, as consumers increasingly seek ethically sourced and high-quality oils, driving innovation and competition within the sector.

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.