Other Oils & Fats - Guyana | Statista Market Forecast

Revenue in the Other Oils & Fats market amounts to US$6.21m in 2024. The market is expected to grow annually by 7.53% (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$7.58 are generated in 2024.
In the Other Oils & Fats market, volume is expected to amount to 915.20k kg by 2029. The Other Oils & Fats market is expected to show a volume growth of 3.9% in 2025.0.
The average volume per person in the Other Oils & Fats market is expected to amount to 0.9kg 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 Guyana is experiencing minimal growth, influenced by factors such as limited consumer awareness, competition from alternative products, and fluctuating prices affecting purchasing decisions.

Customer preferences: In Guyana, there is a notable shift towards healthier cooking options, with consumers increasingly favoring oils that are perceived as nutritious, such as olive and coconut oil, over traditional fats. This trend is influenced by a growing health consciousness among younger demographics, who are more informed about the benefits of healthy fats. Additionally, the rise of social media has facilitated the sharing of culinary practices, leading to greater experimentation with diverse oils in local dishes. These evolving preferences reflect a broader lifestyle change towards wellness and sustainability in food choices.

Trends in the market: In Guyana, the Other Oils & Fats market is experiencing a significant shift towards plant-based oils, driven by a growing preference for sustainability and health. Consumers are increasingly opting for oils like avocado and sunflower, which are perceived as healthier alternatives to traditional fats. This trend is particularly strong among millennials and Gen Z, who are influenced by social media and wellness movements. As a result, food manufacturers are adapting their product lines to include a wider variety of oils, which may lead to increased competition and innovation in the market, impacting pricing and marketing strategies.

Local special circumstances: In Guyana, the Other Oils & Fats market is uniquely influenced by its rich biodiversity and agricultural practices. The country's tropical climate allows for the cultivation of a variety of oilseeds, such as palm and coconut, which are integral to local cuisine. Additionally, cultural preferences for traditional cooking methods create a demand for indigenous oils. Regulatory frameworks promoting sustainable farming practices further encourage the adoption of plant-based oils, aligning with global trends. These local factors shape a dynamic market where innovation and sustainability are increasingly prioritized.

Underlying macroeconomic factors: The Other Oils & Fats market in Guyana is significantly influenced by macroeconomic factors such as agricultural productivity, trade dynamics, and consumer spending patterns. The country’s economic health, buoyed by investments in sustainable agriculture and tourism, fosters a favorable environment for local oil production. Global demand for natural and organic products amplifies this market, as consumers increasingly seek healthier alternatives. Additionally, fiscal policies promoting green initiatives and renewable resources are driving innovation in oil extraction and processing. Exchange rate stability and trade agreements further impact import costs and market competitiveness, shaping the overall performance of the oils and fats 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.