Other Oils & Fats - Iraq | Statista Market Forecast

The Other Oils & Fats Market within The Food market in Iraq is witnessing minimal growth, influenced by factors such as fluctuating commodity prices, limited consumer awareness, and competition from imported alternatives affecting local production dynamics.

Customer preferences: In Iraq, consumer preferences in the Other Oils & Fats Market are gradually shifting towards healthier and more sustainable options, reflecting a growing awareness of nutrition and wellness. Younger demographics, influenced by global health trends, are increasingly opting for oils with perceived health benefits, such as olive and avocado oil, over traditional options. Additionally, the rise of cooking shows and social media platforms is fostering culinary experimentation, encouraging consumers to explore diverse oil choices that align with modern lifestyles focused on health and sustainability.

Trends in the market: In Iraq, the Other Oils & Fats Market is experiencing a notable shift towards healthier and more sustainable oil options, driven by increasing consumer awareness of nutrition and wellness. Younger consumers, influenced by global health trends, are favoring oils like olive and avocado oil, which are perceived to offer greater health benefits compared to traditional cooking oils. This trend is further amplified by the popularity of cooking shows and social media, which encourage culinary exploration and experimentation. The implications for industry stakeholders include the need to adapt product offerings and marketing strategies to align with these evolving consumer preferences, fostering innovation and sustainability in oil production and distribution.

Local special circumstances: In Iraq, the Other Oils & Fats Market is shaped by unique cultural preferences and local culinary practices, where traditional oils like sunflower and sesame remain staples in households. However, the rise in urbanization and exposure to global diets is driving a shift towards healthier oils, such as olive and avocado oil. Additionally, regulatory frameworks promoting food safety and quality are encouraging local producers to innovate and diversify their offerings. These factors create a dynamic market environment, balancing tradition with modern health-conscious trends.

Underlying macroeconomic factors: The Other Oils & Fats Market in Iraq is significantly influenced by macroeconomic factors such as global oil prices, inflation rates, and local economic stability. Fluctuations in global commodity prices can impact production costs, affecting pricing strategies for local producers. Furthermore, Iraq's economic health, characterized by fluctuations in GDP and employment rates, shapes consumer purchasing power and demand for various oils. Fiscal policies promoting agriculture and food safety enhance market conditions, driving innovation and diversification. Additionally, urbanization trends and changing dietary habits influenced by globalization further propel the market towards healthier oil options, creating opportunities for growth amidst traditional preferences.

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.