Other Oils & Fats - Jordan | Statista Market Forecast

The Other Oils & Fats Market within The Food market in Jordan is experiencing minimal growth, influenced by factors such as fluctuating prices of raw materials, changing consumer preferences, and heightened competition from alternative products in the region.

Customer preferences: Consumers in Jordan are increasingly gravitating towards healthier and more sustainable oil options, reflecting a growing awareness of nutrition and wellness. This shift is evident in the rising popularity of cold-pressed and organic oils, as individuals seek products that align with their health-conscious lifestyles. Additionally, younger demographics are showing a preference for locally sourced and environmentally friendly products, influenced by cultural values emphasizing sustainability. As a result, brands are adapting their offerings to cater to these evolving consumer preferences, focusing on transparency and quality in their oil selections.

Trends in the market: In Jordan, the Other Oils & Fats Market is experiencing a notable shift towards healthier alternatives, with consumers increasingly favoring cold-pressed and organic oils. This trend is fueled by heightened awareness of nutrition, as individuals prioritize wellness in their dietary choices. Additionally, younger consumers are leaning towards locally sourced and environmentally sustainable products, driven by cultural values that emphasize ecological responsibility. As a result, industry stakeholders are adapting their strategies to enhance product transparency, quality, and sustainability, shaping a more health-conscious and ethically aware market landscape.

Local special circumstances: In Jordan, the Other Oils & Fats Market is shaped by the country's rich agricultural heritage and cultural preferences for traditional cooking methods. The Mediterranean climate allows for the cultivation of high-quality olives and other oil-producing crops, which fosters local production. Additionally, cultural values emphasize the use of natural ingredients, leading to a demand for oils that align with these practices. Regulatory frameworks also encourage organic farming, further driving the market towards healthier, sustainable options. This unique blend of geographical and cultural factors positions Jordan as a distinct player in the global oils and fats landscape.

Underlying macroeconomic factors: The Other Oils & Fats Market in Jordan is significantly influenced by macroeconomic factors including global commodity prices, domestic agricultural policies, and overall economic stability. Fluctuations in global oil prices can directly affect local production costs and consumer pricing, impacting demand. Additionally, Jordan's economic health, characterized by GDP growth and inflation rates, shapes consumer purchasing power and preferences for premium oils. Fiscal policies promoting agricultural innovation and sustainability further enhance local production capabilities, while trade agreements can facilitate access to international markets, positioning Jordanian oils competitively on a global scale.

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.