Key regions: United States, Russia, Canada, China, United Kingdom
The Other Oils & Fats Market in LATAM is experiencing minimal growth, influenced by factors such as fluctuating commodity prices, changing consumer preferences, and competition from alternative cooking oils, which are reshaping purchasing behaviors across the region.
Customer preferences: In the Other Oils & Fats Market in LATAM, consumers are gravitating towards healthier and more environmentally friendly options, influenced by rising health consciousness and sustainability concerns. This shift is evident in the increasing popularity of oils derived from nuts, seeds, and avocados, which are perceived as healthier alternatives. Additionally, younger demographics are prioritizing plant-based diets, prompting brands to innovate with blends that cater to these preferences, while traditional cooking oils face challenges in maintaining market share amidst these evolving consumer choices.
Trends in the market: In the LATAM Other Oils & Fats Market, there is a notable shift towards healthier and more sustainable options, driven by increased health awareness among consumers. This trend is characterized by a rising demand for oils from nuts, seeds, and avocados, valued for their nutritional benefits. Furthermore, younger consumers are embracing plant-based diets, leading brands to develop innovative blends that align with these preferences. This evolution poses challenges for traditional cooking oils, urging industry stakeholders to adapt their offerings to sustain market relevance and cater to changing consumer demands.
Local special circumstances: In LATAM, the Other Oils & Fats Market is influenced by a rich culinary heritage that values traditional ingredients, making local oils like olive and avocado essential in regional cuisines. Countries such as Mexico and Argentina have robust agricultural sectors that support the cultivation of diverse oil-producing crops. Additionally, regulatory frameworks promoting sustainable farming practices are fostering a shift towards organic and non-GMO oils. This combination of cultural appreciation for local flavors and a commitment to sustainability is reshaping consumer preferences, driving demand for innovative oil blends tailored to health-conscious lifestyles.
Underlying macroeconomic factors: The Other Oils & Fats Market in LATAM is significantly influenced by macroeconomic factors such as agricultural productivity, trade policies, and consumer spending patterns. Economic stability in countries like Mexico and Argentina, coupled with a focus on sustainable agricultural practices, fosters a favorable environment for oil production. Fluctuations in global oil prices and international trade agreements also impact local supply chains and pricing strategies. Furthermore, rising disposable incomes and an increasing health-conscious population drive demand for premium and organic oils, reflecting broader trends towards healthier eating habits and environmental sustainability in the food 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.
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