Key regions: United States, Russia, Canada, China, United Kingdom
The Other Oils & Fats Market in Lebanon is witnessing subdued growth, influenced by factors such as fluctuating prices of raw materials, changing consumer preferences towards healthier options, and economic challenges impacting purchasing power.
Customer preferences: In Lebanon, consumers are increasingly gravitating towards healthier and more sustainable oils, reflecting a growing awareness of nutrition and wellness. This trend is bolstered by the rise in urban populations and a younger demographic prioritizing fitness and clean eating. Additionally, traditional cooking practices are being blended with modern dietary preferences, leading to a demand for oils that align with Mediterranean diets, such as olive oil, while also exploring alternatives like avocado and coconut oil. This shift is reshaping the landscape of the Other Oils & Fats Market.
Trends in the market: In Lebanon, the Other Oils & Fats Market is experiencing a significant shift as consumers increasingly seek oils that support health and sustainability. The rise of urban living and a younger population focused on wellness is driving demand for oils that complement Mediterranean dietary principles, such as extra virgin olive oil, while also fostering interest in alternatives like avocado and coconut oil. This trend signifies a broader transformation in culinary practices, potentially influencing product innovation and marketing strategies among industry stakeholders, as they adapt to evolving consumer preferences for healthier and more environmentally friendly options.
Local special circumstances: In Lebanon, the Other Oils & Fats Market is shaped by the country's rich culinary heritage and its reliance on locally sourced ingredients. The Mediterranean climate fosters the cultivation of olives, making extra virgin olive oil a staple in Lebanese households. Additionally, cultural traditions emphasize the use of natural and unprocessed oils, enhancing the preference for healthier options. Regulatory factors, such as quality standards and labeling requirements, further influence consumer choices, driving demand for organic and sustainably sourced oils, including avocado and coconut oil, as health consciousness grows.
Underlying macroeconomic factors: The Other Oils & Fats Market in Lebanon is significantly influenced by macroeconomic factors including economic stability, inflation rates, and consumer purchasing power. The country’s ongoing economic challenges, including high inflation and fluctuating currency values, impact the affordability of imported oils, driving consumers towards locally produced options like olive oil. Additionally, global trends in health and wellness are fostering a shift towards premium oils, such as avocado and coconut oil, aligning with consumers' growing health consciousness. Fiscal policies that promote agriculture and food production also play a crucial role by supporting local farmers and enhancing the supply chain, ultimately shaping market dynamics.
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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