Other Oils & Fats - Myanmar | Statista Market Forecast

The Other Oils & Fats Market within The Food market in Myanmar is experiencing subdued growth due to factors such as fluctuating raw material prices, changing consumer preferences, and increased competition from alternative products, which are impacting overall market dynamics.

Customer preferences: Consumers in Myanmar are increasingly gravitating towards healthier and more sustainable options in the Other Oils & Fats Market, influenced by a growing awareness of nutrition and wellness. This shift is evident as young, urban populations favor oils that are perceived as natural or organic, reflecting a broader global trend towards clean eating. Additionally, traditional cooking methods are being revisited, with preferences for locally sourced fats, driven by cultural pride and a desire to support local farmers. These trends highlight a significant change in consumer behavior towards health-conscious and environmentally friendly choices.

Trends in the market: In Myanmar, the Other Oils & Fats Market is experiencing a notable shift towards healthier and more sustainable options, as consumers become increasingly aware of nutrition and wellness. Young, urban populations are favoring oils perceived as natural or organic, aligning with global clean eating trends. This movement is also seeing a resurgence of traditional cooking methods, with a preference for locally sourced fats that support local farmers and reflect cultural pride. These developments signify a transformative change in consumer behavior, presenting significant opportunities and challenges for industry stakeholders to adapt their offerings and marketing strategies.

Local special circumstances: In Myanmar, the Other Oils & Fats Market is being shaped by a confluence of local agricultural practices and cultural preferences. The country's diverse geography allows for the cultivation of various oilseeds, promoting the use of indigenous oils like sesame and groundnut, which are deeply rooted in culinary traditions. Additionally, the government's emphasis on sustainable agriculture and support for local farmers fosters a growing demand for organic and locally sourced fats. This cultural and regulatory landscape drives consumers towards oils that are not only healthier but also celebrate Myanmar's rich heritage, presenting unique opportunities for market growth.

Underlying macroeconomic factors: The Other Oils & Fats Market in Myanmar is significantly influenced by macroeconomic factors such as agricultural productivity, global commodity prices, and national economic stability. The government’s commitment to enhancing agricultural infrastructure and promoting local oilseed production is crucial in ensuring a steady supply of indigenous oils. Fluctuations in global oil prices can impact local production costs, affecting consumer prices and demand. Furthermore, Myanmar's economic growth trajectory, marked by foreign investments and rising disposable incomes, is fostering an expanding middle class that increasingly seeks higher-quality, health-conscious oils. This interplay of local agricultural practices and broader economic trends creates a dynamic environment for market expansion.

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.