Key regions: United States, Russia, Canada, China, United Kingdom
The Other Oils & Fats Market in New Zealand is experiencing minimal growth, influenced by factors such as market saturation, shifting consumer preferences towards healthier options, and the rising popularity of plant-based alternatives in food production.
Customer preferences: Consumers in New Zealand are increasingly prioritizing health-conscious choices, leading to a decline in traditional oil usage and a shift towards healthier fats, such as avocado and olive oil. There is a growing interest in plant-based diets, influenced by environmental awareness and cultural shifts favoring sustainability. Additionally, younger demographics are driving demand for innovative oils that align with their lifestyle, such as cold-pressed and organic options, reflecting a broader trend towards transparency and quality in food sourcing.
Trends in the market: In New Zealand, the Other Oils & Fats Market is experiencing a notable shift towards health-oriented products, with consumers increasingly favoring oils like avocado and olive oil over traditional options. This trend mirrors a broader global movement towards plant-based diets, driven by environmental concerns and a greater emphasis on sustainability. Younger consumers are particularly influential, seeking innovative, cold-pressed, and organic oils that reflect their values of transparency and quality. This evolving landscape presents significant opportunities for industry stakeholders to adapt their offerings and engage with health-conscious, eco-aware demographics.
Local special circumstances: In New Zealand, the Other Oils & Fats Market is shaped by the country's rich agricultural landscape and a strong focus on sustainability. The unique climate allows for the cultivation of diverse oil-producing crops, such as avocados and olives, aligning with consumer preferences for locally sourced products. Cultural influences, particularly the Māori perspective on land and sustainability, further drive a preference for natural and organic oils. Regulatory frameworks promoting food safety and labeling transparency enhance consumer trust, fostering a market environment that encourages innovation in health-focused oil products.
Underlying macroeconomic factors: The Other Oils & Fats Market in New Zealand is significantly influenced by macroeconomic factors such as global commodity prices, trade relations, and national economic stability. The ongoing shift towards sustainable agricultural practices aligns with global consumer trends favoring health-conscious and environmentally friendly products. New Zealand's robust trade agreements facilitate access to international markets, enhancing export opportunities for locally produced oils. Additionally, national fiscal policies promoting agricultural innovation and sustainability investments bolster local production capabilities. Fluctuations in currency exchange rates can also impact the pricing of imported oils, influencing consumer choices and 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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