Key regions: United States, Russia, Canada, China, United Kingdom
The Other Oils & Fats Market in Thailand is experiencing minimal growth, influenced by factors such as shifting consumer preferences towards healthier options, competition from alternative fats, and economic fluctuations affecting purchasing power.
Customer preferences: Consumers in Thailand are increasingly gravitating towards oils and fats perceived as healthier alternatives, such as olive oil and avocado oil, reflecting a growing awareness of nutrition and wellness. This shift is particularly evident among younger demographics, who prioritize clean eating and sustainability. Additionally, the rise of plant-based diets has spurred interest in coconut and nut oils, driven by cultural influences and a desire for natural, less processed options. As economic conditions fluctuate, budget-conscious consumers are also seeking value, prompting a trend towards bulk purchasing and private label brands.
Trends in the market: In Thailand, the Other Oils & Fats market is experiencing a notable shift towards healthier options, with consumers increasingly opting for oils like olive and avocado, which are associated with wellness. This trend is particularly prominent among younger consumers who are more health-conscious and environmentally aware. Additionally, the popularity of plant-based diets is driving demand for coconut and nut oils, as consumers seek natural and minimally processed products. Economic fluctuations are also influencing purchasing behaviors, leading to a rise in bulk buying and the popularity of private label brands, highlighting the need for industry stakeholders to adapt to these evolving preferences.
Local special circumstances: In Thailand, the Other Oils & Fats market is shaped by its rich agricultural diversity and cultural culinary practices. The country's tropical climate supports the cultivation of coconut and palm oils, which are staples in traditional Thai cuisine. Additionally, the increasing influence of health trends has led to a surge in demand for oils perceived as healthier, such as olive and avocado oil. Regulatory support for organic farming is also fostering a market for high-quality, sustainably sourced oils, catering to environmentally conscious consumers and enhancing the appeal of local products.
Underlying macroeconomic factors: The Other Oils & Fats market in Thailand is significantly influenced by macroeconomic factors such as agricultural productivity, global commodity prices, and consumer spending patterns. Thailand's robust agricultural sector, bolstered by favorable climatic conditions, supports the production of key oils like coconut and palm. Moreover, fluctuations in global oil prices can impact local production costs and retail prices, affecting consumer affordability. Economic growth in Thailand, coupled with rising disposable incomes, encourages consumers to explore premium and healthy oil options. Additionally, government policies promoting sustainable agriculture and organic farming enhance market appeal, aligning with global trends toward health and environmental sustainability.
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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