Oils & Fats - Seychelles

Seychelles

Highlights

Revenue in the Oils & Fats market amounts to US$7.56m in 2024. The market is expected to grow annually by 3.22% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$46bn in 2024).
In relation to total population figures, per person revenues of US$69.83 are generated in 2024.
In the Oils & Fats market, volume is expected to amount to 2.86m kg by 2029. The Oils & Fats market is expected to show a volume growth of 0.7% in 2025.0.
The average volume per person in the Oils & Fats market is expected to amount to 25.4kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Oils & Fats Market in Seychelles is witnessing a steady yet negligible decline, influenced by shifting consumer preferences, health trends promoting reduced fat intake, and competition from alternative spreads and cooking oils, impacting overall market dynamics.

Customer preferences: Consumers in Seychelles are increasingly prioritizing health-conscious choices in their diets, leading to a notable shift towards plant-based oils and healthier fat alternatives. This trend is reflective of a growing awareness of the health implications of traditional fats, especially among younger demographics influenced by global wellness movements. Additionally, the cultural emphasis on sustainability and local sourcing is driving interest in organic and ethically produced oils, as consumers seek products that align with their values and lifestyle aspirations.

Trends in the market: In Seychelles, the Oils & Fats market is experiencing a significant shift towards the adoption of plant-based oils and healthier fat alternatives, driven by an increasing consumer focus on health and wellness. Younger demographics are particularly influential, embracing global trends that prioritize nutritional value over traditional fats. Furthermore, the local emphasis on sustainability is propelling demand for organic and ethically sourced oils, aligning with consumer values. This trajectory presents opportunities for industry stakeholders to innovate and expand product offerings, while also fostering partnerships with local producers to meet the evolving preferences of health-conscious consumers.

Local special circumstances: In Seychelles, the Oils & Fats market is uniquely shaped by the archipelago's geographical isolation and reliance on imported goods, which influences pricing and availability of various oils. The local culture, rich in culinary traditions, favors coconut oil and palm oil, yet there is a rising interest in healthier alternatives spurred by global dietary trends. Additionally, regulatory measures promoting sustainable practices are encouraging the adoption of organic oils, creating a niche for eco-conscious brands. These factors collectively drive innovation and diversify product offerings in the market.

Underlying macroeconomic factors: The Oils & Fats market in Seychelles is significantly influenced by macroeconomic factors, including global commodity prices and supply chain dynamics. Fluctuations in the international market for palm and coconut oils directly affect local pricing structures, given the country's dependence on imports. National economic health, reflected in GDP growth and consumer spending, also plays a crucial role in shaping demand for various oils. Furthermore, fiscal policies aimed at promoting sustainability and reducing import tariffs on organic oils are fostering a more competitive environment. As global health trends evolve, the local market is adapting, driven by increasing consumer awareness and preference for healthier options.

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.