Definition:
The Oils and Fats market covers all substances that are composed of fatty acids and used for cooking purposes or as an ingredient in many food products. These fats and oils can be obtained from plants or animals and are available in both liquid (oils) and solid (fats) form.
Structure:
The market consists of four different submarkets:
Additional Information:
The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.
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Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Nov 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
The Oils & Fats market in South America is witnessing subdued growth, influenced by fluctuating commodity prices, evolving consumer preferences towards healthier options, and increasing competition among traditional and plant-based alternatives in the food sector.
Customer preferences: Consumers in South America are increasingly prioritizing health and wellness, driving a shift towards oils and fats that align with these values. There is a growing preference for organic and non-GMO oils, reflecting a cultural inclination towards natural products. Additionally, younger demographics are embracing plant-based diets, contributing to higher demand for alternatives such as avocado oil and coconut oil. This evolving lifestyle, influenced by wellness trends and environmental awareness, is reshaping purchasing behaviors and fostering innovation in the oils and fats segment.
Trends in the market: In South America, the Oils & Fats market is experiencing a notable shift towards healthier options, with consumers increasingly favoring organic and non-GMO oils. This trend is significantly driven by a cultural emphasis on wellness and natural products, with younger generations gravitating towards plant-based diets. As a result, there is a rising demand for alternatives like avocado oil and coconut oil. These evolving preferences are reshaping purchasing behaviors, prompting industry stakeholders to innovate and adapt their offerings to meet consumer expectations for quality, sustainability, and health benefits.
Local special circumstances: In South America, the Oils & Fats market is shaped by a diverse range of local factors that influence consumer preferences and industry practices. The region's rich agricultural landscape provides an abundance of raw materials, such as olives in Argentina and coconuts in Brazil, fostering a culture of local sourcing. Additionally, the increasing awareness of health and environmental issues drives demand for sustainable practices, with regulatory support for organic certifications. These elements collectively encourage innovation in oil production, aligning with consumer desires for authenticity and nutritional value.
Underlying macroeconomic factors: The Oils & Fats market in South America is significantly influenced by macroeconomic factors such as commodity price fluctuations, trade policies, and currency stability. Global demand for vegetable oils and fats, driven by changing dietary trends and biofuel production, impacts local pricing and export opportunities. Additionally, national economic health, characterized by GDP growth and inflation rates, shapes consumer purchasing power and preferences. Fiscal policies promoting agricultural innovation and subsidies for sustainable practices further enhance market dynamics, encouraging local production and reducing reliance on imports. These factors collectively create a complex landscape for the Oils & Fats market, impacting its growth trajectory and competitive positioning.
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights