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Oils & Fats - Southeast Asia

Southeast Asia
  • Revenue in the Oils & Fats market amounts to US$11.44bn in 2024. The market is expected to grow annually by 6.67% (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$16.51 are generated in 2024.
  • In the Oils & Fats market, volume is expected to amount to 2.14bn kg by 2029. The Oils & Fats market is expected to show a volume growth of 3.9% in 2025.0.
  • The average volume per person in the Oils & Fats market is expected to amount to 2.6kg in 2024.

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:

  • The Butter market covers all products that are defined as a high-fat milk product and contain a minimum of 80% fat. Its other ingredients are water, protein, and lactose.
  • The Margarine market covers all products that are made of vegetable oils and contains a minimum of 80% fat.
  • The Edible Oils market covers any type of oil that is extracted from plants and is used for cooking and food preparation.
  • The Other Oils & Fats market covers lard and other edible animal fats.

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.

For more information on the displayed data, click the info button on the right side of each box.

In-Scope

  • Butter
  • Margarine
  • Edible oils
  • Edible animal fats

Out-Of-Scope

  • Peanut Butter
  • Ghee
  • Butter oil
  • Out-of-home consumption
Oils & Fats: market data & analysis - Cover

Market Insights report

Oils & Fats: market data & analysis

Study Details

    Revenue

    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

    Volume

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Price

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Sales Channels

    Most recent update: Nov 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Oils & Fats Market in Southeast Asia is experiencing minimal growth, influenced by shifting consumer preferences towards healthier options, increased competition, and fluctuating raw material prices, which are impacting demand for traditional products and driving innovation.

    Customer preferences:
    Consumers in Southeast Asia are gravitating towards healthier oils, such as olive and avocado, as part of a broader trend emphasizing wellness and nutrition. This shift is fueled by rising health consciousness among younger demographics and urban populations, who are increasingly influenced by global dietary trends. Additionally, an emphasis on sustainability is prompting interest in plant-based fats and oils, reflecting cultural values that prioritize environmental responsibility. As lifestyles evolve, the demand for convenient, ready-to-use healthy cooking options is also on the rise, driving innovation in the oils and fats sector.

    Trends in the market:
    In Southeast Asia, the Oils & Fats Market is experiencing a notable shift towards healthier oil options, with consumers increasingly opting for olive and avocado oils. This trend is driven by heightened health awareness among urban youth, who are embracing global dietary influences. Concurrently, there is a rising demand for sustainable, plant-based fats that align with environmental values. As lifestyles adapt, the need for convenient, ready-to-use cooking oils is expanding, prompting innovation and product diversification among industry stakeholders aiming to meet these evolving consumer preferences.

    Local special circumstances:
    In Southeast Asia, the Oils & Fats Market is shaped by diverse culinary traditions and local agricultural practices. Countries like Malaysia and Indonesia, prominent producers of palm oil, face regulatory pressures to promote sustainable farming methods amid environmental concerns. Cultural preferences for traditional cooking oils, such as coconut and palm oil, coexist with a rising interest in healthier alternatives like olive and avocado oils, reflecting a blend of modern health trends and deep-rooted culinary heritage. This dynamic fosters innovation in product offerings tailored to local tastes while addressing health and sustainability.

    Underlying macroeconomic factors:
    The Oils & Fats Market in Southeast Asia is significantly influenced by macroeconomic factors such as global commodity prices, trade policies, and national economic growth rates. Fluctuations in palm oil prices, driven by international demand and environmental regulations, impact producers in Malaysia and Indonesia, shaping their export strategies. Additionally, economic growth in these countries fosters increased consumer spending on premium cooking oils, aligning with health trends. Government initiatives promoting sustainable agricultural practices further influence market dynamics, as they aim to balance economic development with environmental stewardship, thereby attracting investments in innovative oil processing technologies.

    Methodology

    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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    Oils & Fats: market data & analysis - BackgroundOils & Fats: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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