Key regions: Canada, India, Spain, Philippines, South Korea
The Oils & Fats Market in Southern Europe is experiencing minimal growth, influenced by factors such as changing dietary preferences, health concerns over saturated fats, and increased competition from alternative spreads and cooking oils, impacting consumer choices and market dynamics.
Customer preferences: Consumers in Southern Europe are increasingly prioritizing health-conscious choices in their oils and fats consumption, with a notable shift towards plant-based and organic options. The rising awareness of health benefits associated with unsaturated fats has led to a decline in traditional butter and lard usage, as millennials and Gen Z seek alternatives that align with their wellness goals. Additionally, the Mediterranean diet's influence continues to promote olive oil as a staple, while convenience-driven lifestyles have sparked interest in pre-packaged, healthier cooking oils that cater to busy consumers.
Trends in the market: In Southern Europe, the Oils & Fats Market is experiencing a significant shift towards health-oriented products, with consumers increasingly favoring plant-based and organic oils. This trend is driven by a heightened awareness of the health benefits of unsaturated fats, contributing to a decline in traditional fats like butter and lard. The Mediterranean diet's emphasis on olive oil continues to thrive, while the demand for convenient, pre-packaged cooking oils is growing among busy consumers. These developments signify a transformation in consumer preferences, presenting opportunities for industry stakeholders to innovate and adapt their product offerings to align with wellness trends.
Local special circumstances: In Southern Europe, the Oils & Fats Market is uniquely shaped by the region's rich culinary traditions and Mediterranean lifestyle, which prioritize fresh, natural ingredients. The emphasis on olive oil as a staple reflects both cultural heritage and local agricultural practices, promoting its health benefits. Additionally, stringent EU regulations on food labeling and quality control enhance consumer trust in organic and high-quality oils. The rising popularity of sustainable farming practices further influences market dynamics, as consumers are increasingly drawn to ethically sourced products, driving innovation among local producers.
Underlying macroeconomic factors: The Oils & Fats Market in Southern Europe is significantly influenced by macroeconomic factors such as national economic stability, consumer spending trends, and agricultural policies. Economic growth in the region fosters increased disposable income, allowing consumers to prioritize quality oils like olive oil over cheaper alternatives. Additionally, favorable fiscal policies supporting local agriculture and sustainable practices bolster production capabilities. Global trends towards health-conscious eating and organic products further elevate demand, while fluctuations in commodity prices and trade agreements can impact market pricing and supply chains, ultimately shaping consumer choices and producer strategies.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
