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Oils & Fats - Sri Lanka

Sri Lanka
  • Revenue in the Oils & Fats market amounts to US$212.60m in 2024. The market is expected to grow annually by 7.55% (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$9.68 are generated in 2024.
  • In the Oils & Fats market, volume is expected to amount to 35.73m kg by 2029. The Oils & Fats market is expected to show a volume growth of 2.1% in 2025.0.
  • The average volume per person in the Oils & Fats market is expected to amount to 1.5kg 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 Sri Lanka is witnessing subdued growth, influenced by factors such as fluctuating commodity prices, changing consumer preferences towards healthier options, and increasing competition among local and international brands, impacting overall market dynamics.

    Customer preferences:
    Consumers in Sri Lanka are increasingly gravitating towards healthier oils and fats, spurred by a growing awareness of nutrition and wellness. This shift is reflected in the rising demand for plant-based oils, such as coconut and sesame, which align with traditional dietary preferences while offering perceived health benefits. Additionally, younger demographics are prioritizing organic and non-GMO products, leading to a surge in premium offerings. The influence of social media is also reshaping dietary habits, as consumers seek out recipes and cooking tips that emphasize healthier cooking methods and ingredients.

    Trends in the market:
    In Sri Lanka, the Oils & Fats market is experiencing a significant shift towards healthier options, with consumers increasingly favoring plant-based oils such as coconut and sesame. This trend is partly driven by a heightened awareness of nutrition and wellness, as well as the influence of social media, which encourages the adoption of healthier cooking methods. Additionally, younger consumers are gravitating towards organic and non-GMO products, resulting in a growing demand for premium offerings. This evolution presents opportunities for industry stakeholders to innovate and cater to health-conscious preferences, potentially reshaping product lines and marketing strategies.

    Local special circumstances:
    In Sri Lanka, the Oils & Fats market is shaped by its rich agricultural heritage and diverse culinary traditions. The island’s tropical climate supports the cultivation of coconut and sesame, making these oils not only popular but also locally sourced and culturally significant. Additionally, strong Ayurvedic practices emphasize natural ingredients, driving demand for oils perceived as health-enhancing. Regulatory support for organic farming further encourages the production of non-GMO oils, aligning with consumer preferences for authenticity and sustainability. This unique blend of cultural and agricultural factors fosters a dynamic market landscape.

    Underlying macroeconomic factors:
    The Oils & Fats market in Sri Lanka is significantly influenced by macroeconomic factors such as agricultural productivity, global commodity prices, and consumer spending patterns. The country's economic health, reflected in GDP growth and inflation rates, impacts disposable income, thereby affecting consumer demand for various oils. Additionally, fluctuations in global oil prices can affect local market pricing and availability. Fiscal policies promoting sustainable agriculture and organic farming further enhance growth opportunities. As health-conscious consumer trends rise, demand for high-quality, locally sourced oils is expected to increase, driving innovation and competition within the market.

    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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