Key regions: Canada, India, Spain, Philippines, South Korea
The Oils & Fats Market in Suriname is experiencing minimal growth, influenced by factors such as fluctuating raw material prices, changing consumer preferences toward healthier options, and competition from imported products, which challenge local production.
Customer preferences: Consumers in Suriname are increasingly prioritizing health-conscious choices in their dietary habits, leading to a notable shift towards oils and fats with perceived health benefits, such as olive oil and coconut oil. This trend is influenced by a growing awareness of nutrition and wellness, particularly among younger demographics and urban populations. Additionally, the rise of plant-based diets is prompting interest in alternative fats, such as avocado oil or nut-based spreads, reflecting cultural shifts towards sustainability and holistic living.
Trends in the market: In Suriname, the Oils & Fats Market is experiencing a shift towards healthier oil options, with consumers increasingly favoring oils like olive oil and coconut oil due to their perceived health benefits. This trend is particularly prominent among younger and urban populations, who are more health-conscious and aware of nutritional impacts. The rise of plant-based diets is also driving demand for alternative fats, such as avocado oil and nut-based spreads. These evolving preferences signify a potential transformation in product offerings, prompting industry stakeholders to innovate and adapt to meet the growing demand for healthier, sustainable options.
Local special circumstances: In Suriname, the Oils & Fats Market is shaped by the country’s rich biodiversity and cultural culinary practices. The local population often uses traditional oils, like palm oil, in their diets, but there is a growing interest in healthier alternatives influenced by global health trends. Additionally, Suriname’s proximity to tropical agricultural resources facilitates the availability of coconut and avocado oils, further driving their popularity. Regulatory support for sustainable agriculture is also encouraging producers to innovate, aligning with consumer preferences for eco-friendly and health-conscious options.
Underlying macroeconomic factors: The Oils & Fats Market in Suriname is influenced by several macroeconomic factors, including global commodity prices, trade dynamics, and national economic conditions. Fluctuations in global palm oil and coconut oil prices impact local production costs and consumer pricing. Suriname's economic health, characterized by its GDP growth and inflation rates, also plays a critical role in consumer purchasing power. Fiscal policies aimed at supporting agriculture and sustainable practices are fostering innovation within the sector. Additionally, the increasing global demand for healthier oil alternatives aligns with local production capabilities, enhancing market opportunities for eco-friendly and health-oriented oils.
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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