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.
For more information on the displayed data, click the info button on the right side of each box.
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 within The Food market in Taiwan is experiencing negligible growth, influenced by factors such as shifting consumer preferences towards healthier alternatives, increased awareness of nutritional content, and competition from plant-based options that challenge traditional products.
Customer preferences: Consumers in Taiwan are increasingly prioritizing health and wellness, driving demand for oils and fats that are perceived as healthier. There’s a notable shift towards unsaturated fats, such as olive and avocado oils, reflecting a broader trend of seeking natural ingredients with health benefits. Additionally, younger demographics are gravitating towards plant-based alternatives, influenced by both environmental concerns and dietary preferences. This cultural shift is creating a competitive landscape where traditional oils face challenges from innovative, health-oriented products, reshaping the market dynamics.
Trends in the market: In Taiwan, the Oils & Fats market is experiencing a significant shift towards healthier options, with consumers increasingly favoring unsaturated fats like olive and avocado oils. This trend is driven by a heightened awareness of health and wellness, particularly among younger demographics who prioritize plant-based alternatives. As a result, traditional oils face mounting competition from innovative, health-focused products that emphasize natural ingredients. This evolving landscape not only reflects changing consumer preferences but also poses challenges and opportunities for industry stakeholders, prompting brands to adapt their offerings and marketing strategies to stay relevant in a health-conscious market.
Local special circumstances: In Taiwan, the Oils & Fats market is uniquely shaped by the island's rich culinary traditions and emphasis on health-conscious eating. The popularity of traditional Taiwanese dishes, which often use oils like sesame and peanut, is being challenged by a rising demand for healthier options, influenced by Western dietary trends. Additionally, Taiwan's regulatory environment promotes transparency in food labeling, encouraging consumers to make informed choices. This shift not only reflects a blend of local and global influences but also compels brands to innovate while respecting cultural preferences, creating a dynamic market landscape.
Underlying macroeconomic factors: The Oils & Fats market in Taiwan is significantly influenced by macroeconomic factors such as national economic health, consumer spending patterns, and global commodity prices. Taiwan's stable economic growth, supported by a robust manufacturing sector, has led to increased disposable incomes, allowing consumers to prioritize quality and health in their food choices. Additionally, fluctuations in global oil prices and trade relations affect the cost of raw materials, impacting pricing strategies within the market. Fiscal policies promoting local agriculture and sustainable practices further encourage innovation in oils and fats, aligning with consumers' growing health consciousness and environmental concerns.
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