Oils & Fats - Taiwan

Taiwan

Highlights

Revenue in the Oils & Fats market amounts to US$882.40m in 2024. The market is expected to grow annually by 3.72% (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$36.84 are generated in 2024.
In the Oils & Fats market, volume is expected to amount to 199.00m kg by 2029. The Oils & Fats market is expected to show a volume growth of 3.1% in 2025.0.
The average volume per person in the Oils & Fats market is expected to amount to 7.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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.