Key regions: Canada, India, Spain, Philippines, South Korea
The Oils & Fats market in the United Kingdom is experiencing minimal growth, influenced by factors such as shifting consumer preferences towards healthier options, regulatory changes, and competition from alternative spreads, which are impacting traditional product demand.
Customer preferences: Consumers in the United Kingdom are increasingly gravitating towards plant-based oils and fats, reflecting a broader trend towards veganism and sustainable eating practices. This shift is influenced by a growing awareness of health and environmental issues, particularly among younger demographics. Additionally, the rise of cooking at home during the pandemic has led to heightened interest in specialty oils, such as avocado and coconut oil, as consumers seek to enhance their culinary experiences. This evolving preference underscores a significant cultural pivot towards health-conscious and ethical food choices.
Trends in the market: In the United Kingdom, the Oils & Fats market is experiencing a notable shift towards plant-based oils, driven by an increasing consumer preference for vegan and sustainable products. This trend is gaining traction among health-conscious consumers, particularly millennials and Gen Z, who prioritize ethical sourcing and environmental impact. The surge in home cooking has also sparked interest in specialty oils like avocado and coconut oil, enhancing culinary creativity. For industry stakeholders, these evolving preferences present opportunities for product innovation and differentiation, potentially leading to a redefined market landscape focused on health and sustainability.
Local special circumstances: In the United Kingdom, the Oils & Fats market is shaped by a rich culinary heritage and a growing emphasis on health and sustainability. The diverse regional cuisines encourage the use of various oils, while the increasing focus on plant-based diets reflects broader cultural shifts towards ethical consumption. Regulatory initiatives promoting healthier food options further propel demand for oils with lower saturated fats. Additionally, the rise of local producers emphasizes traceability and quality, fostering consumer trust and driving innovation in oil varieties tailored to British tastes.
Underlying macroeconomic factors: The Oils & Fats market in the United Kingdom is significantly influenced by macroeconomic factors such as global commodity prices, trade policies, and national economic conditions. Fluctuations in the cost of raw materials, driven by international supply chain dynamics and climate events, affect pricing strategies and profit margins for producers. Furthermore, the UK’s economic health, including consumer spending power and inflation rates, shapes demand for premium and health-focused oils. Fiscal policies promoting sustainability and health initiatives enhance market growth by incentivizing innovation in oil production. Additionally, the rise in e-commerce and changing consumer preferences towards convenience and quality are reshaping purchasing behaviors in this sector.
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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