Key regions: Canada, India, Spain, Philippines, South Korea
The Oils & Fats market in Zambia is witnessing subdued growth, influenced by factors such as fluctuating commodity prices, changing consumer preferences toward healthier options, and the impact of economic conditions on purchasing power.
Customer preferences: Consumers in Zambia are increasingly gravitating towards healthier oils and fats, influenced by a growing awareness of nutrition and wellness. This shift is evident as traditional cooking oils are being replaced with options perceived as healthier, such as sunflower and olive oil. Additionally, younger demographics are embracing plant-based oils, reflecting a broader global trend towards sustainable and health-conscious eating. Moreover, urbanization and busy lifestyles are driving demand for convenient, ready-to-use oil products that align with modern cooking practices.
Trends in the market: In Zambia, the Oils & Fats Market is experiencing a significant shift towards healthier options, with consumers increasingly favoring oils like sunflower and olive instead of traditional cooking oils. This trend is particularly pronounced among younger demographics, who are prioritizing plant-based oils in line with global health and sustainability movements. As urbanization continues to rise, there is also a growing demand for convenient oil products that cater to fast-paced lifestyles. These changes present opportunities for industry stakeholders to innovate and diversify their offerings, promoting health-conscious and sustainable products to meet evolving consumer preferences.
Local special circumstances: In Zambia, the Oils & Fats Market is influenced by the country's rich agricultural landscape, which supports the production of various oilseed crops like sunflower and soybean. Cultural preferences also play a significant role, as traditional cooking practices favor local oils, yet there is a growing awareness of health benefits associated with alternative oils. Regulatory frameworks promoting food safety and quality standards are encouraging the adoption of healthier oils. These unique factors shape consumer choices, driving demand for innovative and locally sourced oil products that align with health trends.
Underlying macroeconomic factors: The Oils & Fats Market in Zambia is shaped by macroeconomic factors such as agricultural productivity, international commodity prices, and trade policies. The country's economic health, characterized by GDP growth and inflation rates, directly affects consumer purchasing power and demand for edible oils. Global trends, such as rising health consciousness and sustainable sourcing, are influencing local preferences, pushing for diversification in oil products. Additionally, government fiscal policies aimed at promoting local agriculture and food security contribute to market stability, enhancing the appeal of locally sourced oils. These dynamics collectively drive innovation and growth in Zambia's oils and fats 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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