The Edible Oils segment covers any type of oil that is extracted from plants and nuts and is used for cooking and food preparation.
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.
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Other edible oils (e.g. palm, soybean, coconut oil)
The Edible Oils market has recently become more volatile, and edible oil prices have reached never-before-seen levels. These market changes can be attributed to a variety of different factors, including high product demand and production decline.
When it comes to the Edible Oils market, it is important to consider some of its main challenges and uncertainties. Both consumer attitudes and behaviors are influencing factors for the market, e.g., preferring edible oils that are made from soybean stems over genetically modified seeds and avoiding products that show a potential link between deforestation and increasing soybean production. Furthermore, the market is affected by the macroeconomic environment: Supply is influenced by the current slowdown in economic growth and the occurrence of unforeseen events, such as the COVID-19 pandemic. Additionally, the Russia-Ukraine war has also heavily impacted the market since both countries are key producers of sunflower oil.
Due to the increasing demand for saturated foods in both developed countries and emerging markets, edible oil consumption is expected to increase at a gradual pace over the next ten years. China and Brazil, which are high consumers of edible oils, are expected to experience stable market growth over the coming decade; meanwhile, India, the second-largest consumer of edible oils, is predicted to maintain its level of consumption.
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).
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.
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.
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.
Key Market Indicators
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