The Oils and Fats segment 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.
The segment consists of four different subsegments:
The Butter segment covers all products that are defined as a high-fat milk product and contains a minimum of 80% fat. Its other ingredients are water, protein, and lactose.
The Margarine segment covers all products that are made of vegetable oils and contains a minimum of 80% fat.
The Edible Oils segment covers any type of oil that is extracted from plants and is used for cooking and food preparation.
The Other Oils & Fats segment covers lard and other edible animal fats.
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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The Oils & Fats segment has recently become more volatile, with the COVID-19 pandemic having had a negative impact on butter prices as demand in the hospitality sector fell away during the lockdown period. Edible oil prices, in contrast, have reached never-before-seen levels. These changes can be attributed to a variety of different factors, including high product demand and production decline. Over the next couple of years, the segment is expected to grow at a gradual level, with one of the key drivers for this growth being the increasing demand for processed food.
The Oils & Fats segment faces a number of challenges and uncertainties. It is directly affected by increasing input costs as well as disruptions in production and logistics, e.g., the Russia-Ukraine war, which has had a heavy impact on the market since both countries are key producers of sunflower oil. Moreover, consumer attitudes and behaviors also have an effect on this segment, 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. The macroeconomic environment also affects the market: Supply is influenced by the current slowdown in economic growth and the occurrence of unforeseen events, such as the COVID-19 pandemic.
With rising consumer interest in leading a healthier lifestyle, healthy fats and oils, such as extra virgin olive oil and plant-based butter, are currently trending in this segment. Moreover, the demand for high-oleic oils has also increased as prices have become more reasonable.
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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