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Key regions: Italy, United Kingdom, Brazil, Spain, United States
The Oil Crops Market within the Agriculture sector is witnessing substantial growth globally, influenced by fluctuating commodity prices, changing dietary preferences, and environmental concerns surrounding sustainable farming practices. These factors are shaping market dynamics.
Customer preferences: Consumers are increasingly gravitating towards plant-based diets and sustainable sourcing, significantly impacting the Oil Crops Market. This shift is driven by a heightened awareness of health benefits and environmental sustainability, leading to increased demand for oils derived from sources like avocados and coconuts. Additionally, younger demographics are prioritizing organic and non-GMO products, reflecting cultural values around health and wellness. As urban lifestyles evolve, the preference for convenient, nutritious cooking oils is reshaping product offerings and marketing strategies within the industry.
Trends in the market: Globally, the Oil Crops Market is experiencing a notable shift towards sustainable and plant-based oil options, with consumers increasingly favoring oils from sources like avocados, coconuts, and nuts. In North America, there is a surge in demand for organic and non-GMO oils, reflecting a broader cultural emphasis on health and wellness. Meanwhile, in Asia, urban consumers are opting for convenient, nutritious cooking oils that align with their busy lifestyles. This trend is prompting industry stakeholders to innovate and adapt their product offerings, prioritizing transparency and sustainability in sourcing practices to meet evolving consumer preferences.
Local special circumstances: In Brazil, the Oil Crops Market is influenced by the country's rich biodiversity and traditional culinary practices, where palm oil and soybean oil are staples in local diets. The government's support for sustainable agriculture is driving interest in eco-friendly oil production methods. In contrast, in Europe, stringent regulations on food labeling and safety are pushing manufacturers to focus on quality and traceability, fostering a demand for premium, organic oils. These unique local factors are shaping consumer preferences and encouraging innovation within the sector.
Underlying macroeconomic factors: The Oil Crops Market is significantly influenced by macroeconomic factors such as global commodity prices, trade policies, and national economic stability. Fluctuations in oilseed prices due to global supply and demand dynamics impact profitability for producers in various regions. In countries with strong agricultural sectors, favorable fiscal policies and government incentives for sustainable practices enhance investment in oil crop production. Additionally, the rise of biofuels and renewable energy sources is shifting focus towards more sustainable oil production methods. Economic health indicators, such as GDP growth and inflation rates, also play a crucial role in shaping consumer spending habits on oil products.
Data coverage:
The data encompasses B2B. Figures are based on the value of gross production in the agriculture market, which values of production are calculated by multiplying gross production by output prices at the farm gate.Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, 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.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 S-curve function and exponential trend smoothing are well suited for forecasting agriculture products due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.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.Lu - vi, 9:30 - 17:00 h (CET)
Lu - vi, 9:00 - 18:00 h (EST)
Lu - vi, 9:00 - 17:00 h (SGT)
Lu - vi, 10:00 - 18:00 h (JST)
Lu - vi, 9:30 - 17:00 h (GMT)
Lu - vi, 9:00am-6:00pm (EST)