Following the return to normalcy after the relaxation of social restrictions in the United Arab Emirates, schools and offices resumed full operations, while the general population has returned to socialising and spending time outside of the home since January 2022 at a pace akin to pre-pandemic levels. Hence, it was anticipated that the market would register stronger volume growth, although this has not been the case for all categories.
Manufacturers of edible oils are actively reformulating their products amid increasing consumer health awareness and budget consciousness. Reformulation is common for sunflower oil, with the core edible oil ingredient remaining at over 50%, while a mix of other edible oils comprise the remainder.
Considering the player's large portfolio of products, which includes vegetable and seed oil among others, IFFCO Group is a behemoth that continues to bolster its leading status in cooking ingredients and meals in 2022. Edible oil seeds and other ingredients that are sourced from various international markets have been impacted by supply chain issues as a result of the war in Ukraine.
Following a significant drop in foodservice volume sales in 2020 due to the impact of pandemic-induced social restrictions, demand rebounded in 2021 with further positive growth in 2022. Edible oils in particular, due to being widely used in foodservice, observed a surge in sales, revived initially by a successful Dubai Expo 2020.
Many local and global manufacturers have already resorted to reformulating ingredients and are now actively considering “shrinkflation” to save share and margins. Players that initiate pack size contraction will need to attract consumers with greater functionality and other specific benefits, although demand for such products was already rising prior to the pandemic.
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Cooking Ingredients and Meals
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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