Edible Oils in Asia Pacific

January 2022

Consumers cooking and eating more at home due to Coronavirus (COVID-19) helped drive retail sales of edible oils in Asia Pacific in 2020. Although growth slowed, it still moved ahead at a healthy rate in real value terms in 2021, albeit partly down to rising unit prices. Further steady growth is expected in Asia Pacific over the forecast period, with countries looking to up their domestic production of edible oils to lessen their exposure to price fluctuations on the international markets.

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Key findings

Strong growth seen as the pandemic hits the region

The region as a whole, as well as most of its countries, saw stronger retail value sales growth in 2020, as consumers were cooking and eating more at home due to lockdowns and foodservice closures. Although growth slowed in 2021, Western European countries were still being impacted by measures designed by control the spread of the COVID-19 virus in the region, helping to keep demand above pre-pandemic levels across Western Europe.

Price rises drive growth in Turkey

The overall edible oils industry was heavily influenced in 2021 by the strong growth recorded in Turkey, the region’s biggest market. Rising prices for sunflower oil, which dominates sales in the Turkish market, due to recent devaluation of the local currency against the US dollar, as well as a poor sunflower harvest in 2020, resulted in very strong growth in this category in 2021.

Palm oil losing favour

Palm oil continued to see declining sales in Western Europe in 2021. This type of edible oil is widely deemed to be unhealthy due to its high level of saturated fat, with packaged food manufacturers often now advertising the absence of palm oil as a key selling point. Palm oil’s sourcing process is also increasingly perceived as having a negative environmental impact.

Positive CAGR expected for edible oils

Sales of edible oils are expected to record positive volume growth throughout the forecast period, but will see a one-off slight dip into negative territory in real value terms in 2022, with some consumers, hit by the pandemic’s economic impact, forced to look for options offering the best value for money, such as the ever popular private label lines, in the short-term period. However, even private label is increasingly also exploring the higher-quality and organic areas of the market in edible oils in Western Europe.


Key findings

Regional Overview

Asia Pacific accounts for half of the world’s edible oil sales
Asia Pacific to see positive value growth rates throughout 2016-2026
India adds more than two thirds of Asia Pacific’s new sales in 2016-2021
India looks to boost domestic production of edible oils
Sunflower oil the most dynamic product in 2016-2021
Increasing interest in healthier edible oil types
Traditional grocery retailers continue to lead sales in edible oils
Despite strong growth in 2020, e-commerce remains a small channel

Leading Companies and Brands

Indian edible oils market remains relatively fragmented
Adani continues to close the gap on leader Wilmar
Leading players mostly operate in a single market in the region
No changes among the top three in the brand rankings in 2021

Forecast Projections

Healthy growth rates expected in Asia Pacific over 2021-2026
Sunflower oil and rapeseed oil will be most dynamic
India will continue driving regional growth in 2021-2026

Country Snapshots

China: Market Context
China: Competitive and Retail Landscape
Hong Kong, China: Market Context
Hong Kong, China: Competitive and Retail Landscape
India: Market Context
India: Competitive and Retail Landscape
Indonesia: Market Context
Indonesia: Competitive and Retail Landscape
Japan: Market Context
Japan: Competitive and Retail Landscape
Malaysia: Market Context
Malaysia: Competitive and Retail Landscape
Pakistan: Market Context
Pakistan: Competitive and Retail Landscape
Philippines: Market Context
Philippines: Competitive and Retail Landscape
Singapore: Market Context
Singapore: Competitive and Retail Landscape
South Korea: Market Context
South Korea: Competitive and Retail Landscape
Taiwan: Market Context
Taiwan: Competitive and Retail Landscape
Thailand: Market Context
Thailand: Competitive and Retail Landscape
Vietnam: Market Context
Vietnam: Competitive and Retail Landscape


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