Foodservice volume sales of edible oils are being severely dented by the impact of COVID-19-related restrictions but, in contrast, retail value sales of edible oils are set to post strong rates of growth in 2020. In large part, that growth is a result of the spike in demand recorded in the early months of 2020 as consumers, preparing for the pandemic-related lockdown, stockpiled easily storable edible oils, realising that they would be consuming more meals at home, using edible oils to add flavour to salads, couscous, and rice and pasta dishes, amongst others.
Buoyed by the trend of consumers increasingly turning to locally produced food products, rapeseed oil—widely produced in Austria and sold domestically via numerous local brands—is set to post strong double-digit growth in 2020, the highest amongst all edible oils in Austria. Rapeseed oil also benefits from its reputation as being a very healthy edible oil which can be used for both hot and cold dishes.
Armed with a range of strong brands present in a variety of segments, including Bona, Kronen, Osolio fit4life and Estermann, Vereinigte Fettwarenindustrie is set to hold its strong leadership position in edible oils in 2020 with double-digit value share. The company’s ongoing new product development efforts are bolstering its fine performance; for example, in 2019 the company launched a new olive oil product under its Bona brand.
As a result of a range of pandemic-restrictions, in 2020 many Austrians stocked up on edible oils in anticipation of preparing more meals at home. Thus, many households are holding more than ample supplies of long-lasting and easily storable edible oils as the forecast period is about to ensue.
During the review period, as Austrians placed great trust in private label brands such as Spar and Ja! Natürlich. Retailers’ private labels offered not only affordable prices for edible oils but also made great strides in increasing the sophistication of their products and improving their quality.
Rapeseed oil is already set to post the highest value sales growth in the edible oils category in 2020 and that strong growth is expected to continue, with its current value CAGR projected to significantly outpace growth rates of other edible oils over the forecast period. Beyond being considered as a very healthy option amongst consumers looking to upgrade and diversify their diets, rapeseed oil is also popular due to its local production.
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Understand the latest market trends and future growth opportunities for the Edible Oils industry in Austria with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Edible Oils research and analysis database.
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