Edible oils is benefitting from lockdowns caused by COVID-19 in Belgium. Consumers are cooking and eating at home more often in general, and a degree of stockpiling is noted.
Closures of foodservice outlets due to COVID-19 has resulted in a significant slump in on-trade volume sales of edible oils in 2020. With almost two months of complete on-trade business blackout, the number of bankruptcies in the foodservice sector has surged over the year, thereby worsening the negative situation.
Etn Franz Colruyt NV takes the lead in edible oils in 2020, overtaking Vandemoortele NV with its namesake brand by a small margin. This is thanks to the success of Etn Franz Colruyt’s private label Colruyt brand, which is becoming increasingly appealing to Belgian consumers thanks to its quality-to-price ratio.
After an initial anticipated decline following the boost in sales seen in 2020, edible oils is expected to return to normal consumption levels in 2021-2022; albeit with slightly higher growth than historic norms. It is possible that, in the event of further waves of COVID-19 and associated lockdowns and foodservice closures, there may potentially be another episode of stockpiling, with consumers spending a lot of time cooking at home.
The COVID-19 related production and operational disruptions seen in 2020 are expected to ease in 2021, ultimately leading to a decline in average unit prices again. However, due to the higher risks relating to operational costs, as well as inflationary pressures regarding imports, the price of edible oils is not expected to recede back to the low levels of the review period.
COVID-19 has delivered a severe blow to the Belgian foodservice sector in 2020, causing a surge in bankruptcies and changes in consumption patterns. Trade experts agree that is will take years for the on-trade sector to recover from the impact.
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Understand the latest market trends and future growth opportunities for the Edible Oils industry in Belgium 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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