In 2020, edible oils benefitted from home seclusion resulting from COVID-19 due to stockpiling and the shift from foodservice to retail. Edible oils was one of the first categories to be limited per customer in major retail chains.
Meanwhile, soy oil and sunflower oil benefitted from people staying and working from home and therefore also cooking more at home. These are the two most affordable vegetable and seed oils and were consequently preferred during the economic crisis.
Soya and Liza remained the leading brands in edible oils in 2020. Their multinational manufacturers, Bunge Alimentos SA and Cargill Agrícola SA, respectively, both communicate their sustainability efforts to consumers.
Retail volume sales of edible oils are expected to record further growth over the forecast period, higher than that seen in the review period, as many consumers will be permanently working from home and will therefore be cooking more at home. This is a consequence of the political and economic instability, which will mostly affect middle- to lower-income consumers.
Olive oil should experience high single-digit retail volume growth in the forecast period, leveraged by consumers’ interest in healthier diets and more premium ingredients. Gallo launched its organic version in Brazil in 2020 to meet consumer demand for organic products, a trend that has grown exponentially in the country.
Sales of other edible oils tend to grow due to consumers’ search for healthier options or brands with less massive production. This search, previously exclusive to higher-income consumers, has spread among wider sectors of society due to greater social media usage and the influence of fitness enthusiasts and bloggers on the consumption habits of different socioeconomic classes.
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This report originates from Passport, our Edible Oils research and analysis database.
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