Retail sales of edible oils are set to see a dramatic leap in growth in 2020 in both volume and current value terms. The direct cause of this is the Colombian government’s response to the COVID-19 virus.
Colombia faces a severe economic contraction in 2020 as a result of the virus, with 2 million jobs lost in March alone as a result of the quarantine. Since the relaxation of restrictions, many of these jobs have been recovered, but consumer confidence remains weak, especially as the country faces another surge in infection rates in autumn and the possible reintroduction of some form of lockdown.
Unsurprisingly, levels of consumer health awareness have risen rapidly in response to the onset of the pandemic, and there is a widely understood link between levels of obesity and negative virus infection outcomes. This has seen a switch in consumer habits in edible oils, with more consumers looking to adopt healthier diets where possible.
Over the review period, private label and in particular discounters gained share in edible oils as availability improved, offers became more credible and consumers looked to save money. However, discounters will see a dip in share of value sales in 2020, as many consumers went online where possible to shop for edible oils and other grocery products.
There are set to be substantial opportunities for more premium positions in edible oils over the forecast period. In part, this will be a result of improving retail networks in Colombia – modern grocery retailers, with far more capacity for a wide range of SKUs than traditional grocers, continue to grow value share and will be able to carry a wider range of products.
Private label is set to see ongoing growth in the retail value share of edible oils over the forecast period, underpinned by the rapid expansion of discounters, who are all seeking to widen their range of edible oils. In addition, other modern grocery retailers, such as hypermarkets and supermarkets, are creating and promoting private label versions to offer consumers more affordable options.
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Understand the latest market trends and future growth opportunities for the Edible Oils industry in Colombia 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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