As a result of the COVID-19 stay at home measures, the demand for edible oils in Costa Rica grew at more dynamic rate across retail channels in 2020, as families’ found themselves cooking home on a more regular basis. Equally, due to the economic downturn caused by COVID-19, many local mid-and-lower income consumers are facing reduced disposable incomes, resulting in them opting for more affordable eating options.
As a result of the shift online, sped up by the COVID-19 restrictions which limit shopping in person, major players such as Numar, Inolasa and Coopeagropal have become more active in launching online content. For example, a number of these brands actively promote their products by offering home cooking tips and comfort food recipes.
Local and regional players such as Cía Numar SA, Coopeagropal RL and Inolasa continued to lead edible oils in Costa Rica, benefiting from vertically integrated business models with a local and regional presence. This allows them to make economies of scale savings based on their own palm oil plantations and processing and distribution operations.
More functional products will continue to gain momentum into the forecast period based on ongoing health and wellness trends, with both olive oil and coconut oil gaining further penetration across a broader base of local middle-income consumers, particularly millennials. More affordable value products coming from Asian countries (such as the Philippines and Sri Lanka) will continue to bring coconut oil unit prices down, benefiting broader levels of penetration, while affecting the performance of smaller-scale local producers, which have higher operational costs.
As a result of COVID-19 restrictions in 2020, retail cooking alternatives are expected to continue to be boosted over the next five years, as more people work and spend time at home. It is also expected that most large oil manufactures will invest in their online platforms in coming years, in order to create more relevant content and connect with buyers.
Further opportunities are anticipated for affordable added-value imported products over the forecast period. This has already been seen in the case of certified organic olive and coconut oils, with warehouse retailer PriceSmart continuing to take the lead with these types of value proposals.
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Understand the latest market trends and future growth opportunities for the Edible Oils industry in Costa Rica 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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