Foodservice closures due to COVID-19 will have a significant effect on the edible oil landscape in 2020. Restaurants and other eating establishing with dine-in options were required to close for two months in early 2020 and were only allowed to reopen under specific social distancing and capacity guidelines.
Due to foodservice closures in 2020 and consumers required to spend more time at home to combat the spread of COVID-19, many consumers have attempted to recreate the restaurant experience in their own homes. Thus, some consumers have been willing to purchase high quality ingredients to mimic the taste of their favourite restaurant dishes (which tend to be richer and more flavoursome than typical home meals).
One of the factors negatively impacting the category in 2020 is the economic downturn with the unemployment rate in Denmark almost doubling to 6% during the lockdown period – a really high unemployment proportion by Danish standards. The households suffering from less disposable income are opting for cheaper products, combatting the current value sales of the premium trend.
Foodservice is expected to regain shares in edible oils over the forecast period as COVID-19 becomes less of a threat and social distancing restrictions are relaxed. Consumers are likely to want to indulge in eating-out, due to missing the experience during lockdown, thus increasing foodservice sales in 2021.
As people return to their workplaces, convenience will gain importance again with many consumers reducing the amount of time spent cooking at home. As such, sales of edible oils, which is a common ingredient in many home cooked meals, will be negatively impacted.
As Denmark returns to normality following the COVID-19 pandemic, Danes will start to feel more stable in both their finances and everyday life. As such, it is expected that consumers will gain an appetite for experimenting with more foods and ingredients.
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This report originates from Passport, our Edible Oils research and analysis database.
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