Edible oils is anticipated to experience stronger current value and retail volume growth in 2020 than was seen in 2019. The strong growth in 2020 is in part a result of COVID-19 restrictions including lockdown and nightly curfews.
Olive oil and soy oil are set to post the most dynamic growth in 2020. These types of oils are benefitting from increased consumer awareness surrounding their healthier attributes when compared to traditional cooking oil.
In response to the COVID-19 pandemic in 2020, several brands have focused on helping people by donating their products to be in emergency bags for locals most affected by the pandemic in Guatemala. For example, at the onset of the pandemic there was a “yo me uno” movement in Guatemala.
After the anticipated year of stronger current value and retail volume growth in 2020, edible oils is set to post negative current value and retail volume growth rates in 2021, while foodservice volume begins to recover following the imposed shutdowns in 2020. The projected downturn will be a result of local consumers resuming their normal lives, with busy lifestyles leaving less time for cooking at home.
Over the forecast period, players will continue turning to social media in an attempt to boost demand. This platform is gaining importance among consumers as a way to become educated and increase awareness about the different nutritional profiles of foods they are eating.
One major threat to sales of edible oils in Guatemala is contraband, with mainly illegal products entering the country, from Mexico in particular. In fact, the Cámara Guatemalteca de Alimentos y Bebidas (Guatemalan Chamber of Food and Beverages) released a report at the end of 2019 stating that edible oils is the most demanded contraband product of Mexican origin in Guatemala.
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Understand the latest market trends and future growth opportunities for the Edible Oils industry in Guatemala 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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