Similar to other cooking ingredients, foodservice volume sales of edible oil are set to record double-digit growth in 2023, when consumption habits are likely to shift to outside of the home. Once these outlets begin to open at full capacity, local consumers are expected to shift back towards dining out to a greater extent.
With elevated health awareness in Hong Kong, the retail demand for vegetable and seed oil is set to decline over the forecast period, which matches the historical downtrend of edible oil usage. Meanwhile, healthy alternatives are set to gain ground, led by healthy diet adoption.
Retail e-commerce will likely remain a dynamic distribution channel for edible oils over the forecast period, albeit from a low base. In 2022, in response to strict social distancing measures, an increasing number of consumers shifted online, with the latter benefiting from being perceived as safe and convenient.
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This is the aggregation of olive oil and vegetable and seed oil (which comprises of corn oil, palm oil, rapeseed oil, soy oil, sunflower oil, and other edible oil). Please note blended oil that contain over 50% of one type of oil are categorised in that category, e.g. blended oil with 60% soy oil is categorised in soy oil; whereas blended oils with less than 50% of a specific type of oil are categorised in other edible oil. Includes: Pre-packaged edible oils products purchased by consumers through legally established retail channels. Excludes: Unpackaged/bulk oils, i.e. instances where consumers bring an empty container or plastic bag to be (re)filled with cooking oil. Example: Minyak curah in Indonesia.See All of Our Definitions
This report originates from Passport, our Edible Oils research and analysis database.
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