Growth in edible oils is expected to slow compared with that of the review period. During COVID-19 many locals cooked and prepared more meals at home, creating a large increase in demand for oil.
Another major factor that will restrict volume sales of edible oils in the coming years is the uncertainty in the supply chain. The category has been strongly impacted by a lot of factors (including the pandemic, poor harvests due to weather, and a scarcity of raw materials due to the war in Ukraine), leading to strong price hikes.
The shift to healthier edible oils will continue over the forecast period thanks to lingering health and diet concerns in the aftermath of the COVID-19 pandemic. This will lead to a further move away from vegetable oils to olive oil and other increasingly popular healthier oils such as coconut oil and grapeseed oil.
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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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