Olive oil will continue to see dynamic current value growth in 2020 as it continues to develop at a faster pace than other categories of edible oils. As consumers ate less outside and engaged in fewer leisure and travel activities due to COVID-19 restrictions, a tendency towards “everyday luxuries” increased.
Edible oils will record solid retail volume growth coupled with significant current value unit price growth in 2020. The primary reason for this is that people are cooking more at home.
With active development throughout the review period, edible oils will continue to register substantial current value growth in 2020. A strong performance from private label, which accounts for more than half of overall value sales and over three-quarters of volume sales, predominantly drives grow.
Edible oils is expected to see moderate growth in retail volume terms over the forecast period, although at a reduced rate compared with the review period. While overall consumption of food at home is expected to increase during this period, the category is set to see negative growth in retail volume sales in 2021, due to the stockpiling in 2020.
Over the forecast period, olive oil is expected to continue growing at a dynamic pace and will see the highest growth in retail value terms. This is due to its premium positioning, healthy image and the wide variety of brands and private label offerings available, with private label in particular expected to develop and launch new products.
Despite Norway’s economy has taking a hit and consumer confidence seeing a sharp decrease in Q2 of 2020, Norwegians’ spending on premium everyday products has remained resilient. Thus, over the forecast period it is likely that many players will focus on more premium products and organic varieties, the latter being a niche which has grown significantly over the review period.
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Understand the latest market trends and future growth opportunities for the Edible Oils industry in Norway 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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