During 2020, consumption of olive oil has increased as people spent more time at home as a result of COVID-19 lockdown restrictions. This meant that more consumers were innovating in the kitchen, trying out new recipes and searching to add an element of indulgence to traditional meals such as salads, pasta sauces or lentils.
Peruvians tend to use edible oils when cooking most meals, including animal proteins such as chicken or red meat, as well as rice and grains, with consumption expected to remain high in 2020. Almost all cooked dishes in the country have a base or foundation of fried garlic, onion and other spices, with edible oils used in all Peruvian homes, despite income level or ethnic background.
Alicorp will continue to lead edible oils in Peru in 2020, largely thanks to its wide portfolio of products and strong consumer recognition. The company boasts a wide selection of brands including lower cost label, such as Crisol or CIL, and more premium offerings including Primor.
Manufacturers are expected to start more heavily promoting the specific benefits or functionality of their edible oils in an effort to attract consumers into the forecast period. A variety of properties are expected to be highlighted, including the oil’s contribution to a healthy life, its lower percentage of saturated fats or good frying or even browning, which imparts flavour to a meal.
The ongoing expansion of supermarkets/hypermarkets and more recently of discounters is expected to boost the penetration of private label in edible oils into the forecast period, as most consumers do not perceive any great differences between these ranges and traditional brands, despite the efforts of some manufacturers to promote specific benefits. Consumers are used to comparing different products at the time of purchase, looking for the product with lower unit prices, which indicates that only a limited number of consumers are loyal to one brand.
While manufacturers should be aware that the health trend is expected to lead to the reduced growth of edible oils in general, it will also create new opportunities for companies to attract consumers. For example, healthier perceived oils such as olive oil and corn oil are likely to see an increase in demand in coming years.
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Understand the latest market trends and future growth opportunities for the Edible Oils industry in Peru 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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