An effect of the COVID-19 pandemic in 2020 is that Portuguese consumers are paying more attention to healthy nutrition and wellbeing, and so are seeking out higher-quality food and ingredients. Premium olive oil, including extra virgin and organic olive oil, is benefitting from the increased demand for healthy edible oils, and will show the highest growth in both retail volume and current value terms.
Although olive oil is the edible oil that is most associated with health benefits, several alternatives continue to make ground, as they combine quality and different flavours at lower prices. In 2020, rapeseed and other edible oils will show strong volume and value growth, supported by the fact that during the lockdown people are cooking more at home and, in doing so, are looking for both convenience and affordability.
In 2020 consumption of edible oils in the foodservice channel will decline dramatically, due to closures during and after the lockdown period. The closure of hotels and restaurants is affecting their suppliers, who are mainly small producers completely dependent on the foodservice channel.
As COVID-19 looks set to place the health and wellness trend in sharper focus, greater emphasis is expected to be given in the promotion of the health benefits associated with olive oil. Communication strategies are likely to focus on repositioning olive oil as an important part of Portuguese culture, and an element of the Mediterranean diet which, in turn, is known for its nutritional value.
The impact of COVID-19 on the Portuguese economy will affect levels of disposable income, and consequently the purchasing power of consumers. Price-sensitive consumers are expected to trade down.
Sales of edible oils in foodservice, which has been hit by the introduction of COVID-19 measures in 2020, are expected to fully recover by the end of the forecast period. Assuming that no new lockdown will be enforced, more restaurants and cafés will start operating again, and consumers will become more and more comfortable with the idea of eating away from home again.
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This report originates from Passport, our Edible Oils research and analysis database.
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