COVID-19 is expected to cause a surge in demand in edible oils in the first half of 2020 as consumers stockpile key cooking ingredients with long shelf lives in order to prepare for future uncertainty and reduce the frequency of shopping. As edible oils are long lasting products, many consumers chose to stock up on products in this category shortly after the outbreak of COVID-19 in Serbia.
The category leader Dijamant was very active in terms of advertising in 2020. Between March and May, in the initial lockdown period, the company took part in the “stay at home” campaign.
Thanks to the growing popularity of olive oil in Serbia, virtually all producers in this product area are expected to see continued strong performance in 2020, despite the expected surge in demand for the cheaper sunflower oil products in 2020. Olitalia is expected to maintain its strong lead in the category in 2020 and Monini SpA is expected to rank third in the category thanks to large advertising campaigns and promotional activity, especially television commercial advertising which is the most expensive yet effective form of advertising in this category.
Olive oil is becoming increasingly popular amongst consumers in Serbia. Although olive oil will see its growth constrained slightly in 2020 as COVID-19 drives people towards the cheaper sunflower oil, olive oil’s growth rate is set to increase again in the forecast period, as the product are is set to maintain a high retail current value growth throughout the forecast period.
Sunflower oil remains the most popular and least expensive product area in edible oils in Serbia and, as such, is expected to record dominant retail value and volume sales in edible oils during the forecast period. Despite its continued dominance, however, the category experienced declining sales in the review period and the temporary surge in demand during the COVID-19 pandemic is not expected to last in the forecast period.
Serbians can be considered rather conservative in their consumption habits of edible oils and such a high retail volume share of sunflower oil within overall edible oils clearly demonstrates this. This is why, as of 2020, products that fall under corn oil, palm oil, rapeseed oil and soy oil are either unavailable or negligible in Serbia.
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Understand the latest market trends and future growth opportunities for the Edible Oils industry in Serbia 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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