With consumption shifting from foodservice to at-home, edible oils is anticipated to see higher retail current value and volume growth rate than in the previous year. In the first quarter of 2020, in the early stages of the lockdown, Slovakian consumers continued to opt for more premium edible oils, a tendency observed during the review period.
Demand for edible oils is underpinned by the growing health trend in Slovakia, with an increasing number of consumers aware of healthier alternatives to traditional oils. While sunflower oil remains the most popular option among Slovakian consumers, it is losing ground to olive oil, which is considered healthier.
Palma is expected to remain the leader in edible oils in 2020. Toward the end of the review period, Palma introduced locally produced, cold-pressed poppyseed, walnut and pumpkin seed oil which continue to sustain the company’s value share.
Edible oils that are locally produced and locally sourced for are expected to gain in value share coming years, thanks to increasing consumer interest. Skolské hospodárstvo - Búsla spol sro is expected to benefit from increasing consumer interest in locally produced and sourced for edible oils and benefits, as a company, from an increasingly better distribution network.
As Slovakian consumers become more health aware and conscious of the nutritional benefits of the food they consume, they are likely to be more and more to opt for olive oil for cooking as well as other edible oils such as coconut oil. In addition, with the ongoing popularity of the Mediterranean cuisine, demand for olive oil is set to grow over the forecast period.
It is anticipated that price promotions and discounts will play an important role in edible oils in the forecast period. With a decline in consumer confidence and rising unemployment, consumers will be more prudent with their spending.
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Understand the latest market trends and future growth opportunities for the Edible Oils industry in Slovakia 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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