Edible oils has seen a strong increase in its retail volume growth rate in 2020. The government’s measures to control the spread of COVID-19 in the first half of the year included the closure of non-essential outlets, including foodservice outlets, a curfew, and more working and schooling from home in order to limit social contact.
Thai households still prefer palm oil to all other types of oil, with this category remaining dominant in both retail volume and current value terms in 2020, and also maintaining a strong volume growth rate. The reason behind this trend comes from the fact it is priced lower than other edible oils, and most Thais like to eat fried food, which uses a lot of oil.
Sime Darby Oils Morakot has maintained its lead in edible oils in value terms in 2020. At the end of 2019 and the first quarter of 2020, the company launched new product developments, Morakot Rice Bran Oil (priced at THB94/litre) and Tip Rice Bran Oil (priced at THB125/litre).
After seeing stronger retail volume growth in 2020, the growth rate in edible oils is forecast to normalise in 2021, with a return to the level of growth seen in 2019. A similar level of growth is expected to be maintained throughout the forecast period, with just a slightly slower CAGR in the forecast period than in the review period.
Towards the end of the review period consumers started to demand healthier oils. One response to this was the launch of products containing oryzanol, as previously mentioned.
As consumers are becoming increasingly concerned about the nutritional content of the food they eat, they are seeking products with good quality ingredients. Also, they are willing to learn how to use specific oils in food preparation to extract their full health benefits.
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Understand the latest market trends and future growth opportunities for the Edible Oils industry in Thailand 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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