While prices are unlikely to stay at 2022 levels, given the unique combination of temporary factors that has been besetting the industry, with the war in Ukraine being the most important, there are many reasons to believe that prices will remain high for some time. One is that the input costs, which have been a major trigger of higher prices, remain a problem.
Much depends on to what extent the US consumers of the future view fats as a macronutrient. The prospects on this front are positive, as the reduced fat craze of the 1990s and 2000s has largely passed, and consumers now distinguish between “good” and “bad” fats.
The hottest oil at the moment is avocado oil, which is still unfamiliar to many consumers, but is making its way into the mainstream. Part of this can be attributed to the growing popularity of avocados themselves, which have become much more widely consumed in the US in recent years, and amongst wellness-oriented consumers in particular.
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This is the aggregation of olive oil and vegetable and seed oil (which comprises of corn oil, palm oil, rapeseed oil, soy oil, sunflower oil, and other edible oil). Please note blended oil that contain over 50% of one type of oil are categorised in that category, e.g. blended oil with 60% soy oil is categorised in soy oil; whereas blended oils with less than 50% of a specific type of oil are categorised in other edible oil. Includes: Pre-packaged edible oils products purchased by consumers through legally established retail channels. Excludes: Unpackaged/bulk oils, i.e. instances where consumers bring an empty container or plastic bag to be (re)filled with cooking oil. Example: Minyak curah in Indonesia.See All of Our Definitions
This report originates from Passport, our Edible Oils research and analysis database.
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