One of the biggest shifts in consumer behaviour stemming from COVID-19 has been the rapid rise in home cooking. Due to COVID-19, foodservice outlets have been forced to limit their operations in most states while many Americans have tried to limit their trips outside of the home.
Despite the economic downturn seen in 2020, more consumers were still seen to be turning towards organic and fortified/functional edible oils. Organic olive oil has seen a particularly strong spike in demand, with fortified/functional vegetable and seed oil also seeing significant growth in 2020.
The restrictions introduced at state level to control the spread of COVID-19 have had a significant impact on the way consumers shop, including for edible oils. Looking to limit their trips outside of the home many households switched to making a large weekly shop at a supermarket or hypermarket, with this having a negative impact on sales through independent small grocers.
COVID-19 has drawn attention to the added health risks associated with being overweight and eating an unhealthy diet and this is likely to increasingly inform consumer purchasing decisions when it comes to edible oils. Olive oil is likely to be the key beneficiary of this with it not only carrying several health claims but is also perceived to be more natural than some other types of edible oils.
Edible oils are a key component of many products served in restaurants and as a result will see a noticeable improvement in sales as foodservice outlets begin to reopen. Many consumers have become bored of eating at home and there is likely to be a pent up demand for foodservice once COVID-19 is contained and restrictions are lifted.
Once the domain of basic products focused on low prices, private label has expanded its horizons and now offers a much wider assortment of edible oils including healthier and premium varieties. This development has favoured the growth of private label options in 2020 as household incomes have come under pressure.
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