Despite edible oils seeing a phenomenal increase in retail value sales growth in 2021, this is mainly due to sunflower oil’s high increase in unit price. This price increase was caused by a bad harvest, delayed price increases from manufacturers and retailers that kept their prices stable during 2020, and high sales growth during 2020 as consumers stockpiled sunflower oil due to the pandemic.
Consumption of olive oil is growing in 2021, both in retail and volume terms, due to consumers’ increased awareness of their health during the COVID-19 pandemic. Furthermore, sales of olive oil also benefits from shifting to modern grocery retailers as much of olive oil sales are partly illegal, discounts and the rapidly increasing price of sunflower oil.
Many consumers are looking for healthier edible oil alternatives. Consequently, other edible oils such as avocado, hemp, grapeseed, pumpkin, sesame and linseed oils are gaining in popularity, with retail value sales and volume sales increasing in 2021.
Edible oil is expected to see a decline in constant retail value sales growth in the short term, after which sales are likely to increase moderately. However, sunflower oil is also likely to see a fall in constant retail value sales growth but is anticipated to only start recovering from 2024 with marginal sales growth over the rest of the forecast period.
Sales of olive oil is anticipated to see healthy constant retail value sales growth during the forecast period and is likely to be driven by large modern grocery retailers, such as Silpo (part of the Fozzy Group) and ATB-Market importing their own olive oil. These private label olive oils appeal to many consumers due to its lower price and established reputation.
Flavoured oils, in other edible oil, is likely to gain in popularity during the forecast period thanks to its complex tastes and consumers experimenting with their cooking. For example, Olibo’s sesame oil with chili and tomato, Stozhar Fusion’s (Prikolotnyanskiy OEZ OAO) walnut oil with pepper and chili pepper, and Trovida’s olive oil with oregano.
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Edible Oils
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 DefinitionsThis report originates from Passport, our Edible Oils research and analysis database.
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