The start of the lockdown in March and April saw the price of edible oils at open air markets rise in Uzbekistan, in some cases by up to three times. However, products remained generally more affordable than in supermarkets, and despite price rises, all types of edible oil will show growth in retail volume as well as value terms in 2020.
When Uzbek consumers began stockpiling groceries during March, sunflower oil was one of the most in-demand products in retail, as consumers prepared to make more meals at home. As a result, sunflower oil will post accelerated overall growth in 2020 in both current value and retail volume terms.
Between April and June the Eurasian Economic Commission, of which Uzbekistan is a member, imposed a ban on exporting certain food products, in order to prevent domestic shortages. This created problems for producers of Uzbek edible oils, many of which import their soybeans and sunflower seeds from Russia or Kazakhstan.
Edible oils is expected to achieve strong volume and value growth throughout the forecast period, thanks to new government policy designed to support the industry and bolster it against competition from imported products. The government is keen to increase domestic production and also to encourage consumers to opt for domestic rather than imported products.
Cottonseed oil and sunflower oil are expected to grow throughout the forecast period, as they are sure to stay in demand thanks to their affordable prices, and wide presence throughout the country. Olive oil will remain a premium - and therefore a niche - product, affordable only to middle-class and wealthy Uzbeks; but consumption is expected to increase slightly as the number of these consumers steadily grows.
The economic uncertainty experienced by many Uzbeks as a consequence of the COVID-19 pandemic may prompt some consumers to trade down in their choice of edible oils. It is expected that imported brands and local private label may lose some of their share during the forecast period, as consumers begin to shop for groceries more at open-air markets, where prices are generally cheaper.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
Understand the latest market trends and future growth opportunities for the Edible Oils industry in Uzbekistan with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Edible Oils industry in Uzbekistan, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Edible Oils research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page