Macroeconomic factors and geopolitical unrest will remain key in the performance of the category (and, indeed, other categories) over the forecast period. For example, the inflation seen in 2022 has exposed flaws in supply chains and purchasing vulnerability, alongside these factors being compounded by the Ukraine-Russia war.
Soy oil will maintain popularity over the forecast period, as it has been catching consumers’ attention due to it being perceived as good for cardiovascular health. This is backed by soy oil being promoted by all key players in the category, along with having a widespread presence across many different brands and price ranges.
Inclusive and regardless of factors such as COVID-19 and geopolitical unrest, the most important factor in the industry is the strength of the supply chain. In particular, if the cost of raw ingredients continues to rise, better managed supply chains will need to be in place to help push down production costs which, in turn, will push down retail prices.
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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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