Thanks to its strength in the North American market, where it is a leading player in a number of categories, including ready meals, pickled products and tomato pastes and purées, ConAgra is a top 10 player in cooking ingredients and meals globally. Although it is very heavily exposed to its reliance on a single regional market, ConAgra is expected to continue growing, given the expertise it has within the areas that it operates

Unilever is the number two player in global cooking ingredients and meals, mainly thanks to its leadership of the sauces, dips and condiments category, although it also has a significant presence in meals and soups. Unilever continued to close the gap on leading player Kraft Heinz in 2024, with expectations that it could even overtake it in the coming years.

Effective from the middle of September 2024, the government of India hiked the basic customs duty on crude edible oils such as palm oil, soybean oil, and sunflower oil from 0% to 20%, and raised the basic customs duty on refined oils from 12.5% to 32.5%. This increase in import taxes is set to drive increases in local prices in 2024, but in the longer term bolster local production and ensure that farmers receive fair compensation for their produce. Currently, more than half of India’s demand for

While inflation eased, it was still an issue, and this impacted edible oils in Algeria in 2024. Though current value rose significantly, there was only a minimal increase in volume sales. Soy oil continue to account for most volume sales, as it is subsidised, followed by sunflower, corn and olive oil.

Edible oils in Thailand is set to maintain solid retail volume and current value growth in 2024, with increasing sales anticipated across all categories. Nevertheless, rates of increase are expected to be slightly lower than in the previous year. In 2024, affordability has become a key factor shaping consumers’ purchasing decisions in edible oils. The average unit price of olive oil has continued to rise, which is set to result in slower retail volume growth than in the previous year, and than a

Overall edible oils in Vietnam is set to record steady total volume growth in 2024, with increases for both retail and foodservice, with the main product category being other edible oils. Despite the uncertain economic conditions affecting consumer confidence in 2024, edible oils remain a necessity in daily life, therefore ensuring consistent demand across households. Several macroeconomic factors have supported this stability, with the extension of the VAT reduction to 8% until mid-2024, a cont

The market for edible oils in Indonesia experienced positive growth in total volume terms in 2024, following a slight contraction in the previous year. This recovery was largely driven by the normalisation of packaged palm oil prices, which had surged dramatically in 2022. As a result, consumers sought more affordable alternatives, such as unpackaged edible oils like minyak curah and Minyakita. Although the loosely branded Minyakita is excluded from the scope of this report, it is a notable play

Edible oils in Switzerland posted a strong performance in 2024, with growth across all metrics. The category is highly dependent on weather conditions and experienced unit price increases due to higher commodities, energy, packaging and transport costs.

The price of olive oil rose significantly in 2024 due to supply shortages on a global and domestic level. Droughts in major olive oil producing nations have been a growing issue reducing supply and pushing up wholesale prices. Local olive harvests have declined since October 2023 and the start of the Israel-Hamas war, due to lower levels of manpower and difficulty reaching areas to be harvested. The local supply of olive oil continued to decrease in 2024 leading to a significant increase in impo

The shortage of subsidised vegetable oil (priced at TND0.9 per litre) distributed by the Tunisian Ministry of Trade is impacting demand in 2024. This has pushed consumers towards private, packaged vegetable oil brands, which have seen price increases due to the escalating cost of imported seeds from the US, Ukraine and Russia. As a result of price hikes, consumers are increasingly opting for larger pack sizes, including 3- and 5-litre bottles of vegetable oil, to get better value for money.

Volume sales of vegetable and seed oils in Morocco have continued their downward trajectory in 2024, driven largely by reduced consumer demand. Despite efforts by key players to stabilise prices in 2023, following the suspension of import duties on raw oilseeds such as sunflower, soybean, and rapeseed in June 2022, growth in volume sales has remained subdued. Many consumers have adjusted their habits, opting to reduce overall oil consumption or dilute oils in culinary preparations to stretch the

Overall, edible oils is expected to register both healthy constant value and volume growth in Poland in 2024. However, it a story of two halves, with rapeseed oil performing strongly and olive oil expected to only register marginal volume growth. There were significant price reductions in edible oils from neighbouring Ukraine, as supplies have become more stable. in spite of the continuing war. In particular, rapeseed oil saw significant reductions. However, there are concerns about the quality

Despite edible oils being an indispensable component of Nigerian cuisine, the category has faced challenges in 2024, largely due to the persistent inflationary pressures that have significantly eroded consumer purchasing power. Inflation, which has continued from 2023, has contributed to substantial increases in the unit prices of edible oil brands. Nonetheless, the category has managed to achieve marginal volume growth in 2024, as consumers, constrained by their reduced ability to dine out, hav

Kenyan consumers are increasingly price-sensitive in 2024, primarily due to inflation affecting household budgets. The rising costs of raw materials and production have led to higher retail prices for edible oils in the year. To manage these price increases and maintain consumer demand, companies are offering smaller pack sizes to make products more affordable. In addition, some brands like Avena have introduced promotional offers, such as getting a free 500ml bottle with the purchase of a 5-lit

Affordability continues to be the most critical factor influencing consumer preferences within edible oils in Cameroon in 2024 amidst persistent inflationary pressures. Consumers have shown heightened price sensitivity, with choices gravitating towards more economical options such as crude and refined palm oil. These products remain dominant compared to soy, sunflower, and olive oils due to their relative affordability and entrenched culinary relevance. Crude palm oil, priced around XAF800 per l

Edible oils is expected to moderate constant value growth in Bosnia and Herzegovina in 2024, as inflation eases significantly. However, volume growth is expected to be marginal, as population decline continues. Sunflower oil continues to account for most value sales, followed by olive oil, The best performing in terms of value growth is expected to be other edible oil, though this is from a low base.

The global olive oil market has been experiencing significant disruptions in recent years, with prices soaring to unprecedented levels, impacted by a confluence of factors, including adverse weather conditions, increased demand, and supply chain disruptions. One of the primary drivers of olive oil shortages is the impact of climate change. Extreme weather events, such as droughts and heatwaves, have ravaged olive groves in major producing regions, leading to a decline in crop yields. Countries s

The global surge in oil prices, coupled with the significant depreciation of the yen, has led to a continuous increase in the retail price of edible oils in Japan. According to Euromonitor’s Economies data, the annual exchange rate of the Japanese yen against the US dollar has been steadily worsening since 2022. The value of the yen was JPY109.8 to the dollar in 2021, but is projected to reach JPY150.6 in 2024. This marks a significant decline, as Japan has not experienced such a weakened yen ov

Edible oils is set to see modest current value growth in Malaysia in 2024. The increase in the unit selling price of edible oils has decelerated, especially for palm oil and sunflower oil, which has helped to boost volumes, particularly as budget conscious consumers are cooking at home more frequently in order to save on the expense of eating out. Moreover, despite ongoing inflation, consumers are more willing to spend on groceries, especially edible oils, partly because consumers have been allo

Edible oils in North Macedonia is poised to record a marginally improved performance in retail volume growth terms in 2024. This is partly because pricing pressures have eased significantly in line with a sustained reduction in inflation, a development that also means current value growth is set to be well down on 2023. Consumption has been further bolstered by the fact that many people are still inclined to try to save money by cooking at home more often instead of eating out following the shar

Edible oil is a mature product area in Slovenia and in 2024, the sector is expected to register moderate current value growth, but minimal volume growth, due to this maturity. Sunflower oil still accounts for most value sales, followed by olive oil, with value sales for rapeseed oil continuing to be low. Olive oil is expected to be the strongest performer in terms of value growth, due to continuing price rises.

In 2024, for the second consecutive year, the prices of Uruguay’s most consumed edible oils, soy oil and sunflower oil, continued to decline following a significant increase in 2022. International prices have steadily dropped since peaking in 2022 due to the Ukraine-Russia war and the economic impact of the COVID-19 pandemic. As a result, edible oils is seeing a significant drop in current value growth, but an uplift in retail volume sales in 2024.

In 2024, edible oils in Uzbekistan is demonstrating a stable performance in both volume and value terms. This growth is largely driven by the country’s rising population and the deeply rooted culinary traditions that support a robust demand for cooking oils. Among the range of oils, vegetable and seed oils, particularly sunflower oil, have seen increased preference due to their favourable balance of quality and affordability, which resonates well with consumer expectations and household budgets.

In 2024, the volume of edible oils available in Egypt has declined, accompanied by a substantial increase in prices. This dramatic rise in cooking oil costs can be attributed to three primary factors. First, both local and international oil prices have increased. Locally, high demand has driven up prices on the commodities exchange, while globally, international oil prices have also surged, further straining the market. Second, fluctuations in the Egyptian pound’s exchange rate against the dolla