Here's what’s trending in the editable oils industry:
- Edible oils is set to record a 5.3% forecast CAGR from 2016 to 2021 in the MENA region, which is higher than the 3.8% seen globally.
- Olive oil’s unit price is seen to grow steadily, whereas the other types of oil saw a slight decrease.
- Despite the price increase, olive oil is set to be the most dynamic edible oil category in the Middle East and North Africa region.
- In the United Arab Emirates, for example, olive oil was supported by the increasing influx of Arab expatriates and expatriates from Europe, especially Spain, Italy and Greece.
- As olive oil is considered a staple in Mediterranean cuisine, this influx naturally increased demand for olive oil.
- Growth for olive oil in both United Arab Emirates and Saudi Arabia is also driven by consumers who are getting more health conscious and deem this type of oil as healthier compared to other types.
- In the markets of Egypt and Iran, olive oil is growing from a low base, thus any increase in consumer penetration is reflected in a strong growth rate.
- Moreover, the growing health awareness is enabling more brands to penetrate, a trend that is set to further extend consumer awareness and, therefore, build category sales.
Key Trends and Sales Drivers Include
Source: Euromonitor International