August 23, 2024 – Oil is a key ingredient in cooking and diets globally, essential for its versatility and flavor enhancement. While it remains a dietary staple, consumer preferences for oil products are always changing. Innova’s 360 research into global oils trends highlights the latest developments in the global oil industry, highlighting product launches, top brands, and what may develop in the future within the market.
Oil Product Launches and Sales Trends
Globally, there has been a 4% rise in oils product launches over the past three years. It is driven by a diverse range of product bases, such as olive, sunflower, sesame, coconut, and soy oils. This variety offers consumers rich culinary taste experiences. The global oils market has also experienced 8% growth in sales over the past three years. Launches claiming a variety of textures like smooth, thick, and creamy, catering to diverse consumer preferences for different mouthfeels in their food are driving innovation in the market.
Over the past five years, sales and launches for oils have averaged 8% and 5%, respectively, as a percentage of sauces and seasonings category. Pepper-infused oils like cayenne and de arbol add spicy notes, while truffle mushroom oils offer culinary elegance. Vegetable flavors like tomato and onion, along with fruity options like lemon and coconut, are driving new product development, enhancing the diversity of taste experiences. This focus on flavored oil varieties reflects consumer desires for diverse culinary experiences.
Leading Oil Markets
Asia Pacific leads the global oils market in launches and sales over the past three years. It is driven by indulgent and premium offerings like extra virgin ranges, herb, vegetable, and fruit infused Australian olive oils and traditional versions, and options prepared using ancient methods.
The Middle East and Africa show the highest growth rate in oils launches, with a 7% CAGR over the past four years. This growth is fueled by extra virgin olive and coconut oils, odorless coconut oil ranges, and minimally processed options. These oils, rich in antioxidants, claim to promote skin and hair health, reduce stress, and offer anti-aging benefits.
Both regions have displayed high innovation and value growth in the past three years. Options with halal and kosher certifications cater to religious dietary needs. 100% vegetarian, vegan, and gluten free offerings, enriched with ingredients like oryzanol, tocopherol, and vitamin E, are gaining attention. This underlines the shift towards inclusivity and health-focused advancements in the oils market across Asia Pacific, the Middle East and Africa.
Top Companies and Brands in the Oils Market
Lidl, Aldi, Deoleo, Borges, Bunge, Salov, and Bio Planete Olmuhle Moog are the top 7 companies for oils launches globally. These top 7 companies accounted for a total of 9% of launches over the past year.
Globally, Lidl is the leading company for oils launches, driven by its brand Deluxe. The company focuses on launches crafted using 100% nuts and olive oils sourced from specific regions in Greece, such as Chania, Lakonia, and Kalamata. Unique flavor combinations and classic options like oregano, garlic, and white truffle remain attractive in Deluxe.
Claims and Positionings Trends
Vegetarian is the top claim, followed by organic, halal, low/no/reduced cholesterol, and no additives or preservatives.
Global oils trends research displays diverse claim preferences across the globe. In Europe, heart health, gluten free, and omega-3 claims are on the rise. North American consumers are inclined towards natural, no trans fats, and GMO free claims. In Asia Pacific, vegan, traditional, and antioxidant claims are growing. Consumers in the Middle East and Africa prefer heart health, skin health, and GMO free claims. Meanwhile, in Latin America, gluten free, no trans fats, omega-3 claims are gaining popularity.
Oils Flavor Trends
The top 5 flavors are garlic, truffle mushroom, chili, basil, and lemon. Global oils trends research displays that chili flavor leads in North America, Europe, the Middle East and Africa.
Apart from these top 5 flavors, butter flavor is gaining popularity in North America, while Latin American consumers lean towards annatto and butter flavors. In Europe, red tomato, oregano, and butter flavors are also gaining consumer attention. This highlights the global diversification in flavor preferences, driving innovation in the oils market.
What’s Next in Global Oils Trends?
The global oils market is evolving rapidly, with the Middle East and Africa witnessing the highest growth in launches and setting new standards for innovation. Companies can focus on launching products by incorporating antioxidants to promote skin and hair health, reduce stress, and offer anti-aging benefits.
Globally, consumers are driving the fat and oil industry towards healthier options, with manufacturers developing lower-fat, minimally processed products. Sustainability is also a key player, with a growing emphasis on transparency and eco-friendly practices. This has led to a rise in oils product launches featuring health claims, particularly low/no/reduced cholesterol and trans fats free.
The rising popularity of cold-pressed and minimally processed oils, along with the persistence of clean label claims, highlights a commitment to meet evolving consumer preferences. This shift towards health and sustainability ensures the long-term viability of the oil industry, catering to more health and environment-conscious consumers.
This article is based on our report, “Overview of Oils – Global.” If you are interested in reading this report, feel free to request a demo.
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