Description
“The retail value of cooking oil continues growth momentum in the post-pandemic era thanks to the rising oil prices. However, the long-term growth is expected to slow down as the consumption of oil has been declining with consumers eating out occasions increases. To sustain the value growth, brands should tailor product offerings and marketing approach to different age groups and launch bundled cooking oil products as gift sets to satisfy consumers’ demand for diverse oil types.”
– Joy Yin, Senior Research Analyst
This Report looks at the following areas:
- Market growth and competitive landscape in the cooking oil industry
- Innovations and marketing activities for cooking oils
- Consumers’ usage and behaviours towards cooking oils
- Consumers’ choice factors when purchasing cooking oils
- Consumers’ interest in niche oils and functional benefits of cooking oil products
- Effective marketing approaches towards different age groups
Table of Contents
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Overview
- What you need to know
- Key issues covered in this Report
- Covered in this Report
- Exclusions:
- What you need to know
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Executive Summary
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- The market
- Growth momentum caused by rising oil prices
- Figure 1: Retail market value of cooking oils, China, 2016-26
- Figure 2: Retail market volume of cooking oils, China, 2016-26
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- Figure 3: Retail value share of cooking oil segments, China, 2019-21
- Companies and brands
- Figure 4: Leading companies in cooking oil market, by value share, China, 2019-21
- The consumer
- Figure 5: Usage of cooking oils, 2021
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- Figure 6: Interest in niche oils, 2021
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- Figure 7: Choice factors, 2021
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- Figure 8: Purchase experience and interest for functional claims, 2021
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- Figure 9: Health factors, 2021
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- Figure 10: Consumer behaviours, 2021
- What we think
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Issues and Insights
- Bundle diverse types of cooking oils as gift sets
- The facts
- The implications
- Figure 11: Sanmark’s cooking oil gift set, China, 2021
- Tailor marketing to consumers aged 50-59
- The facts
- The implications
- Launch functional oils to target consumers aged 25-49
- The facts
- The implications
- Figure 12: Product examples of cooking oils with multiple functions, global, 2021
- Bundle diverse types of cooking oils as gift sets
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Market Size and Forecast
- Growth momentum sustains for market value
- Figure 13: Retail market value of cooking oils, China, 2016-26
- Figure 14: Retail market volume of cooking oils, China, 2016-26
- Future demand will stabilise and become quality-oriented
- Growth momentum sustains for market value
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Market Segmentation
- Continued rise of healthy oils
- Figure 15: Retail value share of cooking oil segments, China, 2019-21
- Continued rise of healthy oils
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Market Factors
- Cooking frequency has declined
- Consumers are asking for healthy and quality products
- Oil prices keep increasing
- Online retail shows growth potential
- Cooking frequency has declined
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Market Share
- Wilmar and COFCO still lead the market
- Figure 16: Leading companies in cooking oil market, by value share, China, 2019-21
- Haitian Food entered cooking oil segment
- Figure 17: Cooking oil product examples by Haitian Food, China, 2021
- Wilmar and COFCO still lead the market
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Marketing Activities
- Companies are actively using community group buying channels
- The trend of Consumer-to-Manufacturer
- Figure 18: Hujihua’s customised cooking oil for companies, China, 2021
- Figure 19: Fulinmen’s customised cooking oil for JD.com, China, 2020
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- Figure 20: Examples of customised products for Pinduoduo, China, 2021
- Enhance product varieties by pressing methods
- Figure 21: Product examples of Jiusan’s ‘pressed’ series cooking oil, China, 2021
- Companies are actively using community group buying channels
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New Product Trends
- To explore more ‘minus’ attributes
- Figure 22: “Minus” claims in cooking oils, China, 2016-21
- Figure 23: Product examples of cooking oils with zero trans-fat, China, 2021
- Crossover to enhance brand image
- Figure 24: Luhua x Hermès cooking oil gift set for Mid-Autumn festival, China, 2021
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- Figure 25: Guangken x Summer Palace cooking oil products, China, 2021
- Closure innovations
- Figure 26: Aptar’s new closure ‘Maestro’ for edible oils, 2020
- Figure 27: Cargill’s new closure, China, 2021
- Private labels are on the rise
- Figure 28: Percentage of private label cooking oils in total launches, China, 2016-21
- Figure 29: Product examples of private label cooking oils, China, 2021
- To explore more ‘minus’ attributes
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Usage of Cooking Oils
- Peanut oil still leads in usage
- Figure 30: Usage of cooking oils, 2021
- Penetration is the lowest among consumers aged 50-59
- Figure 31: Usage of cooking oils – Top five, by age, 2021
- Diversity of oils is preferred by consumers who cook more often
- Figure 32: Repertoire analysis of cooking oils usage, 2021
- Figure 33: Repertoire analysis of cooking oils usage, by cooking frequency, 2021
- Peanut oil still leads in usage
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Interest in Niche Oils
- Wheat germ and coconut oils generate the most interest
- Figure 34: Interest in niche oils, 2021
- Niche oils are attractive to high earners and families with children
- Figure 35: Interest in niche oils*, by household income, 2021
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- Figure 36: Interest in niche oils*, by family structure, 2021
- Online channels should be preferred to promote niche oils
- Figure 37: Interest in niche oils*, by consumer groups, 2021
- Wheat germ and coconut oils generate the most interest
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Choice Factors
- Nutrients continue to be the most important factor
- Figure 38: Choice factors, 2021
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- Figure 39: TURF analysis – Choice factors, 2021
- Non-GMOs and brand names are valued by consumers aged 50-59
- Figure 40: Choice factors, by age, 2021
- Celebrity endorsement needs to be equipped with specific functional benefits
- Figure 41: Choice factors, by consumer group, 2021
- Nutrients continue to be the most important factor
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Purchase Experience and Interest for Functional Claims
- Cardiovascular health sparks the most interest
- Figure 42: Purchase experience and interest for functional claims, 2021
- Functional claims should target consumers aged 25-49
- Figure 43: Purchase experience and interest for functional claims – “Haven’t bought and not interested in buying”, by age, 2021
- Promote certain functions to compete with private label oils
- Figure 44: Purchase experience and interest for functional claims*, by consumer group, 2021
- Cardiovascular health sparks the most interest
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Health Factors
- All-natural ingredients are a top health factor for cooking oils…
- Figure 45: Health factors, 2021
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- Figure 46: Percentage of selected health claims in total cooking oil launches, China, 2016-21
- … while linoleic acid and oleic acid are less acknowledged
- Figure 47: Health factors, by education level, 2021
- Claims for cardiovascular health would help increase oil consumption
- Figure 48: Health factors, by consumer group, 2021
- All-natural ingredients are a top health factor for cooking oils…
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Consumer Behaviours
- The rise of online channels and private label
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- Figure 49: Consumer behaviours – Purchase habits, 2021
- Consumers ask for multiple functions
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- Figure 50: Consumer behaviours – Interest in multiple functions, 2021
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- Figure 51: Choice factors, by agreement with “I’m interested in trying cooking oils that claim multiple functions”, 2021
- Preference for blended oils is caused by concerns of health and price
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- Figure 52: Consumer behaviours – Comparison between blended oils and single oils, 2021
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- Figure 53: Consumer behaviours, by agreement with “I buy blended cooking oils more often than single oils”, 2021
- Recommendations by family/friends influence buying habits
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- Figure 54: Consumer behaviours – Triggers for purchasing decisions, 2021
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- Figure 55: Consumer behaviours – “I would buy a cooking oil because it’s endorsed by my favourite celebrity”, by age, 2021
- The rise of online channels and private label
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Appendix – Market Size and Forecast
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- Figure 56: Total retail market value of cooking oils, China, 2016-26
- Figure 57: Total retail market volume of cooking oils, China, 2016-26
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Appendix – Market Segmentation
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- Figure 58: Retail market value of cooking oils, by segment, China, 2018-21
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Appendix – Methodology and Abbreviations
- Methodology
- Abbreviations
- Methodology
About the report
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
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