Table of Contents
Executive Summary
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- The market
- Home cooking accelerates the growth in both volume and value
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- Figure 1: Total retail volume sales and forecast of cooking oil, China, 2015-25
- Figure 2: Total retail value sales and forecast of cooking oil, China, 2015-25
- Increasing shares of quality and healthy oil types
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- Figure 3: Cooking oil retail value market share, by segment, China, 2018-19
- Impact of COVID-19 on cooking oils
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- Figure 4: Short, medium and long-term impact of COVID-19 on cooking oils
- Companies and brands
- High concentration and relative stable market structure of leading players
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- Figure 5: Leading companies in cooking oil market, by value share, 2018-20
- Healthy and alternative oil types have increased presence in new launches
- The consumer
- Olive oil enjoys increased popularity ranking in usage penetration
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- Figure 6: Usage of cooking oil, September 2020
- Target maize oil and niche oil types at the rising occasion of home baking
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- Figure 7: Consumption occasion, September 2020
- Jinlongyu shows more popularity among younger generations
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- Figure 8: Brand used, September 2020
- Healthy perception provides a competitive edge for maize, sunflower seed and rapeseed oils
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- Figure 9: Perception of different types of cooking oil, September 2020
- Communication on nutrients has become an essential benefit
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- Figure 10: Choice factor, by age, September 2020
- Focusing on functionality will be a key premiumisation approach
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- Figure 11: Attitudes and behaviours related to cooking oil – select items, September 2020
- What we think
Issues and Insights
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- Saturated market and healthier cooking habits propel brands to extend consumption occasions of cooking oil
- The facts
- The implications
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- Figure 12: Tayuan Safflower Seed Oil
- Figure 13: Jinlongyu King’s flaxseed oil
- Provide better-for-you options as a result of attention to healthy eating
- The facts
- The implications
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- Figure 14: Product examples of Fulinmen Nutritionist series, China, 2020
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- Figure 15: Luhua High Oleic Peanut Oil and Low Erucic Acid Fragrant Rapeseed Oil, China
- How could niche oil types expand their popularity?
- The facts
- The implications
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- Figure 16: Boiled spicy beef slice with Olivoila’s olive oil
The Market – What You Need to Know
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- Future growth is more likely to be led by spending value
- Home cooking and baking will benefit the market growth
- Consumption will be more cautious as a result of attention to healthy eating
Market Size and Forecast
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- Accelerated growth in both value and volume after the COVID-19 outbreak
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- Figure 17: Total retail volume sales and forecast of cooking oil, China, 2015-25
- Figure 18: Total retail value sales and forecast of cooking oil, China, 2015-25
- Spending value rather than volume consumption will lead future growth
Market Factors
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- Home cooking and baking benefits the sales of cooking oil
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- Figure 19: Who does cooking and baking, September 2020
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- Figure 20: Frequency of doing different activities – Cook at home, February - July, 2020
- Attention to healthy eating drives demand for quality
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- Figure 21: Change of life priorities – higher priority, April -September 2020
- National action plan will further increase consumers’ health awareness
Market Segmentation
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- Quality and healthy oil types experience increasing shares
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- Figure 22: Retail value sales of cooking oil, by segment, China, 2018-19
Key Players – What You Need to Know
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- High concentration and relatively stable market structure
- Healthy and alternative oil types are on the rise
Market Share
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- Relatively stable market structure of leading players
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- Figure 23: Leading companies in cooking oil market, by value share, 2018-20
- The emergence of private label products may change future competition
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- Figure 24: Su Fresh edible vegetable blended oil, China, 2020
Competitive Strategies
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- Diversified channel coverage to increase penetration
- Develop customised products for new retail channels
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- Figure 25: Hema X Mighty cooking oil, China
- Figure 26: Product examples of Hema X Mighty, China, 2019
- Communicate aroma benefits to set up sensory expectation
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- Figure 27: Product examples of Luhua’s ultra aromatic cooking oil, China, 2020
Who’s Innovating?
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- The rise of healthy and alternative oil options
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- Figure 28: Launches of cooking oil, by select ingredient, China, 2009-19
- Figure 29: Launches of cooking oil, by select ingredient, Global, 2009-19
- Figure 30: Product examples of emerging niche oil types, China, 2020
- Utilise collaboration to attract young generation
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- Figure 31: Jinlongyu’s JD Super Brand Day, China, 2019
- Figure 32: Fulinmen Yimeng Traditional Extraction Peanut Oil Forbidden City Edition, China, 2020
- Use innovative packaging to provide elevated convenience
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- Figure 33: Mighty Platinum Selection cooking oil, China, 2020
- Figure 34: Advised consumption occasions for Mighty Platinum Selection cooking oil, China
- Figure 35: Product examples from La Espanola, China, 2020
- Blurred boundary between cooking oil and supplement
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- Figure 36: Xiwang Corn Germ Oil, China
The Consumer – What You Need to Know
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- Consumers are switching between different oil types
- Peanut oil is popular for stewing and roasting while maize oil is more used for baking
- Nutrient content should be the key message in product communication
Usage of Cooking Oil
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- Peanut oil still enjoys the highest penetration but consumers do switch between product types
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- Figure 37: Usage of cooking oil, September 2020
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- Figure 38: Repertoire analysis of cooking oil usage, September 2020
- Budget and flavoursome drive popularity of certain products among younger consumers
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- Figure 39: Usage of cooking oil – select items, by age, September 2020
- Nutritional value drives product popularity among older consumers
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- Figure 40: Usage of cooking oil – select items, by age, September 2020
- Sunflower seed oil and niche oil types attract affluent households
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- Figure 41: Usage of cooking oil – select items, by monthly household income, September 2020
- Cooking oil preference varies by region
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- Figure 42: Usage of cooking oil – select items, by region, September 2020
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- Figure 43: Usage of cooking oil – select items, by city tier, September 2020
Consumption Occasion
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- Major oil types share similar consumption occasions
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- Figure 44: Consumption occasion, September 2020
- Baking is a popular occasion for maize/corn oil
- Olive oil is most used for mixing with cold dishes and baking
Brand Used
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- Top three brands lead the market
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- Figure 45: Brand used, September 2020
- Jinlongyu enjoys high penetration especially among consumers aged 18-24
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- Figure 46: Brand used – select items, by age, September 2020
- Penetration of smaller and specialised brands varies by region
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- Figure 47: Brand used, by region, September 2020
Perception of Different Types of Cooking Oil
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- Peanut oil and rapeseed oil are most associated with tasty and flavoursome
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- Figure 48: Perception of different types of cooking oil, September 2020
- Olive oil has strong associations with the attributes of healthy and premium
- Healthy image and good taste perception could help build popularity for niche oil types
Choice Factor
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- Nutrient content has become an essential benefit in communication
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- Figure 49: Choice factor, September 2020
- Non-GMO is valued by consumers age 30-49
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- Figure 50: Choice factor, by age, September 2020
- Emphasize value for money and taste to attract young consumers
Attitudes and Behaviours Related to Cooking Oil
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- Cooking oil consumption will be more health-driven
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- Figure 51: Attitudes and behaviours related to cooking oil – select items, September 2020
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- Figure 52: Usage of cooking oil, by agreement with “I am using less cooking oils compared to one year ago”, September 2020
- Consumers aged 30-39 have greater need to trade up in oil type and packaging
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- Figure 53: Attitudes and behaviours related to cooking oil – select items, September 2020
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- Figure 54: Attitudes and behaviours related to cooking oil – select items, by age, September 2020
- Brand is important, but loyalty is low
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- Figure 55: Attitudes and behaviours related to cooking oil – select items, September 2020
Appendix – Market Size and Forecast
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- Figure 56: Total retail volume sales and forecast of cooking oil, China, 2015-25
- Figure 57: Total retail value sales and forecast of cooking oil, China, 2015-25
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Appendix – Market Segmentation
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- Figure 58: Retail value sales of cooking oil, by segment, China, 2018-19
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Appendix – Methodology and Abbreviations
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- Methodology
- Abbreviations
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