Continuing Government Support and Escalating Consumers' Affluence to Enhance Quality of Cooking Oils: Ken Research
The government initiatives to maintain supply-demand, to transform agronomic practices, enhance technological processing and to curb adulteration coupled with change in consumers' dietary pattern to drive China cooking oil market in the future
May 30, 2014 (Newswire.com) - The market landscape of China cooking oil market had grown competitive in recent years due to the swift surge in demand. Additionally, China cooking oil market has been affected by government legislations and regulations, predominant challenges pertaining to agricultural practices and consumption, transition to increasing urbanization, price trends and distribution network. The market has registered a CAGR of 5.1% during the period MY'2009-MY'2013 by rising supply of cooking oils from ~ thousand tons in MY'2009 to ~ thousand tons in MY'2013.
Soybean, rapeseed and peanut cooking oils are the predominantly sold cooking oils. During the period MY'2010 to MY'2013 the overall consumer expenditure on cooking oil has swelled at a CAGR of ~%, thereby heaving to total revenues of USD ~billion during this period. China is one of the world's largest importers of oilseeds and cooking oil. The country imported ~ thousand tons of oilseeds while ~ thousand tons of cooking oil in MY'2013.
The government of China aspires to develop environmentally friendly market for sustainable palm oil. Moreover, to stimulate lagging production of major oilseeds such as soybean, the government executed a soybean oilseed production support program. To curb adulterated consumption of cooking oil, government has initiated regulating the industry through its labeling system for packed cooking oils. The upcoming labeling laws are expected to favor existing large premium quality brands. Moreover, the consumers are turning more vigilant towards their health and readily overlooking the prices. This changing attitude is expected to alter dietary patterns of consumers towards healthier oils such as olive oil.
The leading cooking oil companies dominating the China cooking market include Wilmar International, China National Cereals, Oils and Foodstuffs Corporation (COFCO) and Shandong Luhua Group. The major cooking oil brands which were sold by these companies include Jinlongyu, Luhua and Fortune. It is anticipated that the organized segment of the China cooking oil market is likely to increase its share due to upcoming stringent quality norms laid by the government.
"The cooking oil market in China is poorly regulated with intrusion of low-cost and poor quality cooking oils. Hence, the government endeavors to regulate the industry through its labeling system for packed cooking oils. Additionally, better and adequate production tools, enhanced agronomic practices followed with substantial improvement in technology resources and input quality are likely to rephrase the existing China cooking oil market"-According to the Research Analyst, Ken Research.
The report titled "China Cooking Oil Market Prospects to 2018 - Upgrading Agro-Economic System to Forerun Market" provides detailed overview on cooking oil market in China and helps reader to identify the ongoing trends and developments in the cooking oil industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will aid industry consultants, cooking oil producing companies, marketing companies and other stakeholders and consumers to align their market centric strategies according to ongoing and expected trends in future.
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