Retail Intelligence Report: Oil Q1

Market Trends: A price analysis across the countries evaluated reveals that Mexico exhibits the highest average price at USD 62.32 per product, considerably exceeding other nations and more than doubling the cross-country average of USD 28.17. However, it should not noted that this average is skewed upward by Mexico's exceptionally high price. Excluding Mexico, the average price drops considerably to USD 22.47. In contrast, Germany shows the lowest average price among the countries at USD 19.58. The United States (US), China, and France also have average prices around USD 20 per product. Meanwhile, Japan and Italy show relatively high average prices at USD 25.44 and USD 27.36, respectively. The high prices in Italy are largely the result of high Italian olive oil prices and the high prevalence of olive oil in the Italian dataset, while the high prices in Japan are largely due to the high prices of their domestic oils and the popularity of domestically-produced oils and brands in Japan.

Noteworthy Products: In the US, Desert Miracle Cold Pressed Polyphenol Rich Moroccan Olive Oil 500ml stands out due to its high polyphenols (antioxidants) generated due to the harsh desert environment in which it grows in Morocco. Thus, it appeals to health-conscious consumers. Its United States Department of Agriculture (USDA) organic certification also broadens its appeal to environmentally conscious consumers.

Industry News: The demand for palm oil in the European Union (EU) continues to decline, influenced in part by regulatory requirements ensuring deforestation-free supply chains. According to import data from the European Commission (EC), EU palm oil imports fell by 16% between Jul-24 and Dec-24 compared to the same period in 2023, totaling just under 1.4 million metric tons (mmt). Spain saw the sharpest decline, with its imports dropping by more than half to 140,000 metric tons (mt). Similarly, Sweden recorded a 39% reduction in imports over the same period.