Skip to main content

Iceland reverses palm oil ban as Ukraine war hits food prices

// Iceland will be be temporarily returning to using palm oil in some own-label foods because the Ukraine war has sent oil prices through the roof
// Walker said the retailer would use sustainable palm oil as “a last resort and as a strictly temporary measure” in a limited range of products

Iceland will be temporarily revert to using palm oil in some own-label foods from June because the Ukraine war has sent the price of the alternative, sunflower oil, rocketing.

In 2018 the supermarket chain revealed it would remove palm oil from its products and became a prominent campaigner against its use.

But now Iceland boss, Richard Walker admitted in a blog that he is making a U-turn with “huge regret”.

“The only alternative to using palm oil under the current circumstances would simply be to clear our freezers and shelves of a wide range of staples including frozen chips and other potato products,” he said.

READ MORE: 

The Black Sea region, where Ukraine and Russia are located, accounts for 80% of supplies of sunflower oil, and supplies have been interrupted amid the ongoing conflict.

Walker said the retailer would use sustainable palm oil as “a last resort and as a strictly temporary measure” in a limited range of products, with all packs clearly showing the ingredient if used. In some products, palm oil can be substituted for rapeseed oil.

“I haven’t changed my mind about palm oil, which is why this is strictly a temporary move, and one that I would not countenance at all if I could see any viable alternative,” Walker said.

“This is a serious emergency and one that requires tough choices and compromises if we are to achieve our prime objective of continuing to feed the nation and of delivering affordable food to those on tight budgets, who will inevitably be those worst affected by the unprecedented pressures now building up in our supply chains.”

Iceland’s move, which was first reported by the Grocer, comes as both farmers and retailers call on the government for urgent action to prevent rising food prices and potential shortages in the UK as the war in Ukraine threatens harvests of grain and oil seeds, energy costs and the production of fertiliser.

Russia and Ukraine are major wheat producers and also account for about 45% of rapeseed, which is imported to the UK to make cooking oil.

Click here to sign up to Retail Gazette‘s free daily email newsletter

The post Iceland reverses palm oil ban as Ukraine war hits food prices appeared first on Retail Gazette.



from Retail Gazette https://ift.tt/dRp5Y0F
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
70 comments
Read more

Sagar Daryani, CEO and Co-founder – Wow! Momo & Saga: From a Kiosk to a Kingdom

Sagar Daryani’s entrepreneurial odyssey from humble beginnings to pioneering success has redefined the landscape of food startups in India. Co-founding Wow! Momo, he has spearheaded the growth of the largest indigenous QSR chain in the country, crafting a remarkable saga of triumph The Genesis: A Visionary Venture Takes Root In 2008, armed with a mere Rs. 30,000 and boundless ambition, Sagar Daryani and Binod Homagai embarked on their entrepreneurial journey while still pursuing their graduation in B.Com Hons from St. Xavier’s College, Kolkata, even before their college results were out. They knew the value for money and boot-strapped to plough back profits and grow their venture. Sagar spearheaded brand expansion, brand creation, and marketing and retail operations. Grew across the city with a strong consumer focus. The early days were hard but keeping track of the money flow was even harder. Believing in the concept of ‘1 rupee saved is 5 rupees earned’, and the lessons they lear...
1 comment
Read more

Homegrown ice cream chain HOCCO to open 250 stores, eyes Rs 400 crore by FY26

Ankit Chona, Founder and Managing Director of HOCCO, delves into the company’s revenue model, growth strategies, and vision for the future… Bengaluru: HOCCO (House of Chonas Collaborative) , the Ahmedabad-based ice cream and quick-service restaurant (QSR) chain, boasts a rich legacy spanning over 70 years, with roots tracing back to pre-independence India. The Chona family has been deeply entrenched in the food industry since 1944, originally operating in undivided Pakistan. Following the Partition, Satish Chona , an engineer with British Overseas Airways Corporation, relocated from Karachi to India. After journeying through multiple cities, he ultimately settled in Ahmedabad, where he established his first QSR outlet in 1953. Three decades later, he expanded into the casual dining segment, launching a restaurant in Baroda while continuing the family’s ice cream manufacturing business. However, in 2017, the company sold its ice cream division to a South Korean firm, shifting its fo...
Post a Comment
Read more