Key regions: Canada, India, Spain, Philippines, South Korea
The Oils & Fats Market in Africa is experiencing subdued growth, influenced by factors such as fluctuating commodity prices, changing consumer preferences towards healthier options, and the impact of economic challenges on purchasing power across the region.
Customer preferences: In the Oils & Fats Market in Africa, there is a notable shift towards healthier and more sustainable options, influenced by rising health consciousness among consumers. Traditional cooking oils are increasingly being replaced by alternatives like olive oil and avocado oil, reflecting a growing preference for products associated with better nutritional profiles. Additionally, younger demographics are driving demand for plant-based fats, aligning with global trends towards plant-centric diets. This shift is further compounded by urbanization and busy lifestyles, leading consumers to prioritize convenience alongside health benefits.
Trends in the market: In Africa, the Oils & Fats Market is experiencing a significant transformation as consumers increasingly seek healthier cooking options. The demand for traditional oils is declining as olive and avocado oils gain popularity for their nutritional benefits. Additionally, the rise of plant-based fats aligns with the preferences of younger consumers who prioritize wellness and sustainability. This trend, fueled by urbanization and fast-paced lifestyles, is reshaping product offerings and marketing strategies, prompting industry stakeholders to innovate and adapt to the evolving consumer landscape for better market positioning.
Local special circumstances: In Africa, the Oils & Fats Market is uniquely shaped by local factors such as diverse culinary traditions and varying agricultural outputs. Different regions favor specific oils based on cultural preferences, with palm oil remaining dominant in West Africa while olive and avocado oils are gaining traction in urban areas. Additionally, regulatory frameworks around food safety and labeling are evolving, influencing consumer trust and purchasing decisions. The push for sustainability, driven by environmental concerns, is also prompting local producers to innovate, aligning traditional practices with modern health trends.
Underlying macroeconomic factors: The Oils & Fats Market in Africa is significantly influenced by macroeconomic factors such as agricultural productivity, trade policies, and consumer purchasing power. Global commodity price fluctuations impact local oil production costs, while varying national economic health across the continent affects consumer spending habits. Countries with stable fiscal policies and investment in agricultural infrastructure witness enhanced oil production and distribution networks. Additionally, the rise of health-conscious consumers is prompting a shift towards premium oils, further shaped by regional economic growth and urbanization trends. Collectively, these factors create a dynamic market landscape responsive to both local and global economic conditions.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
