Edible Oils - Nigeria | Statista Market Forecast

Revenue in the Edible Oils market amounts to US$2.41bn in 2024. The market is expected to grow annually by 12.85% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$35bn in 2024).
In relation to total population figures, per person revenues of US$10.51 are generated in 2024.
In the Edible Oils market, volume is expected to amount to 415.80m kg by 2029. The Edible Oils market is expected to show a volume growth of 7.4% in 2025.0.
The average volume per person in the Edible Oils market is expected to amount to 1.46kg in 2024.

Definition:

The Edible Oils market covers any type of oil that is extracted from plants and nuts and is used for cooking and food preparation.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Olive oil
Sunflower oil
Other edible oils (e.g. palm, soybean, coconut oil, canola oil, rapeseed oil, sesame oil, soybean oil)
Cooking oil blends

Butter
Margarine
Animal fats (e.g. lard)
Out-of-home consumption

The Edible Oils Market in Nigeria is experiencing subdued growth, influenced by factors such as fluctuating oil prices, competition from imported products, and changing consumer preferences towards healthier options and sustainable sourcing practices.

Customer preferences: Consumers in Nigeria are increasingly prioritizing health and wellness, driving a notable shift towards natural and organic edible oils. Many are opting for oils rich in omega-3 fatty acids and antioxidants, reflecting a growing awareness of nutrition's role in disease prevention. Additionally, younger demographics are influenced by global trends, favoring sustainably sourced products. This cultural inclination towards healthier lifestyles, combined with urbanization and busy lifestyles, is reshaping purchasing behaviors, pushing demand for innovative oil blends that cater to health-conscious consumers.

Trends in the market: In Nigeria, the Edible Oils Market is experiencing a shift towards natural and organic oils, driven by consumers' heightened focus on health and wellness. This trend is marked by an increasing preference for oils with omega-3 fatty acids and antioxidants, reflecting a broader awareness of nutrition's impact on health. Additionally, urbanization and a younger demographic are fueling demand for sustainably sourced products. As these trends evolve, industry stakeholders must adapt by innovating product offerings and enhancing marketing strategies to align with the growing consumer desire for health-conscious and environmentally friendly options.

Local special circumstances: In Nigeria, the Edible Oils Market is influenced by diverse geographical, cultural, and regulatory factors that shape consumer preferences and industry dynamics. The country's rich agricultural landscape supports the production of various local oils, such as palm and groundnut, which resonate with consumers seeking familiar flavors. Culturally, traditional cooking methods emphasize the use of natural oils, while increasing urbanization fosters a demand for convenience. Additionally, government regulations promoting local sourcing and sustainability are further driving the growth of organic and health-focused oil options, aligning with the evolving consumer mindset.

Underlying macroeconomic factors: The growth of the Edible Oils Market in Nigeria is significantly influenced by macroeconomic factors such as fluctuations in global oil prices, currency stability, and national agricultural policies. The ongoing global demand for vegetable oils impacts local pricing and availability, while Nigeria's economic health, reflected in GDP growth and inflation rates, directly affects consumer purchasing power. Furthermore, fiscal policies that support local farmers and promote sustainable practices enhance the competitiveness of domestic oils. As urbanization continues and health consciousness rises, the demand for diverse and healthier oil options is transforming the market landscape, aligning with global health trends.

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.