Edible Oils - Togo | Statista Market Forecast

The Edible Oils Market in Togo has been experiencing minimal growth, influenced by factors such as fluctuating global oil prices, limited local production capacity, and changing consumer preferences towards healthier alternatives. These challenges hinder significant market expansion.

Customer preferences: Consumers in Togo are increasingly gravitating towards healthier edible oil options, influenced by a growing awareness of nutrition and wellness. This shift is marked by a preference for oils rich in omega-3 fatty acids and those derived from local, natural sources. Additionally, younger demographics are favoring organic and sustainably sourced products, reflecting global trends towards environmental consciousness. As traditional cooking practices evolve, there is a rising interest in alternative oils, such as avocado and coconut oil, aligning with modern lifestyle choices that prioritize health and sustainability.

Trends in the market: In Togo, the Edible Oils Market is experiencing a notable shift towards healthier options, as consumers increasingly prioritize nutrition and wellness. This trend is characterized by a growing preference for oils high in omega-3 fatty acids and those sourced from local, natural ingredients. Younger consumers are particularly drawn to organic and sustainably produced oils, aligning with global movements towards environmental responsibility. Additionally, alternative oils like avocado and coconut are becoming popular, reflecting a broader adaptation to modern dietary choices. These evolving consumer preferences hold significant implications for industry stakeholders, driving the need for innovation in product offerings and marketing strategies to meet the demand for healthier, environmentally conscious options.

Local special circumstances: In Togo, the Edible Oils Market is significantly influenced by the country's rich agricultural diversity and cultural culinary practices. The abundance of local oilseeds such as palm and groundnut fosters a preference for locally sourced oils, enhancing community support and sustainability. Additionally, traditional cooking methods emphasize the use of natural ingredients, aligning consumer preferences with health trends. Regulatory frameworks promoting organic farming further encourage the production of healthier oils, creating a unique market dynamic that emphasizes local culture and sustainable practices.

Underlying macroeconomic factors: The Edible Oils Market in Togo is shaped by several macroeconomic factors, including agricultural productivity, trade policies, and consumer income levels. Global trends in oil prices significantly impact local production costs and consumer purchasing power. Furthermore, national economic health, reflected in GDP growth and inflation rates, influences consumer demand for edible oils. Fiscal policies aimed at supporting local agriculture and reducing import tariffs on oilseeds foster a more competitive market environment. Additionally, rising health awareness and preferences for organic products drive market growth, aligning with both global sustainability trends and local culinary practices.

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.