Oils & Fats - Equatorial Guinea

Equatorial Guinea

Highlights

Revenue in the Oils & Fats market amounts to US$177.40m in 2024. The market is expected to grow annually by 10.44% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$46bn in 2024).
In relation to total population figures, per person revenues of US$101.10 are generated in 2024.
In the Oils & Fats market, volume is expected to amount to 37.96m kg by 2029. The Oils & Fats market is expected to show a volume growth of 7.8% in 2025.0.
The average volume per person in the Oils & Fats market is expected to amount to 15.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Oils & Fats Market within The Food market in Equatorial Guinea is experiencing subdued growth, influenced by factors such as limited consumer purchasing power, fluctuating import costs, and the growing preference for healthier alternatives among local populations.

Customer preferences: In Equatorial Guinea, there is a notable shift towards healthier cooking oils and fats, driven by a growing awareness of nutrition among consumers. Younger demographics, influenced by global health trends, are increasingly opting for oils rich in unsaturated fats, such as olive and avocado oil, as opposed to traditional palm oil. Additionally, urbanization is prompting a rise in demand for convenient, ready-to-use cooking products, reflecting busy lifestyles. This evolving landscape is encouraging local producers to innovate and diversify their offerings to meet these changing preferences.

Trends in the market: In Equatorial Guinea, the Oils & Fats Market is experiencing a significant shift towards healthier options, with consumers increasingly favoring oils rich in unsaturated fats, such as olive and avocado oil. This change is propelled by a rising health consciousness among younger generations, who are more attuned to global wellness trends. Furthermore, urbanization is driving demand for convenient cooking solutions, leading to a surge in ready-to-use products. These evolving consumer preferences are prompting local producers to innovate and diversify their offerings, presenting both challenges and opportunities for industry stakeholders to adapt to this dynamic landscape.

Local special circumstances: In Equatorial Guinea, the Oils & Fats Market is uniquely influenced by the country's rich biodiversity and traditional culinary practices. The availability of local resources, such as palm oil and groundnuts, shapes consumer preferences, while cultural factors emphasize the use of oils in traditional dishes. Additionally, regulatory frameworks promoting sustainable agriculture are encouraging the adoption of healthier oils. These local dynamics are fostering innovation among producers, who are blending traditional flavors with contemporary health trends, creating a distinctive market landscape.

Underlying macroeconomic factors: The Oils & Fats Market in Equatorial Guinea is significantly shaped by macroeconomic factors such as global oil prices, national economic stability, and trade policies. Fluctuations in international oil prices can affect the cost of imported oils, influencing domestic pricing and consumer behavior. Furthermore, the country's reliance on oil exports impacts fiscal policies, which in turn affect public spending and investment in agricultural infrastructure. Economic growth or decline directly influences consumer purchasing power, while government initiatives aimed at promoting local production are fostering a more resilient market. These dynamics create both challenges and opportunities for innovation within the sector.

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.