Oils & Fats - Gambia

Gambia

Highlights

Revenue in the Oils & Fats market amounts to US$43.12m in 2024. The market is expected to grow annually by 11.20% (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$15.17 are generated in 2024.
In the Oils & Fats market, volume is expected to amount to 9.38m kg by 2029. The Oils & Fats market is expected to show a volume growth of 8.1% in 2025.0.
The average volume per person in the Oils & Fats market is expected to amount to 2.5kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Oils & Fats market in Gambia is experiencing mild growth, influenced by factors such as changing dietary preferences, increased demand for healthier cooking options, and the rising popularity of convenient food products, which have spurred consumption patterns.

Customer preferences: Consumers in Gambia are increasingly prioritizing health-conscious choices, leading to a growing preference for oils and fats perceived as healthier alternatives, such as olive oil and coconut oil. This shift is influenced by rising awareness of nutrition and wellness, particularly among younger demographics keen on adopting modern dietary habits. Additionally, urbanization and busy lifestyles are driving demand for convenient, ready-to-use cooking oils that cater to fast-paced meal preparation, reflecting a blend of traditional cooking methods with contemporary needs.

Trends in the market: In Gambia, the Oils & Fats market is experiencing a notable shift toward health-oriented products, with consumers increasingly gravitating towards options like olive oil and coconut oil, recognized for their health benefits. This trend is fueled by heightened nutritional awareness, particularly among younger populations eager to embrace healthier lifestyles. Concurrently, urbanization is driving demand for convenient cooking oils that accommodate fast-paced living, blending traditional culinary practices with modern convenience. These shifts present significant opportunities for industry stakeholders to innovate and diversify product offerings, catering to evolving consumer preferences while promoting health-conscious eating habits.

Local special circumstances: In Gambia, the Oils & Fats market is influenced by unique local factors such as the abundance of palm oil production, which is deeply rooted in traditional cooking practices. The cultural preference for local oils, combined with increasing health consciousness, is reshaping consumer choices. Additionally, regulatory frameworks promoting food safety and quality standards are encouraging the introduction of healthier alternatives. This blend of traditional values and modern health trends creates a dynamic market environment, encouraging innovation while respecting cultural culinary heritage.

Underlying macroeconomic factors: The Oils & Fats market in The Gambia is significantly shaped by macroeconomic factors such as global commodity prices, trade policies, and domestic agricultural productivity. Fluctuations in palm oil prices on the international market directly impact local production costs and consumer prices. Additionally, national economic health, characterized by GDP growth and inflation rates, affects disposable income and consumer spending patterns. Supportive fiscal policies that promote agricultural investments and sustainable practices further stimulate market growth. As global trends shift towards healthier eating, Gambia's regulatory frameworks are also evolving, fostering innovation and encouraging the adoption of healthier oil alternatives while maintaining traditional 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.