Key regions: Canada, India, Spain, Philippines, South Korea
The Oils & Fats Market in Niger is witnessing minimal growth, influenced by factors such as limited consumer purchasing power, fluctuating agricultural productivity, and competition from imported products, which challenge the development of local edible oils and fats.
Customer preferences: In Niger, there is a notable trend towards healthier cooking oils as consumers become more health-conscious, influenced by rising awareness of nutrition and wellness. This shift is particularly evident among younger demographics who are increasingly opting for oils perceived as healthier, such as olive and sunflower oil, despite their higher costs. Additionally, urbanization is driving demand for convenience, leading to a preference for pre-packaged and ready-to-use fat products, reflecting a blend of traditional cooking methods with modern lifestyles.
Trends in the market: In Niger, the Oils & Fats Market is experiencing a shift towards healthier oil options, driven by an increasing awareness of nutrition among consumers. Younger generations are particularly inclined to choose oils like olive and sunflower, despite their premium pricing. This trend signifies a growing health consciousness that influences purchasing decisions. Additionally, urbanization is fostering a preference for convenient, pre-packaged fat products, indicating a blend of traditional cooking practices with modern lifestyles. Such shifts present opportunities for industry stakeholders to innovate product offerings and marketing strategies to cater to evolving consumer preferences.
Local special circumstances: In Niger, the Oils & Fats Market is shaped by a rich cultural heritage that values traditional cooking methods, which often utilize local oils such as groundnut and palm oil. However, as urbanization expands, there is a marked shift towards healthier, imported oil options like olive and sunflower oil, influenced by global dietary trends. Additionally, regulatory frameworks encouraging food safety and nutritional labeling are prompting manufacturers to adapt their products. These local dynamics create a unique blend of tradition and modernity, offering opportunities for innovative product development.
Underlying macroeconomic factors: The Oils & Fats Market in Niger is significantly influenced by macroeconomic factors such as global commodity prices, national economic stability, and trade policies. Fluctuations in the prices of essential oils like palm and groundnut oil due to global supply chain disruptions can impact local market dynamics. Moreover, Niger's economic growth, driven by agriculture and infrastructure development, fosters increased consumer spending on quality food products. Fiscal policies promoting agricultural investment and supporting local producers further bolster the market. Additionally, rising health awareness and shifting dietary preferences shape demand, pushing manufacturers to innovate and diversify their offerings.
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.
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