Oils & Fats - Nigeria

Nigeria

Revenue in the Oils & Fats market amounts to US$3.87bn in 2024. The market is expected to grow annually by 12.36% (CAGR 2024-2029).
In global comparison, most revenue is generated in India (US$46bn in 2024).
In relation to total population figures, per person revenues of US$16.90 are generated in 2024.
In the Oils & Fats market, volume is expected to amount to 584.80m kg by 2029. The Oils & Fats market is expected to show a volume growth of 6.0% in 2025.
The average volume per person in the Oils & Fats market is expected to amount to 2.1kg in 2024.

Key regions: Canada, India, Spain, Philippines, South Korea

Market

Region

Region comparison

Currency

Analyst Opinion

The Consumer Market Outlooks Food category aims to model private household consumption of food at the most granular level possible. All data is modeled based on statistics on industrial production and trade provided by national and international institutions as well as on household budget surveys and agricultural commodity statistics. All revenues and prices refer to retail selling prices inclusive of all applying sales taxes. The market covers unprocessed and processed food.

Methodology

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.