Other Oils & Fats - Namibia | Statista Market Forecast

Revenue in the Other Oils & Fats market amounts to US$15.99m in 2024. The market is expected to grow annually by 8.24% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$2bn in 2024).
In relation to total population figures, per person revenues of US$6.04 are generated in 2024.
In the Other Oils & Fats market, volume is expected to amount to 2.71m kg by 2029. The Other Oils & Fats market is expected to show a volume growth of 3.9% in 2025.0.
The average volume per person in the Other Oils & Fats market is expected to amount to 0.9kg in 2024.

Definition:

The Other Oils & Fats market covers lard and other edible animal fats, such as fat from cattle, buffaloes, sheep, goats, poultry, fats and fish oils.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Lard
Other animal fats
Duck and chicken fats
Fish oils, liver fish oils, fish fats

Butter
Margarine
Vegetable oils
Olive oils
Out-of-home consumption

The Other Oils & Fats Market in Namibia is experiencing minimal growth, influenced by factors such as limited consumer awareness, competition from traditional fats, and economic challenges that restrict spending on premium oil products.

Customer preferences: In Namibia, there is a noticeable shift towards healthier and more sustainable cooking oils, driven by a growing awareness of nutrition and wellness among consumers, particularly among younger demographics. This demographic is increasingly influenced by global health trends and is seeking oils that offer health benefits, such as omega fatty acids and low saturated fats. Additionally, cultural practices are evolving, with a rise in interest towards plant-based diets, leading to a demand for oils derived from nuts and seeds. This trend reflects a broader lifestyle change towards sustainability and health consciousness.

Trends in the market: In Namibia, the Other Oils & Fats Market is experiencing a significant shift towards the adoption of plant-based oils, fueled by increasing consumer awareness of health and wellness. As younger demographics become more health-conscious, there's a notable demand for oils rich in omega fatty acids and low in saturated fats. This trend is accompanied by a growing preference for sustainable sourcing, leading to a rise in popularity of oils from nuts and seeds. Industry stakeholders must adapt to these changing preferences, emphasizing transparency and sustainability in their offerings to capture this evolving market segment.

Local special circumstances: In Namibia, the Other Oils & Fats Market is being shaped by the country's rich biodiversity and cultural traditions that emphasize local ingredients. The unique geographical landscape supports the cultivation of indigenous oil-producing plants, like marula and baobab, which are gaining traction among health-conscious consumers. Additionally, the Namibian government encourages sustainable agricultural practices, enhancing the appeal of locally sourced oils. This convergence of cultural heritage and regulatory support fosters a distinct market dynamic, driving demand for oils that resonate with both health and environmental values.

Underlying macroeconomic factors: The Other Oils & Fats Market in Namibia is significantly influenced by macroeconomic factors such as fluctuating global oil prices, trade policies, and domestic economic stability. As global demand for natural and organic products rises, Namibia's rich biodiversity positions it favorably in the international market. Furthermore, the government’s fiscal policies promoting agricultural innovation and sustainability bolster local production. Economic indicators like inflation rates and foreign investment levels also affect consumer purchasing power, shaping demand for premium oils. Overall, these factors create a dynamic environment that supports growth in the Oils & Fats sector while aligning with global health and sustainability trends.

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.