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Oils & Fats - Southern Africa

Southern Africa
  • Revenue in the Oils & Fats market amounts to US$968.60m in 2024. The market is expected to grow annually by 7.21% (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$13.83 are generated in 2024.
  • In the Oils & Fats market, volume is expected to amount to 215.10m kg by 2029. The Oils & Fats market is expected to show a volume growth of 2.9% in 2025.0.
  • The average volume per person in the Oils & Fats market is expected to amount to 2.7kg in 2024.

Definition:

The Oils and Fats market covers all substances that are composed of fatty acids and used for cooking purposes or as an ingredient in many food products. These fats and oils can be obtained from plants or animals and are available in both liquid (oils) and solid (fats) form.

Structure:

The market consists of four different submarkets:

  • The Butter market covers all products that are defined as a high-fat milk product and contain a minimum of 80% fat. Its other ingredients are water, protein, and lactose.
  • The Margarine market covers all products that are made of vegetable oils and contains a minimum of 80% fat.
  • The Edible Oils market covers any type of oil that is extracted from plants and is used for cooking and food preparation.
  • The Other Oils & Fats market covers lard and other edible animal fats.

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.

For more information on the displayed data, click the info button on the right side of each box.

In-Scope

  • Butter
  • Margarine
  • Edible oils
  • Edible animal fats

Out-Of-Scope

  • Peanut Butter
  • Ghee
  • Butter oil
  • Out-of-home consumption
Oils & Fats: market data & analysis - Cover

Market Insights report

Oils & Fats: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Volume

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Price

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Sales Channels

    Most recent update: Nov 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Oils & Fats Market in Southern Africa is witnessing minimal growth, influenced by factors such as fluctuating commodity prices, changing consumer preferences towards healthier options, and competition from alternative spreads and cooking oils, which are reshaping market dynamics.

    Customer preferences:
    Consumers in Southern Africa are increasingly prioritizing health and wellness, prompting a shift towards oils and fats that are perceived as healthier options, such as olive oil and avocado oil. This trend is influenced by rising awareness of nutrition and the impact of traditional diets on health outcomes. Additionally, younger demographics are gravitating towards plant-based alternatives, driven by environmental concerns and a desire for sustainable living. These evolving preferences reflect a broader cultural movement towards holistic well-being and responsible consumption within The Food market.

    Trends in the market:
    In Southern Africa, the Oils & Fats market is experiencing a notable shift towards healthier options, as consumers increasingly favor oils like olive and avocado for their perceived health benefits. Concurrently, there is a rising demand for plant-based oils, driven by younger demographics who prioritize sustainability and ethical consumption. This trend emphasizes the importance of nutrition education and awareness of traditional diets' health impacts. Industry stakeholders must adapt to these evolving preferences by innovating product offerings and enhancing marketing strategies to align with consumer values for health, wellness, and sustainability.

    Local special circumstances:
    In Southern Africa, the Oils & Fats market is influenced by a rich tapestry of cultural practices and local dietary habits, which shape consumer preferences. The region's diverse agricultural landscape promotes the cultivation of various oilseeds, such as sunflower and groundnut, driving local production. Additionally, traditional cooking methods often prioritize the use of palm oil, impacting market dynamics. Regulatory frameworks supporting sustainable farming practices further encourage the shift towards healthier oils. This unique blend of cultural reverence and regulatory support creates opportunities for innovation and growth in the market.

    Underlying macroeconomic factors:
    The Oils & Fats market in Southern Africa is significantly shaped by macroeconomic factors such as fluctuating global oil prices, national economic growth, and trade policies. As the region grapples with inflation and currency volatility, consumer purchasing power is affected, influencing demand for both premium and affordable oil products. Additionally, government initiatives promoting agricultural investment and infrastructure development bolster local oilseed production. The increasing focus on sustainability and health-conscious consumption aligns with global trends, encouraging diversification in oil offerings, while international trade agreements can enhance market access for local producers, fostering competitiveness.

    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.

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    Oils & Fats: market data & analysis - BackgroundOils & Fats: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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