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Oils & Fats - Western Africa

Western Africa
  • Revenue in the Oils & Fats market amounts to US$8.10bn in 2024. The market is expected to grow annually by 10.52% (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$19.58 are generated in 2024.
  • In the Oils & Fats market, volume is expected to amount to 1.35bn kg by 2029. The Oils & Fats market is expected to show a volume growth of 4.9% 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 Western Africa is experiencing subdued growth, influenced by factors such as fluctuating raw material prices, shifting consumer preferences towards healthier options, and challenges in distribution networks impacting overall product availability.

    Customer preferences:
    Consumers in Western Africa are increasingly prioritizing health-conscious choices, prompting a notable shift towards oils and fats that are perceived as healthier, such as olive and avocado oils. This trend is further influenced by the rising awareness of the link between diet and chronic diseases, particularly among younger demographics. Additionally, urbanization and busy lifestyles are leading to a preference for convenient, ready-to-use cooking oils that align with traditional cuisines while offering modern health benefits. This evolving landscape reflects a blend of cultural traditions and contemporary health insights.

    Trends in the market:
    In Western Africa, the Oils & Fats Market is experiencing a shift towards healthier options, with consumers increasingly favoring oils such as olive and avocado over traditional palm oil. This trend is driven by heightened awareness of the health impacts of dietary choices, particularly among younger populations. Furthermore, urban lifestyles are pushing demand for convenient, ready-to-use cooking oils that complement traditional dishes while offering modern health benefits. These evolving preferences present significant opportunities for industry stakeholders to innovate product offerings and enhance marketing strategies, aligning with consumer health priorities.

    Local special circumstances:
    In Western Africa, the Oils & Fats Market is shaped by diverse cultural culinary traditions that favor the use of local ingredients, influencing consumer preferences towards oils that complement traditional dishes. The region's rich agricultural landscape supports the cultivation of various oil-producing plants, such as groundnuts and sesame, which are gaining traction among health-conscious consumers. Additionally, regulatory initiatives aimed at promoting healthier eating habits have spurred interest in oils with lower saturated fat content. These unique local factors create a dynamic market landscape, presenting opportunities for innovation and brand differentiation.

    Underlying macroeconomic factors:
    The Oils & Fats Market in Western Africa is significantly influenced by macroeconomic factors such as agricultural productivity, trade policies, and consumer spending patterns. Global economic trends, including fluctuations in oil prices and demand for sustainable products, are shaping local market dynamics. National economic health, characterized by GDP growth and inflation rates, impacts consumer purchasing power and preferences for premium oil products. Furthermore, fiscal policies that promote agricultural investments and support local oil producers enhance supply chains and boost market competitiveness. These elements collectively create a framework for innovation and growth within the region's Oils & Fats sector.

    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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