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Oils & Fats - Zimbabwe

Zimbabwe
  • Revenue in the Oils & Fats market amounts to US$362.10m in 2024. The market is expected to grow annually by 4.58% (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$21.28 are generated in 2024.
  • In the Oils & Fats market, volume is expected to amount to 43.29m kg by 2029. The Oils & Fats market is expected to show a volume growth of 1.4% in 2025.0.
  • The average volume per person in the Oils & Fats market is expected to amount to 2.4kg 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 Zimbabwe is experiencing negligible growth, influenced by factors such as fluctuating agricultural outputs, limited access to quality raw materials, and shifting consumer preferences towards healthier options in food preparation.

    Customer preferences:
    In Zimbabwe, there is a notable shift towards healthier cooking oils and fats, driven by a growing awareness of nutrition and wellness among consumers. This trend is particularly evident among younger demographics who prioritize healthful eating and sustainable sourcing. Additionally, urbanization and changing lifestyles are leading to increased demand for plant-based oils, such as sunflower and canola, which are perceived as healthier alternatives. Furthermore, traditional cooking practices are evolving, with consumers seeking products that align with both modern dietary preferences and cultural cooking methods.

    Trends in the market:
    In Zimbabwe, the Oils & Fats Market is experiencing a significant shift towards healthier options, with an increasing number of consumers opting for plant-based oils such as sunflower and canola. This trend is fueled by heightened awareness of nutrition and wellness, particularly among younger generations who prioritize health-conscious choices. Additionally, urbanization and evolving lifestyles are driving demand for oils that align with modern dietary needs while respecting traditional cooking methods. As a result, industry stakeholders must adapt their product offerings and marketing strategies to cater to this changing landscape, ensuring sustainability and health benefits resonate with consumers.

    Local special circumstances:
    In Zimbabwe, the Oils & Fats Market is shaped by a blend of local agricultural practices and cultural preferences, as the country is rich in oilseed crops like sunflower and groundnuts. Traditional cooking methods still hold significant value, influencing consumer choices towards oils that complement local cuisines. Additionally, regulatory support for sustainable farming practices enhances the appeal of locally sourced oils. The economic landscape, marked by hyperinflation, also drives demand for cost-effective alternatives, compelling manufacturers to innovate while maintaining quality and accessibility.

    Underlying macroeconomic factors:
    The Oils & Fats Market in Zimbabwe is significantly influenced by macroeconomic factors such as inflation rates, agricultural productivity, and foreign exchange fluctuations. The country's economic instability, characterized by hyperinflation, affects consumer purchasing power, leading to a preference for affordable oil alternatives. Moreover, global trends in commodity prices impact local oilseed production costs, shaping market pricing strategies. Fiscal policies promoting agricultural development and investment in sustainable practices enhance local oil sourcing, while trade agreements can open pathways for imports, further diversifying the market. These dynamics collectively shape consumer behavior and industry innovation in the 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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