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Africa Fats and Oils Market - Growth, Trends, and Forecasts (2023-2028)

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  • 90 Pages
  • April 2023
  • Region: Africa
  • Mordor Intelligence
  • ID: 5119173
UP TO OFF until Jun 30th 2023
Over the next five years, the fats and oils market in Africa is expected to grow at a CAGR of 3.83 percent.

The African fats and oils market is being driven by the widespread usage of fats and oils in multiple application areas for food and industrial use. The consumption of fast food and processed, high-quality edible fats and oils is positively impacting the market in Africa. Fats and oils are being used more and more in many different ways, such as to make lubricants for transportation and industrial uses, etc.

Consumers are avoiding trans fats from processed foods such as packaged foods, snacks, baked food options, cooking oils, etc., which is further influencing consumer behavior towards healthier alternatives. Therefore, manufacturers are investing in research and innovation to offer healthy, sustainable solutions for use in different end-use industries. So, these things are likely to keep market demand high and help the African fats and oils market grow.

In addition to this, the pandemic adversely impacted the fats and oils market in Africa owing to the disruptions caused by the supply chain, the shutdown of businesses, and the lack of availability of raw materials. As a result, this acted as a market restraint.

Africa Fats & Oil Market Trends

Increasing Consumption of Palm Oil Propelling Market Growth

The consumption of palm oil is rising continuously across Africa, as it is considered a healthy dietary fat and the cheapest of the major vegetable oils. Approximately two dozen countries in Africa grow palm oil, and according to the Food and Agricultural Organization, Africa imported nearly 8 million metric tons of palm oil in 2020. The consumption is supported by palm oil, an efficient and versatile vegetable oil.

Furthermore, palm oil stays solid at room temperature, provides ice cream and other baked goods with a creamy texture, moisturizes skin and prevents the chocolate from melting, and is inexpensive, which is fueling the market growth of fats and oils in Africa.

Rising Application of Fats and Oils to Propel Market Growth

Africa is witnessing enhanced consumption of confectionery, processed foods, and ready-to-drink beverages. Fats and oils are considered to be important functional ingredients and raw materials for multiple food products, such as bakery and confectionery, desserts, ice creams, sauces, etc. In addition to this, research and development leading to product innovation and the introduction of new products using vegetable oils can prove beneficial for companies looking to expand the use of fats and oils across multiple industries.

Also, consumer preferences for food products are evolving and rapidly changing, thus technology, innovation, automation, and safety regulations are stirring up the food industry. The consumption of processed food is rising due to convenience, long shelf life, time-saving, safety, on-the-go consumption, and the nutritional benefits of such products. Therefore, the rising demand for such products is bound to support the demand for fats and vegetable oils in the region.

Africa Fats and Oils Market Competitor Analysis

The African fats and oils market is highly competitive due to the presence of global and regional players. Key players dominating the African fats and oils market include Wilmar International Ltd., DuPont de Nemours Inc., Archer Daniels Midland Company (ADM), Bunge Limited, and Fuji Vegetable Oil Inc. Major players have been embarking on mergers and acquisitions, apart from expansions, product innovations, and partnership strategies, to boost their brand presence across the region and improve their visibility among the end-user industries.

Additional benefits of purchasing the report:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness- Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1 Product Type
5.1.1 Oils Soybean Oil Palm Oil Coconut Oil Olive Oil Cotton Seed Oil Sunflower Seed Oil Other Oils
5.1.2 Fats Butter Lard Other Fats
5.2 Application
5.2.1 Foods and Beverages Bakery and Confectionery Dairy Products Snacks and Savories
5.2.2 Animal Feed
5.2.3 Industrial Cosmetics Paints Biofuel Lubricants and Greases
5.3 Geography
5.3.1 Egypt
5.3.2 South Africa
5.3.3 Rest of Africa
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Wilmar International Ltd
6.3.2 Archer Daniels Midland Company (ADM)
6.3.3 Bunge Limited
6.3.4 Fuji Vegetable Oil Inc.
6.3.5 Cargill Incorporated
6.3.6 Olam International
6.3.7 Africa Palm Oil
6.3.8 Africa Sunoil
6.3.9 CEOCO (Pty) Ltd
6.3.10 Supa Oils
6.3.11 WA Group
6.3.12 Eni

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Wilmar International Ltd
  • Archer Daniels Midland Company (ADM)
  • Bunge Limited
  • Fuji Vegetable Oil Inc.
  • Cargill Incorporated
  • Olam International
  • Africa Palm Oil
  • Africa Sunoil
  • CEOCO (Pty) Ltd
  • Supa Oils
  • WA Group
  • Eni