Market Size of Africa Fats and Oil Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.49 % |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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Africa Fats and Oil Market Analysis
The African fats and oil market size is expected to grow from USD 22.41 billion in 2023 to USD 27.92 billion by 2028, at a CAGR of 4.49% during the forecast period.
- The market is primarily driven by wide applications of oils and fats in the food and beverage industry. Fats and oils are essential raw materials and functional ingredients for several food products such as confectionery, bakery, ice creams, emulsions, sauces, shortenings, and margarine. The increasing consumption of processed food products in the region due to the rising population and inflating income levels propels market growth. Moreover, oils and fats are used to make paints, lubricants, paper, soaps, candles, personal care items, and cosmetic products, thus providing lucrative opportunities for players to expand their market share in the region. In addition, players are focusing on production facility expansion and partnerships with domestic manufacturers as key market penetration strategies.
- For instance, in July 2022, Eni launched its first production of vegetable oils for biorefining in Kenya. Eni completed the construction of the oilseed collection and pressing plant (agri-hub) in Makueni, Kenya, and started production of the first vegetable oils for bio-refineries. The agri-hub installed capacity of 15,000 tons, with an expected output of 2,500 tons in 2022. Besides this, governments of various countries are undertaking initiatives, boosting the demand for fats and oils in the region. For instance, in January 2023, Ethiopia's Ministry of Finance purchased more than 43,37,412 palm cooking oils from the Golden Africa Company in Djibouti to provide the public with edible oils at affordable prices.
