Africa Fats and Oils Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Africa Fats and Oils Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The African fats and oils market is projected to register a CAGR of 3.8% during the forecast period (2020 - 2025).

Key Highlights

• The market is primarily driven by the widespread application it offers for both food applications and industrial uses. Furthermore, rising processed food and fast food consumption, coupled with high-quality edible oil demand, is expected to have a positive impact on the African market.
• However, increasing health concerns, owing to excessive fats and oil consumption is anticipated to hamper the growth of the African fats and oils market.

Key Market TrendsRise in the Consumption of Olive Oil

Consumption of olive oil is continuously rising in the region, as it is considered to have healthy dietary fat. Olive oil constitutes a considerable amount of monounsaturated fatty acids. As per the Food and Drug Administration (FDA), eating two tablespoons of olive oil a day may reduce the risk of heart disease. Due to the tremendous benefits offered by the consumption of olive oil, the demand for oil has increased to a greater extent across the African markets. As per the data revealed by the International Olive Council (IOC), the global production of olive oil increased to 3,315,000 metric ton in 2018, with Africa being one of the top consumers of olive oil.

Rise in the Consumption of Bakery and Confectionery and Processed Foods

The key factor driving the market studied is the increased consumption of processed foods, confectionery, and ready-to-drink beverages. Fats and oils are very important raw materials and functional ingredients for several food products, such as confectionery, bakery, ice creams, emulsions, sauces, and shortenings. Besides, the development of new products using vegetable oils can prove beneficial for companies to expand the fats and oil applications across the food industry. Evolving consumer preferences for bakery and processed foods, the use of automation, food safety regulations, and foreign direct investment are stirring up the food industry. The high consumption of processed food is attributed to convenience, long shelf life, time-saving, safety, on-the-go consumption, and the nutritional benefits of these products. Thus, the high demand for these products may boost the demand for fats and vegetable oils in the region. The confectionery products in Africa are always in demand, where among the different components in chocolate, the fat phase has the greatest influence on its quality.

Competitive Landscape

The African fats and oils market is fragmented, owing to the presence of large regional and domestic players in different countries. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Key players dominating the African market include Wilmar International Ltd, DuPont, ADM, Bunge Limited, Fuji Vegetable Oil Inc., and Cargill Incorporated, among others.

Additional Benefits:

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

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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