- Palm Oil
- Soybean Oil
- Rapeseed Oil
- Sunflower Oil
- Peanut Oil
- Sunflower Oil
West Africa Edible Oil Market size was valued at 4,165.3 ‘000 MT in 2021, growing at an 4.6% CAGR from 2022 to 2028. Edible oil, commonly known as cooking oil, is a form of fat derived from plants, animals, or microbes. It is composed of triglycerides, which are made up of three fatty acids and one glycerol unit. At room temperature, edible oils are liquid and considered safe to ingest. Olive oil, palm oil, soybean oil, canola oil, and sunflower oil are some of the most popular edible oils used to flavor recipes. Edible oils are utilized to give important nutrients to the body, such as vitamins A and D since oils and fats increase the nutritional content of meals. At high temperatures, such as frying, these oils act as a heat transmission medium. Apart from that, they improve the flavor of spreads and salad dressings. The increasing use of edible oils in a variety of culinary and industrial applications drives the African fats and oils industry. The use of fast food and processed, high-quality edible fats and oils are having a favorable influence on the African market. Fats and oils are increasingly being employed in a variety of applications, including transportation and industrial lubricants. Customers are avoiding trans fats in processed foods such as packaged meals, snacks, baked goods, cooking oils, and so on, which is pushing consumer behavior towards healthier choices. As a result, manufacturers are investing in research and development in order to provide healthy, sustainable solutions for usage in many end-use sectors. As a result, these factors are anticipated to maintain market demand strong and aid in the growth of the African Edible Oil market. Moreover, the pandemic had a negative influence on the African fats and oils industry due to supply chain interruptions, firm closures, and a shortage of raw material availability. As a result, the market was restrained.
West Africa Edible Oil Market Key Developments:
Raising Consumption of Palm Oil Propelling Market Growth. Palm oil use is steadily increasing across Africa since it is regarded as good dietary fat and the cheapest of the major vegetable oils. Over two dozen African nations cultivate palm oil, and the Food and Agriculture Organization estimates that Africa will import approximately 8 million metric tons of palm oil in 2020. Palm oil, an efficient and flexible vegetable oil, contributes to consumption. Additionally, palm oil remains solid at room temperature, offers a creamy texture to ice cream and other baked products, moisturizes skin and keeps chocolate from melting, and is affordable, which is fueling the rise of the African Edible oils industry.
An increase in disposable income, which leads to higher living standards, has led to an increase in demand for the edible oil market, resulting in the edible oil market's expansion.
Nigeria region dominated the edible oil with a revenue share of 52.3% in the year 2021 owing to the high demand and large consumer base present in the country.
Some of the top players operating in the West African edible oil market are SIFCA, ARISE IIP, Olam, CEOCO, Union Oil Impex, Bunge Limited, Wilmar International Ltd., Archer Daniels Midland Company (ADM), Cargill and AFRICA SUNOIL.