Industry scope and market sizes
According to the Organisation for Economic Co-operation and Development and the Food and Agriculture Organisation of the United Nations (OECD-FAO), average global edible oil supply between 2021 and 2023 stood at 224.7 billion litres. The average global consumption over the same period was 224.9 billion litres, indicating a balanced market. The two firms estimate that by 2033, supply and demand will likely expand to 250.6 billion and 250.5 billion litres respectively.
Even though Africa accounts for 18.8% of the global population, its edible oil consumption is only 8.5% of the worldwide total. Income constraints restrict the use of edible oils in Africa as consumers are relatively price-sensitive. In lower-income markets, households substitute with unrefined fats or smaller volumes. African diets traditionally rely on starches and pulses, with limited oil-intensive processed foods.
Although North America and Europe together account for only about 23% of global edible-oil consumption, their populations represent 13%
