The palm oil processing sector in Africa experienced varying growth patterns from 2014 through 2023. The sector obtained its highest growth rates in 2015 and 2017 with increases of 28.83% and 92.37% respectively, driven by significant production surges. Despite a few declines, notably in 2016 and 2018, the overall trend has been positive. In 2023, the value stood at 559.0 thousand metric tons, marking a 3.52% year-on-year increase with a 5-year CAGR of 3.57%. Future trends predict a steady growth with a forecasted 5-year CAGR of 2.41%, expecting the industry to reach 651.0 thousand metric tons by 2028.
Future trends to watch for:
• Sustainable practices and technological advancements in palm oil processing.
• Regulatory changes impacting production and trade policies.
• Shifts in global demand influencing exports and local market dynamics.
• Investments in infrastructure to boost efficiency and output in the palm oil industry.
