The demand for coconut oil in Africa experienced fluctuations over the past decade. In 2023, the volume of coconut oil demand stood at 119.0 thousand metric tons, showing no variation from 2022, but a marginal cumulative average growth rate (CAGR) over the past five years of -0.17%. Between 2018 and 2019, demand decreased by -1.67%, and the significant drop was witnessed in 2020 with a -5% reduction. However, the market rebounded in 2021 with a 5.26% growth and further stabilized in 2022 with a 0.85% increase.
Future trends suggest a potential growth rate of 0.84% over the next five years, with a forecasted CAGR of 0.17%, reaching 120.3 thousand metric tons by 2028. Key trends to watch for include technological advancements in coconut oil processing, shifts in consumer preferences toward natural oils, and changing trade policies within the African region.
