Benin alone produced 109 thousand tonnes of vegetable oils in 2019 (Source: World Data Atlas). The African edible oil market was valued at USD 4,803.28 million in 2021. Experts expect it to reach USD 8503.00 million by 2029, registering a CAGR of 7.40% during the forecast period of 2022-29.
What are the major dynamics of edible oil industry in Benin?
Some of the major dynamics of the edible oil industry in Benin include: The edible oil market is segmented based on type, package, distribution channel, and end-users. Its growth around all these segments helps Benin to analyze the major growth segments in the industry and provides users with valuable market insights.
Why is soybean a good investment in Benin?
Soybean production has increased from 57,000 tons to 222,000 tons from 2009 to 2021. Also, its value outgrew from US$ 6.6 million to the US $ 109 million (source: IAEA). The Government of Benin (GOB) when exports more, can decrease the nation’s deficit and buy more from the international markets.
How many tons of soybeans does Benin produce a year?
It is projected that annual soybean production will hit 341,000 tons by 2030 – a six-fold increase compared to 2009. Benin, which did not export soybeans when support from the IAEA and FAO started in 2009, now exports 40,000 tons at a value of US$ 19 million, annually.