Kenya: Benzoic Acid Market 2024

Benzoic Acid Market Size in Kenya

The Kenyan benzoic acid market contracted rapidly to $X in 2021, dropping by -15.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +9.7% against 2019 indices. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Benzoic Acid Exports

Exports from Kenya

In 2021, shipments abroad of benzoic acid, its salts and esters increased by 103% to X tons, rising for the third year in a row after two years of decline. Over the period under review, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 278%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in years to come.

In value terms, benzoic acid exports surged to $X in 2021. Overall, exports posted significant growth. The most prominent rate of growth was recorded in 2019 with an increase of 372%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Tanzania (X tons), Uganda (X tons) and Rwanda (X tons) were the main destinations of benzoic acid exports from Kenya, with a combined 87% share of total exports. These countries were followed by Burundi and Ethiopia, which together accounted for a further 12%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Burundi (with a CAGR of +96.5%), while the other leaders experienced more modest paces of growth.

In value terms, Tanzania ($X), Burundi ($X) and Uganda ($X) were the largest markets for benzoic acid exported from Kenya worldwide, together comprising 83% of total exports.

In terms of the main countries of destination, Burundi, with a CAGR of +87.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average benzoic acid export price stood at $X per ton in 2021, jumping by 17% against the previous year. Over the period under review, export price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, benzoic acid export price increased by +62.7% against 2018 indices. The pace of growth appeared the most rapid in 2013 an increase of 26% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Burundi ($X per ton), while the average price for exports to Ethiopia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Rwanda (+1.8%), while the prices for the other major destinations experienced mixed trend patterns.

Benzoic Acid Imports

Imports into Kenya

In 2021, imports of benzoic acid, its salts and esters into Kenya contracted remarkably to X tons, with a decrease of -25.1% compared with 2020. Overall, imports, however, showed a notable expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 69% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, benzoic acid imports contracted to $X in 2021. Over the period under review, total imports indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +19.7% against 2019 indices. The pace of growth appeared the most rapid in 2016 with an increase of 48%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of benzoic acid to Kenya, accounting for a 70% share of total imports. Moreover, benzoic acid imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), eightfold. The third position in this ranking was held by the Netherlands (X tons), with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+3.1% per year) and the Netherlands (-0.1% per year).

In value terms, China ($X) constituted the largest supplier of benzoic acid, its salts and esters to Kenya, comprising 45% of total imports. The second position in the ranking was taken by India ($X), with a 21% share of total imports. It was followed by the Netherlands, with an 8.8% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+5.0% per year) and the Netherlands (+1.6% per year).

Import Prices by Country

In 2021, the average benzoic acid import price amounted to $X per ton, growing by 29% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. Over the period under review, average import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+8.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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