Kenya: Groundnut Oil Market 2024

Groundnut Oil Market Size in Kenya

The Kenyan groundnut oil market skyrocketed to $X in 2021, rising by 23% against the previous year. Overall, consumption showed resilient growth. Groundnut oil consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Groundnut Oil Production in Kenya

In value terms, groundnut oil production expanded rapidly to $X in 2021 estimated in export price. Overall, production showed a mild curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 16% against the previous year. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Groundnut Oil Exports

Exports from Kenya

In 2021, groundnut oil exports from Kenya reduced markedly to X tons, declining by -19.7% on the year before. Over the period under review, exports recorded a abrupt decrease. The pace of growth appeared the most rapid in 2017 when exports increased by 302%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, groundnut oil exports soared to $X in 2021. In general, exports recorded a deep contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 409% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for groundnut oil exports from Kenya, accounting for a 60% share of total exports. Moreover, groundnut oil exports to the United States exceeded the volume sent to the second major destination, Bangladesh (X tons), threefold. Canada (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at -1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (0.0% per year) and Canada (-18.8% per year).

In value terms, the United States ($X) remains the key foreign market for groundnut oil exports from Kenya, comprising 78% of total exports. The second position in the ranking was held by Bangladesh ($X), with a 14% share of total exports. It was followed by Canada, with a 4.4% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled -5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (0.0% per year) and Canada (-23.4% per year).

Export Prices by Country

In 2021, the average groundnut oil export price amounted to $X per ton, picking up by 97% against the previous year. Overall, the export price, however, recorded a pronounced reduction. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Democratic Republic of the Congo ($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 the United States (-3.5%), while the prices for the other major destinations experienced a decline.

Groundnut Oil Imports

Imports into Kenya

In 2021, imports of groundnut oil into Kenya soared to X tons, picking up by 26% compared with the previous year's figure. Overall, imports continue to indicate a strong expansion. The pace of growth was the most pronounced in 2017 when imports increased by 232%. Imports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, groundnut oil imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 88%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the Netherlands (X tons) constituted the largest supplier of groundnut oil to Kenya, with a 12% share of total imports. Moreover, groundnut oil imports from the Netherlands exceeded the figures recorded by the second-largest supplier, India (X kg), sixfold. The third position in this ranking was held by South Africa (X kg), with a 2% share.

From 2012 to 2021, the average annual growth rate of volume from the Netherlands totaled +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+14.3% per year) and South Africa (-19.4% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of groundnut oil to Kenya, comprising 36% of total imports. The second position in the ranking was taken by South Africa ($X), with a 6.2% share of total imports. It was followed by China, with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the Netherlands stood at +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (-20.2% per year) and China (-17.5% per year).

Import Prices by Country

The average groundnut oil import price stood at $X per ton in 2021, with an increase of 15% against the previous year. Over the period under review, the import price, however, faced a abrupt decline. The growth pace was the most rapid in 2016 when the average import price increased by 61%. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+2.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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