Kenya: Industrial Oleic Acid Market 2024

Industrial Oleic Acid Market Size in Kenya

In 2021, after four years of growth, there was decline in the Kenyan industrial oleic acid market, when its value decreased by -0.6% to $X. Over the period under review, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +73.9% against 2013 indices. Industrial oleic acid consumption peaked at $X in 2020, and then declined modestly in the following year.

Industrial Oleic Acid Production in Kenya

In value terms, industrial oleic acid production reduced to $X in 2021 estimated in export price. Overall, the total production indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +11.5% against 2015 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by 26% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then declined slightly in the following year.

Industrial Oleic Acid Exports

Exports from Kenya

For the third consecutive year, Kenya recorded growth in shipments abroad of industrial oleic acid, which increased by 9% to X tons in 2021. Overall, exports, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2017 when exports increased by 2,434%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, industrial oleic acid exports fell modestly to $X in 2021. In general, exports, however, showed a sharp contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 1,803%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Ethiopia (X tons) was the main destination for industrial oleic acid exports from Kenya, accounting for a 96% share of total exports. Moreover, industrial oleic acid exports to Ethiopia exceeded the volume sent to the second major destination, Tanzania (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ethiopia totaled -4.3%.

In value terms, Ethiopia ($X) remains the key foreign market for industrial oleic acid exports from Kenya, comprising 99% of total exports. The second position in the ranking was held by Tanzania ($X), with a 0.8% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Ethiopia stood at -17.7%.

Export Prices by Country

In 2021, the average industrial oleic acid export price amounted to $X per ton, dropping by -11.8% against the previous year. Over the period under review, the export price saw a abrupt slump. The pace of growth was the most pronounced in 2013 an increase of 121%. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Ethiopia ($X per ton), while the average price for exports to Tanzania stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ethiopia (-14.0%).

Industrial Oleic Acid Imports

Imports into Kenya

In 2021, approx. X tons of industrial oleic acid were imported into Kenya; increasing by 2.5% compared with the previous year's figure. Overall, imports, however, continue to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2014 when imports increased by 156%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, industrial oleic acid imports skyrocketed to $X in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 235% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Malaysia (X tons), Indonesia (X tons) and India (X tons) were the main suppliers of industrial oleic acid imports to Kenya, together comprising 53% of total imports. South Africa and Australia lagged somewhat behind, together comprising a further 8.5%.

From 2012 to 2021, the biggest increases were recorded for South Africa (with a CAGR of +17.7%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest industrial oleic acid suppliers to Kenya were Malaysia ($X), Indonesia ($X) and South Africa ($X), together accounting for 50% of total imports.

South Africa, with a CAGR of +25.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average industrial oleic acid import price amounted to $X per ton, surging by 73% against the previous year. Over the period under review, import price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Australia ($X per ton), while the price for India ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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