Kenya: Maize Oil Market 2024

Maize Oil Market Size in Kenya

In 2022, the Kenyan maize oil market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Maize Oil Production in Kenya

In value terms, maize oil production contracted slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2015 with an increase of 24%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Maize Oil Exports

Exports from Kenya

In 2022, exports of maize oil from Kenya shrank remarkably to X tons, declining by -25% compared with 2021. Overall, exports faced a deep reduction. The growth pace was the most rapid in 2014 when exports increased by 119% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, maize oil exports declined rapidly to $X in 2022. Over the period under review, exports showed a abrupt curtailment. The pace of growth appeared the most rapid in 2014 with an increase of 137% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Tanzania (X tons) was the main destination for maize oil exports from Kenya, accounting for a 64% share of total exports. Moreover, maize oil exports to Tanzania exceeded the volume sent to the second major destination, Uganda (X tons), sixfold. The third position in this ranking was held by Democratic Republic of the Congo (X tons), with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Tanzania totaled -12.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uganda (-10.9% per year) and Democratic Republic of the Congo (+31.4% per year).

In value terms, Tanzania ($X) remains the key foreign market for maize oil exports from Kenya, comprising 77% of total exports. The second position in the ranking was held by Rwanda ($X), with an 8.7% share of total exports. It was followed by Uganda, with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Tanzania totaled -8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Rwanda (-7.0% per year) and Uganda (-17.1% per year).

Export Prices by Country

The average maize oil export price stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2014 when the average export price increased by 8.5%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Rwanda ($X per ton), while the average price for exports to Democratic Republic of the Congo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Sudan (+4.8%), while the prices for the other major destinations experienced mixed trend patterns.

Maize Oil Imports

Imports into Kenya

In 2022, after three years of decline, there was growth in supplies from abroad of maize oil, when their volume increased by 3.6% to X tons. In general, imports, however, continue to indicate a pronounced decline. The most prominent rate of growth was recorded in 2013 with an increase of 58%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, maize oil imports declined remarkably to $X in 2022. Over the period under review, imports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2021 when imports increased by 67% against the previous year. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Argentina (X tons) constituted the largest supplier of maize oil to Kenya, accounting for a 51% share of total imports. Moreover, maize oil imports from Argentina exceeded the figures recorded by the second-largest supplier, Turkey (X tons), threefold. The third position in this ranking was taken by Egypt (X tons), with a 16% share.

From 2012 to 2022, the average annual growth rate of volume from Argentina totaled +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+44.0% per year) and Egypt (+20.0% per year).

In value terms, the largest maize oil suppliers to Kenya were Argentina ($X), Turkey ($X) and Egypt ($X), with a combined 88% share of total imports.

Among the main suppliers, Turkey, with a CAGR of +55.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average maize oil import price stood at $X per ton in 2022, declining by -22.8% against the previous year. Overall, the import price saw a pronounced shrinkage. The growth pace was the most rapid in 2021 when the average import price increased by 75%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, 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 Egypt ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+7.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :