Kenya: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Kenya

The Kenyan virgin olive oil market soared to $X in 2022, surging by 19% 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). In general, consumption continues to indicate resilient growth. Virgin olive oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Virgin Olive Oil Exports

Exports from Kenya

In 2022, overseas shipments of virgin olive oil decreased by -1.4% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, exports, however, saw buoyant growth. The pace of growth was the most pronounced in 2018 when exports increased by 608%. The exports peaked at X tons in 2021, and then dropped in the following year.

In value terms, virgin olive oil exports declined to $X in 2022. Over the period under review, exports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2018 with an increase of 287%. Over the period under review, the exports hit record highs at $X in 2021, and then declined in the following year.

Exports by Country

Tanzania (X tons) was the main destination for virgin olive oil exports from Kenya, with a 52% share of total exports. Moreover, virgin olive oil exports to Tanzania exceeded the volume sent to the second major destination, Democratic Republic of the Congo (X tons), twofold. South Sudan (X tons) ranked third in terms of total exports with an 18% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Tanzania stood at +34.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Democratic Republic of the Congo (+25.3% per year) and South Sudan (+30.9% per year).

In value terms, Tanzania ($X) remains the key foreign market for virgin olive oil exports from Kenya, comprising 54% of total exports. The second position in the ranking was held by Democratic Republic of the Congo ($X), with a 21% share of total exports. It was followed by South Sudan, with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Tanzania totaled +31.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Democratic Republic of the Congo (+21.6% per year) and South Sudan (+18.0% per year).

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2022, shrinking by -9.9% against the previous year. Overall, the export price continues to indicate a pronounced descent. The pace of growth appeared the most rapid in 2021 an increase of 23% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Rwanda ($X per ton), while the average price for exports to Burundi ($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 Burundi (+19.8%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Kenya

In 2022, the amount of virgin olive oil imported into Kenya rose notably to X tons, increasing by 12% against the previous year's figure. In general, imports enjoyed buoyant growth. The pace of growth appeared the most rapid in 2018 when imports increased by 53%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, virgin olive oil imports surged to $X in 2022. Over the period under review, imports saw a remarkable increase. The pace of growth was the most pronounced in 2018 with an increase of 36% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Spain (X tons), Tunisia (X tons) and Italy (X tons) were the main suppliers of virgin olive oil imports to Kenya, together accounting for 83% of total imports. Turkey and Egypt lagged somewhat behind, together comprising a further 14%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +46.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest virgin olive oil suppliers to Kenya were Tunisia ($X), Spain ($X) and Italy ($X), with a combined 90% share of total imports. Turkey and Egypt lagged somewhat behind, together accounting for a further 6.5%.

Turkey, with a CAGR of +39.2%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, growing by 7.2% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 18% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+8.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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