Kenya: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Kenya

The Kenyan refined coconut oil market expanded markedly to $X in 2022, rising by 5.3% against the previous year. In general, the total consumption indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.8% against 2020 indices. Refined coconut oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Refined Coconut Oil Production in Kenya

In value terms, refined coconut oil production rose sharply to $X in 2022 estimated in export price. Over the period under review, the total production indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.8% against 2020 indices. The most prominent rate of growth was recorded in 2019 with an increase of 46%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Refined Coconut Oil Exports

Exports from Kenya

In 2022, refined coconut oil exports from Kenya plummeted to X tons, which is down by -34.3% on the year before. In general, exports continue to indicate a sharp contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 1,140%. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, refined coconut oil exports dropped dramatically to $X in 2022. Overall, exports saw a deep downturn. The most prominent rate of growth was recorded in 2019 with an increase of 2,091%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Yemen (X tons) was the main destination for refined coconut oil exports from Kenya, accounting for a 42% share of total exports. Moreover, refined coconut oil exports to Yemen exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was held by the Netherlands (X tons), with a 19% share.

From 2012 to 2022, the average annual growth rate of volume to Yemen totaled -7.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-7.6% per year) and the Netherlands (-21.3% per year).

In value terms, the largest markets for refined coconut oil exported from Kenya were Yemen ($X), Canada ($X) and the United States ($X), together comprising 69% of total exports. The Netherlands, Uganda, the United Arab Emirates, Tanzania and South Africa lagged somewhat behind, together accounting for a further 30%.

In terms of the main countries of destination, Uganda, with a CAGR of +17.0%, saw 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 refined coconut oil export price stood at $X per ton in 2022, waning by -4.5% against the previous year. In general, the export price, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2019 when the average export price increased by 77%. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then contracted slightly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to South Africa ($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 Uganda (+21.6%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Coconut Oil Imports

Imports into Kenya

After two years of growth, purchases abroad of refined coconut (copra) oil decreased by -1% to X tons in 2022. Overall, imports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2014 with an increase of 301%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, refined coconut oil imports expanded slightly to $X in 2022. Over the period under review, imports recorded a noticeable reduction. The pace of growth appeared the most rapid in 2014 with an increase of 303% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Malaysia (X tons), Indonesia (X tons) and India (X tons) were the main suppliers of refined coconut oil imports to Kenya, together comprising 94% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +43.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) constituted the largest supplier of refined coconut (copra) oil to Kenya, comprising 55% of total imports. The second position in the ranking was held by Malaysia ($X), with a 25% share of total imports. It was followed by India, with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Indonesia amounted to +18.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-12.0% per year) and India (+53.8% per year).

Import Prices by Country

The average refined coconut oil import price stood at $X per ton in 2022, growing by 5.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.8%. The most prominent rate of growth was recorded in 2017 an increase of 81%. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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