Kenya: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Kenya

The Kenyan refined olive oil market fell to $X in 2022, which is down by -6.1% against the previous year. In general, consumption saw a abrupt curtailment. Refined olive oil consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Refined Olive Oil Production in Kenya

In value terms, refined olive oil production contracted to $X in 2022 estimated in export price. In general, production saw a abrupt curtailment. The pace of growth was the most pronounced in 2014 when the production volume increased by 19%. Refined olive oil production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Refined Olive Oil Exports

Exports from Kenya

In 2022, overseas shipments of refined olive oil decreased by -6.9% to X tons for the first time since 2014, thus ending a seven-year rising trend. In general, exports, however, showed strong growth. The pace of growth appeared the most rapid in 2017 when exports increased by 199% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then fell in the following year.

In value terms, refined olive oil exports contracted notably to $X in 2022. Over the period under review, exports, however, continue to indicate strong growth. The pace of growth appeared the most rapid in 2017 with an increase of 256% against the previous year. The exports peaked at $X in 2021, and then dropped dramatically in the following year.

Exports by Country

Tanzania (X tons) was the main destination for refined olive oil exports from Kenya, accounting for a 94% share of total exports. It was followed by South Sudan (X kg), with a 2.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Tanzania totaled +18.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Sudan (+23.3% per year) and Uganda (-6.5% per year).

In value terms, Tanzania ($X) remains the key foreign market for refined olive oil exports from Kenya, comprising 84% of total exports. The second position in the ranking was taken by Uganda ($X), with a 4.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Tanzania amounted to +30.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uganda (-9.2% per year) and South Sudan (+32.1% per year).

Export Prices by Country

In 2022, the average refined olive oil export price amounted to $X per ton, with a decrease of -8.8% against the previous year. Over the period under review, the export price recorded a mild setback. The pace of growth was the most pronounced in 2020 an increase of 50%. Over the period under review, the average export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Uganda ($X per ton), while the average price for exports to Tanzania ($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 Tanzania (+9.6%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Olive Oil Imports

Imports into Kenya

In 2022, the amount of refined olive oil imported into Kenya soared to X tons, rising by 72% on the year before. Overall, imports, however, showed a deep setback. The pace of growth appeared the most rapid in 2020 with an increase of 84%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, refined olive oil imports skyrocketed to $X in 2022. In general, imports, however, continue to indicate a pronounced slump. The pace of growth appeared the most rapid in 2014 when imports increased by 81%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates (X tons), Turkey (X tons) and Italy (X tons) were the main suppliers of refined olive oil imports to Kenya, with a combined 79% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +24.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined olive oil suppliers to Kenya were the United Arab Emirates ($X), Tanzania ($X) and Italy ($X), with a combined 76% share of total imports. Turkey, Spain, the UK and India lagged somewhat behind, together comprising a further 19%.

The UK, with a CAGR of +17.0%, recorded 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 more modest paces of growth.

Import Prices by Country

In 2022, the average refined olive oil import price amounted to $X per ton, falling by -3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2021 an increase of 45%. Over the period under review, average import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+12.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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