Tanzania: Linseed Oil Market 2024

Linseed Oil Market Size in Tanzania

For the third consecutive year, the Tanzanian linseed oil market recorded decline in sales value, which decreased by -65.9% to $X in 2022. In general, consumption continues to indicate a precipitous contraction. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Linseed Oil Production in Tanzania

In value terms, linseed oil production reduced dramatically to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate strong growth. The pace of growth appeared the most rapid in 2015 when the production volume increased by 877% against the previous year. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Linseed Oil Exports

Exports from Tanzania

In 2022, shipments abroad of linseed oil increased by 40% to X tons, rising for the second year in a row after four years of decline. Overall, exports showed a significant increase. The growth pace was the most rapid in 2015 when exports increased by 166,249% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, linseed oil exports soared to $X in 2022. In general, exports continue to indicate significant growth. The pace of growth was the most pronounced in 2015 when exports increased by 459,273% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Portugal (X tons), Spain (X tons) and Japan (X tons) were the main destinations of linseed oil exports from Tanzania, with a combined 99% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +249.0%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Portugal ($X), Spain ($X) and Japan ($X) constituted the largest markets for linseed oil exported from Tanzania worldwide, with a combined 99.9% share of total exports.

Among the main countries of destination, Japan, with a CAGR of +229.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average linseed oil export price amounted to $X per ton, surging by 6.4% against the previous year. In general, the export price recorded a buoyant increase. The pace of growth appeared the most rapid in 2015 when the average export price increased by 176%. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to see steady growth in years to come.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Spain ($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 the United Arab Emirates (+80.1%), while the prices for the other major destinations experienced more modest paces of growth.

Linseed Oil Imports

Imports into Tanzania

In 2022, approx. X tons of linseed oil were imported into Tanzania; shrinking by -7.8% against 2021. Overall, imports recorded a precipitous slump. The pace of growth was the most pronounced in 2020 with an increase of 297% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, linseed oil imports fell markedly to $X in 2022. In general, imports saw a sharp setback. The pace of growth was the most pronounced in 2020 when imports increased by 328%. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of linseed oil to Tanzania, accounting for a 79% share of total imports. Moreover, linseed oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Singapore (X tons), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia totaled +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-31.9% per year) and China (+14.7% per year).

In value terms, Malaysia ($X), China ($X) and Singapore ($X) were the largest linseed oil suppliers to Tanzania, with a combined 67% share of total imports.

In terms of the main suppliers, China, with a CAGR of +17.5%, 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 a decline.

Import Prices by Country

The average linseed oil import price stood at $X per ton in 2022, dropping by -60.4% against the previous year. In general, the import price saw a noticeable reduction. The most prominent rate of growth was recorded in 2014 an increase of 243% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uganda (+76.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform