Uganda: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Uganda

The Ugandan refined soybean oil market shrank to $X in 2022, waning by -6% against the previous year. In general, consumption continues to indicate a drastic downturn. Refined soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in Uganda

In value terms, refined soybean oil production fell modestly to $X in 2022 estimated in export price. Over the period under review, production saw a abrupt descent. The most prominent rate of growth was recorded in 2017 when the production volume increased by 11% against the previous year. Refined soybean oil production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Refined Soybean Oil Exports

Exports from Uganda

Refined soybean oil exports from Uganda soared to X tons in 2022, rising by 33% against the previous year's figure. Overall, exports showed prominent growth. The pace of growth appeared the most rapid in 2016 when exports increased by 567%. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined soybean oil exports soared to $X in 2022. Over the period under review, exports recorded prominent growth. The most prominent rate of growth was recorded in 2016 when exports increased by 573%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Tanzania (X tons), Kenya (X tons) and Democratic Republic of the Congo (X tons) were the main destinations of refined soybean oil exports from Uganda, with a combined 99% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Democratic Republic of the Congo (with a CAGR of +37.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined soybean oil exported from Uganda were Kenya ($X), Tanzania ($X) and Democratic Republic of the Congo ($X), together accounting for 98% of total exports.

Democratic Republic of the Congo, with a CAGR of +46.7%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, which is down by -2.3% against the previous year. Over the period under review, the export price showed a abrupt setback. The most prominent rate of growth was recorded in 2014 when the average export price increased by 16%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Rwanda ($X per ton), while the average price for exports to Tanzania ($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 Democratic Republic of the Congo (+6.5%), while the prices for the other major destinations experienced a decline.

Refined Soybean Oil Imports

Imports into Uganda

In 2022, purchases abroad of refined soybean oil and its fractions decreased by -12.5% to X tons for the first time since 2014, thus ending a seven-year rising trend. Over the period under review, imports, however, recorded a significant increase. The growth pace was the most rapid in 2019 when imports increased by 391% against the previous year. Imports peaked at X tons in 2021, and then declined in the following year.

In value terms, refined soybean oil imports dropped notably to $X in 2022. In general, imports, however, showed a significant increase. The pace of growth was the most pronounced in 2019 with an increase of 281%. Over the period under review, imports reached the maximum at $X in 2021, and then shrank dramatically in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest refined soybean oil supplier to Uganda, accounting for a 60% share of total imports. Moreover, refined soybean oil imports from the United States exceeded the figures recorded by the second-largest supplier, Egypt (X tons), twofold. Kenya (X tons) ranked third in terms of total imports with a 6% share.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at +15.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (+38.5% per year) and Kenya (+44.7% per year).

In value terms, the United States ($X), Egypt ($X) and Kenya ($X) constituted the largest refined soybean oil suppliers to Uganda, together accounting for 95% of total imports. The United Arab Emirates and Italy lagged somewhat behind, together comprising a further 4.4%.

The United Arab Emirates, with a CAGR of +105.0%, recorded 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 refined soybean oil import price stood at $X per ton in 2022, waning by -12.4% against the previous year. Over the period under review, import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil import price increased by +23.3% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by 77%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

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 Kenya ($X per ton), while the price for Italy ($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 (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform