Tanzania: Palm Kernel Oil Market 2024

Palm Kernel Oil Market Size in Tanzania

The Tanzanian palm kernel oil market skyrocketed to $X in 2022, jumping by 19% against the previous year. Overall, consumption, however, saw a abrupt setback. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Palm Kernel Oil Production in Tanzania

In value terms, palm kernel oil production totaled $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2015 when the production volume increased by 37%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Palm Kernel Oil Exports

Exports from Tanzania

In 2022, after four years of growth, there was significant decline in shipments abroad of palm kernel and babassu oil, when their volume decreased by -62.4% to X tons. Over the period under review, exports saw a deep setback. The most prominent rate of growth was recorded in 2013 when exports increased by 200% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, palm kernel oil exports contracted notably to $X in 2022. Overall, exports continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2021 when exports increased by 163% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Democratic Republic of the Congo (X tons) was the main destination for palm kernel oil exports from Tanzania, with a 71% share of total exports. Moreover, palm kernel oil exports to Democratic Republic of the Congo exceeded the volume sent to the second major destination, Malawi (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Democratic Republic of the Congo amounted to +17.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malawi (+31.2% per year) and Burundi (+2.9% per year).

In value terms, Democratic Republic of the Congo ($X) emerged as the key foreign market for palm kernel and babassu oil exports from Tanzania, comprising 75% of total exports. The second position in the ranking was taken by Malawi ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Democratic Republic of the Congo stood at +35.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malawi (+22.1% per year) and Burundi (+9.6% per year).

Export Prices by Country

The average palm kernel oil export price stood at $X per ton in 2022, declining by -28.8% against the previous year. In general, the export price saw a pronounced slump. The pace of growth appeared the most rapid in 2021 when the average export price increased by 39%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Democratic Republic of the Congo ($X per ton), while the average price for exports to Burundi ($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 Congo (+39.5%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Kernel Oil Imports

Imports into Tanzania

Palm kernel oil imports into Tanzania soared to X tons in 2022, increasing by 129% compared with 2021. Over the period under review, imports, however, faced a abrupt descent. The pace of growth appeared the most rapid in 2020 when imports increased by 316%. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, palm kernel oil imports surged to $X in 2022. Overall, imports, however, showed a deep reduction. The growth pace was the most rapid in 2020 when imports increased by 319%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

Liberia (X tons), China (X tons) and Cote d'Ivoire (X tons) were the main suppliers of palm kernel oil imports to Tanzania, with a combined 69% share of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +65.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest palm kernel oil suppliers to Tanzania were Liberia ($X), China ($X) and Indonesia ($X), with a combined 75% share of total imports.

In terms of the main suppliers, China, with a CAGR of +96.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average palm kernel oil import price stood at $X per ton in 2022, picking up by 64% against the previous year. In general, import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, palm kernel oil import price increased by +96.3% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+18.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform