The palm oil market in Kenya has exhibited a fluctuating but overall positive growth trend from 2014 to 2023. The market size in 2023 stood at 110 thousand metric tons, reflecting a 2.8% year-on-year increase. The market experienced significant growth spurts, such as the 51.47% increase in 2017, interspersed with periods of decline, notably in 2018 with a -9.71% variation. Despite these fluctuations, the CAGR over the last five years stands at 3.41%, indicating steady year-on-year growth. Forecast data suggest the market will continue to grow at a 2.2% CAGR from 2024 to 2028, reaching 126 thousand metric tons by 2028, reflecting an 11.5% total growth rate over this period.
Future trends to watch for:
- Impact of sustainable and eco-friendly practices on market dynamics.
- Changes in global palm oil demand and its effect on exports and imports.
- Technological advancements in palm oil production and processing.
- Government policies and regulations affecting the palm oil industry.
- Potential shifts towards alternative oils amidst health and environmental concerns.
