Analyzing the demand for palm oil in Kenya from 2014 to 2023, we observe varying annual growth rates. There has been significant fluctuation, notably a sharp increase in 2017 followed by a slight dip in 2018, and consistent growth thereafter. In 2023, the volume reached 822 thousand metric tons with a year-on-year growth of 4.18% and a five-year compound annual growth rate (CAGR) of 4.74%. However, growth rates have decelerated compared to earlier years, with a forecasted five-year CAGR of 2.95% up to 2028, suggesting continued but slower demand growth.
Future trends to watch for include:
- Changes in local agricultural policies and tariffs affecting palm oil imports.
- Shifts in consumer preferences towards sustainable and ethically-sourced oils.
- The impact of global palm oil supply chain disruptions and pricing volatility.
