Ghana: Biological Product Market 2024

Biological Product Market Size in Ghana

In 2022, the Ghanian biological product market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption posted resilient growth. Over the period under review, the market hit record highs at $X in 2021, and then fell in the following year.

Biological Product Exports

Exports from Ghana

In 2022, approx. X tons of biological products were exported from Ghana; growing by X% against the previous year's figure. In general, exports recorded significant growth. The pace of growth was the most pronounced in 2021 when exports increased by X%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, biological product exports declined sharply to $X in 2022. Over the period under review, exports saw a significant expansion. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, the exports reached the peak of $X, and then contracted remarkably in the following year.

Exports by Country

The United States (X tons) was the main destination for biological product exports from Ghana, accounting for a X% share of total exports. Moreover, biological product exports to the United States exceeded the volume sent to the second major destination, Belgium (X kg), fourfold. Kenya (X kg) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (X% per year) and Kenya (X% per year).

In value terms, the United States ($X) remains the key foreign market for biological products exports from Ghana, comprising X% of total exports. The second position in the ranking was held by Belgium ($X), with a X% share of total exports. It was followed by Kenya, with an X% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (X% per year) and Kenya (X% per year).

Export Prices by Country

The average biological product export price stood at $X per ton in 2022, declining by X% against the previous year. In general, the export price showed a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X,250 per ton), while the average price for exports to the United States ($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 Kenya (X%), while the prices for the other major destinations experienced more modest paces of growth.

Biological Product Imports

Imports into Ghana

In 2022, supplies from abroad of biological products increased by X% to X tons, rising for the third year in a row after two years of decline. Overall, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, biological product imports fell to $X in 2022. In general, imports showed strong growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of $X, leveling off in the following year.

Imports by Country

Belgium (X tons), the Netherlands (X tons) and the United States (X tons) were the main suppliers of biological product imports to Ghana, together comprising X% of total imports. The UK, the United Arab Emirates, Germany, Spain, India, China and Denmark lagged somewhat behind, together comprising a further X%.

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

In value terms, the United States ($X) constituted the largest supplier of biological products to Ghana, comprising X% of total imports. The second position in the ranking was taken by India ($X), with an X% share of total imports. It was followed by the Netherlands, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and the Netherlands (X% per year).

Import Prices by Country

In 2022, the average biological product import price amounted to $X per ton, remaining constant against the previous year. In general, the import price, however, continues to indicate a pronounced increase. The growth pace was the most rapid in 2021 an increase of X%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for the United Arab Emirates ($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 (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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