Ghana: Coconut Oil Market 2024

Coconut Oil Market Size in Ghana

The Ghanian coconut oil market reached $X in 2022, with an increase of 3.1% against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Coconut Oil Production in Ghana

In value terms, coconut oil production expanded slightly to $X in 2022 estimated in export price. Overall, the total production indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +5.0% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 95%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Coconut Oil Exports

Exports from Ghana

In 2022, after two years of growth, there was significant decline in overseas shipments of coconut (copra) oil, when their volume decreased by -40.4% to X tons. Overall, exports, however, showed a notable expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 852% against the previous year. The exports peaked at X tons in 2021, and then fell rapidly in the following year.

In value terms, coconut oil exports fell markedly to $X in 2022. In general, exports, however, showed a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of 936%. The exports peaked at $X in 2021, and then reduced markedly in the following year.

Exports by Country

The Netherlands (X tons), the United States (X tons) and Togo (X tons) were the main destinations of coconut oil exports from Ghana, together accounting for 69% of total exports. Slovenia, Germany, Spain and Switzerland lagged somewhat behind, together accounting for a further 11%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +1,215.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for coconut (copra) oil exports from Ghana, comprising 50% of total exports. The second position in the ranking was taken by Togo ($X), with a 14% share of total exports. It was followed by the Netherlands, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +55.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (+23.2% per year) and the Netherlands (-2.8% per year).

Export Prices by Country

In 2022, the average coconut oil export price amounted to $X per ton, flattening at the previous year. Overall, the export price showed prominent growth. The growth pace was the most rapid in 2017 when the average export price increased by 94% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the Netherlands ($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 Togo (+14.2%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Oil Imports

Imports into Ghana

After two years of decline, purchases abroad of coconut (copra) oil increased by 39% to X tons in 2022. Overall, imports posted significant growth. The pace of growth appeared the most rapid in 2017 with an increase of 517%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, coconut oil imports surged to $X in 2022. Over the period under review, imports recorded a significant expansion. The growth pace was the most rapid in 2017 with an increase of 513% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest coconut oil supplier to Ghana, accounting for a 71% share of total imports. Moreover, coconut oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Cote d'Ivoire (X tons), fivefold.

From 2012 to 2022, the average annual growth rate of volume from Malaysia amounted to +54.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+32.7% per year) and Italy (+117.4% per year).

In value terms, Cote d'Ivoire ($X), Malaysia ($X) and Italy ($X) constituted the largest coconut oil suppliers to Ghana, with a combined 70% share of total imports.

Italy, with a CAGR of +96.7%, saw the highest growth rate of the value of imports, in terms of 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 coconut oil import price stood at $X per ton in 2022, with an increase of 4.4% against the previous year. Over the period under review, the import price, however, showed a deep slump. The most prominent rate of growth was recorded in 2015 an increase of 35%. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+3.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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