Ghana: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in Ghana

The Ghanian crude coconut oil market stood at $X in 2022, remaining stable against the previous year. Over the period under review, consumption, however, saw a pronounced contraction. Crude coconut oil consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Crude Coconut Oil Production in Ghana

In value terms, crude coconut oil production rose slightly to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 84% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Crude Coconut Oil Exports

Exports from Ghana

After four years of growth, overseas shipments of crude coconut (copra) oil decreased by -27% to X tons in 2022. Overall, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2015 when exports increased by 9,163% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then declined remarkably in the following year.

In value terms, crude coconut oil exports fell markedly to $X in 2022. In general, exports, however, saw a significant expansion. The growth pace was the most rapid in 2015 when exports increased by 9,462% against the previous year. The exports peaked at $X in 2021, and then shrank remarkably in the following year.

Exports by Country

The Netherlands (X tons), Togo (X tons) and Slovenia (X tons) were the main destinations of crude coconut oil exports from Ghana, with a combined 43% share of total exports. The United States, Germany, Spain, Switzerland and Canada lagged somewhat behind, together comprising a further 23%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Spain (with a CAGR of +1,215.2%), while the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Slovenia ($X) and the United States ($X) were the largest markets for crude coconut oil exported from Ghana worldwide, with a combined 42% share of total exports. Togo, Switzerland, Germany, Spain and Canada lagged somewhat behind, together comprising a further 25%.

Spain, with a CAGR of +1,159.1%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average crude coconut oil export price stood at $X per ton in 2022, waning by -3% against the previous year. Over the period under review, export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude coconut oil export price increased by +138.6% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 79% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then declined slightly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to Togo ($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 Nigeria (+87.3%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Coconut Oil Imports

Imports into Ghana

In 2022, the amount of crude coconut (copra) oil imported into Ghana soared to X tons, picking up by 189% against 2021 figures. In general, imports showed significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 458% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, crude coconut oil imports skyrocketed to $X in 2022. Overall, imports posted significant growth. The pace of growth was the most pronounced in 2018 when imports increased by 797%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Cote d'Ivoire (X tons) was the main crude coconut oil supplier to Ghana, accounting for a approx. 100% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Cote d'Ivoire amounted to +32.7%.

In value terms, Cote d'Ivoire ($X) constituted the largest supplier of crude coconut (copra) oil to Ghana.

From 2012 to 2022, the average annual rate of growth in terms of value from Cote d'Ivoire totaled +37.6%.

Import Prices by Country

The average crude coconut oil import price stood at $X per ton in 2022, surging by 19% against the previous year. In general, the import price recorded noticeable growth. The most prominent rate of growth was recorded in 2019 an increase of 144%. As a result, import price attained the peak level of $X per ton. From 2020 to 2022, the average import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Cote d'Ivoire.

From 2012 to 2022, the rate of growth in terms of prices for Cote d'Ivoire amounted to +3.7% per year.

Source: IndexBox Platform

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