Ghana: Coconut Market 2024

Coconut Market Size in Ghana

The Ghanian coconut market contracted slightly to $X in 2022, with a decrease of -2.5% against the previous year. Overall, consumption, however, enjoyed a remarkable increase. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Coconut Production in Ghana

In value terms, coconut production contracted slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a strong expansion. The pace of growth was the most pronounced in 2015 with an increase of 97%. Coconut production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

The average yield of coconuts in Ghana totaled X tons per ha in 2022, approximately reflecting the year before. Over the period under review, the yield, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 19%. As a result, the yield attained the peak level of X tons per ha. From 2017 to 2022, the growth of the average coconut yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The coconut harvested area in Ghana contracted to X ha in 2022, approximately reflecting 2021. The harvested area increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 22% against the previous year. The coconut harvested area peaked at X ha in 2021, and then reduced modestly in the following year.

Coconut Exports

Exports from Ghana

In 2022, the amount of coconuts exported from Ghana dropped remarkably to X tons, waning by -51.3% against 2021. Over the period under review, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 1,319% against the previous year. The exports peaked at X tons in 2021, and then declined rapidly in the following year.

In value terms, coconut exports dropped rapidly to $X in 2022. Overall, exports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 1,594%. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Turkey (X tons), the UK (X tons) and the United States (X tons) were the main destinations of coconut exports from Ghana, together accounting for 51% of total exports. Nigeria, Italy, the Netherlands, Switzerland, Canada, Spain, France, the United Arab Emirates and Belgium lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +164.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for coconuts exports from Ghana, comprising 24% of total exports. The second position in the ranking was taken by Switzerland ($X), with a 9.7% share of total exports. It was followed by the UK, with a 7.9% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +122.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (+50.8% per year) and the UK (+109.4% per year).

Export Prices by Country

The average coconut export price stood at $X per ton in 2022, increasing by 34% against the previous year. Over the period under review, the export price enjoyed buoyant growth. The most prominent rate of growth was recorded in 2016 when the average export price increased by 147%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+27.0%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Imports

Imports into Ghana

In 2022, approx. X tons of coconuts were imported into Ghana; with a decrease of -91.9% on the previous year's figure. Over the period under review, imports, however, posted a mild expansion. The most prominent rate of growth was recorded in 2020 with an increase of 1,468%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, coconut imports contracted sharply to $X in 2022. In general, imports continue to indicate a deep downturn. The pace of growth was the most pronounced in 2020 with an increase of 836%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Cote d'Ivoire (X tons) was the main supplier of coconut to Ghana, accounting for a 95% share of total imports. It was followed by the UK (X kg), with a 3% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Cote d'Ivoire stood at +10.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-19.2% per year) and the United Arab Emirates (-24.3% per year).

In value terms, Cote d'Ivoire ($X) constituted the largest supplier of coconuts to Ghana, comprising 75% of total imports. The second position in the ranking was taken by the UK ($X), with a 15% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Cote d'Ivoire totaled +4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-20.9% per year) and the United Arab Emirates (-30.0% per year).

Import Prices by Country

The average coconut import price stood at $X per ton in 2022, growing by 12% against the previous year. In general, the import price, however, faced a abrupt downturn. The most prominent rate of growth was recorded in 2017 an increase of 104%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+16.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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