Ghana: Essential Oils Market 2024

Essential Oils Market Size in Ghana

The Ghanian essential oils market declined significantly to $X in 2022, shrinking by -26.1% against the previous year. Overall, consumption continues to indicate a noticeable reduction. Essential oils consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Essential Oils Production in Ghana

In value terms, essential oils production rose modestly to $X in 2022 estimated in export price. Overall, production posted prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of 849%. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Essential Oils Exports

Exports from Ghana

In 2022, essential oils exports from Ghana soared to X tons, growing by 322% on 2021. Over the period under review, exports enjoyed a significant increase. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, essential oils exports declined to $X in 2022. In general, exports saw a resilient expansion. The pace of growth was the most pronounced in 2014 with an increase of 217% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Togo (X tons) was the main destination for essential oils exports from Ghana, accounting for a 81% share of total exports. Moreover, essential oils exports to Togo exceeded the volume sent to the second major destination, the UK (X tons), more than tenfold. The third position in this ranking was held by Bahrain (X kg), with a 1.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Togo totaled +38.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+80.5% per year) and Bahrain (+125.4% per year).

It was followed by Bahrain, with a 3.1% share.

From 2012 to 2022, the average annual growth rate of value to the UK stood at +65.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (+27.1% per year) and Bahrain (+60.2% per year).

Export Prices by Country

The average essential oils export price stood at $X per ton in 2022, shrinking by -79.4% against the previous year. Over the period under review, the export price faced a deep slump. The most prominent rate of growth was recorded in 2021 when the average export price increased by 475%. As a result, the export price attained the peak level of $X per ton, and then shrank significantly in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Togo ($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 the United States (+7.1%), while the prices for the other major destinations experienced a decline.

Essential Oils Imports

Imports into Ghana

In 2022, the amount of essential oils imported into Ghana dropped notably to X tons, waning by -67.6% compared with 2021 figures. Over the period under review, imports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2019 when imports increased by 167%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, essential oils imports reduced remarkably to $X in 2022. In general, imports continue to indicate a deep contraction. The pace of growth was the most pronounced in 2019 with an increase of 42%. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

The UK (X tons), India (X tons) and China (X tons) were the main suppliers of essential oils imports to Ghana, with a combined 86% share of total imports. The Netherlands, the United States and Germany lagged somewhat behind, together accounting for a further 9.2%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +0.7%), while imports for the other leaders experienced a decline.

In value terms, India ($X) constituted the largest supplier of essential oils to Ghana, comprising 57% of total imports. The second position in the ranking was taken by the UK ($X), with a 12% share of total imports. It was followed by the Netherlands, with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India totaled -11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-22.5% per year) and the Netherlands (+0.5% per year).

Import Prices by Country

The average essential oils import price stood at $X per ton in 2022, picking up by 67% against the previous year. Overall, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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 Netherlands ($X per ton), while the price for the UK ($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 (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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