Ghana: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Ghana

In 2022, after three years of growth, there was decline in the Ghanian fish fat and oil market, when its value decreased by -4.4% to $X. Over the period under review, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Fish Fats And Oils in Ghana

In value terms, fish fat and oil production contracted to $X in 2022 estimated in export price. In general, the total production indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.4% against 2017 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 43%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Exports of Fish Fats And Oils

Exports from Ghana

In 2022, after three years of decline, there was significant growth in shipments abroad of fish fats and oils, when their volume increased by 190% to X tons. Over the period under review, exports showed a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 1,481% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, fish fat and oil exports surged to $X in 2022. In general, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2014 when exports increased by 2,116%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Australia (X tons) was the main destination for fish fat and oil exports from Ghana, with a 46% share of total exports. Moreover, fish fat and oil exports to Australia exceeded the volume sent to the second major destination, France (X tons), twofold. Spain (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume to Australia amounted to +33.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+44.9% per year) and Spain (+17.4% per year).

In value terms, Australia ($X) remains the key foreign market for fish fats and oils exports from Ghana, comprising 51% of total exports. The second position in the ranking was held by France ($X), with a 13% share of total exports. It was followed by Spain, with a 6.5% share.

From 2012 to 2022, the average annual growth rate of value to Australia stood at +26.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+48.5% per year) and Spain (+23.3% per year).

Export Prices by Country

In 2022, the average fish fat and oil export price amounted to $X per ton, with an increase of 7.1% against the previous year. Over the period under review, the export price, however, saw a slight descent. The most prominent rate of growth was recorded in 2013 when the average export price increased by 60% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to Spain ($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 Portugal (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into Ghana

In 2022, after two years of growth, there was significant decline in overseas purchases of fish fats and oils, when their volume decreased by -39.7% to X tons. In general, imports, however, enjoyed slight growth. The most prominent rate of growth was recorded in 2020 when imports increased by 97% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, fish fat and oil imports declined significantly to $X in 2022. Overall, imports, however, saw noticeable growth. The most prominent rate of growth was recorded in 2020 with an increase of 74%. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Germany (X tons) constituted the largest fish fat and oil supplier to Ghana, with a 56% share of total imports. Moreover, fish fat and oil imports from Germany exceeded the figures recorded by the second-largest supplier, Norway (X tons), threefold. The third position in this ranking was taken by the UK (X tons), with a 9.3% share.

From 2012 to 2022, the average annual growth rate of volume from Germany amounted to -1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (+10.2% per year) and the UK (+55.3% per year).

In value terms, Germany ($X), the UK ($X) and Norway ($X) constituted the largest fish fat and oil suppliers to Ghana, with a combined 73% share of total imports.

Among the main suppliers, the UK, with a CAGR of +40.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average fish fat and oil import price stood at $X per ton in 2022, rising by 18% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 50%. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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