Ghana: Ghee Market 2024

Ghee Market Size in Ghana

The Ghanian ghee market soared to $X in 2022, rising by 19% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Ghee Exports

Exports from Ghana

Ghee exports from Ghana dropped slightly to X tons in 2022, standing approx. at the previous year. In general, exports continue to indicate a sharp curtailment. The pace of growth was the most pronounced in 2015 when exports increased by 45,337%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, ghee exports expanded markedly to $X in 2022. Overall, exports continue to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2015 with an increase of 35,865%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The UK (X tons) was the main destination for ghee exports from Ghana, with a 78% share of total exports. Moreover, ghee exports to the UK exceeded the volume sent to the second major destination, the Netherlands (X kg), ninefold. The United Arab Emirates (X kg) ranked third in terms of total exports with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the UK totaled -11.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-28.4% per year) and the United Arab Emirates (-14.1% per year).

In value terms, the UK ($X) remains the key foreign market for ghee exports from Ghana, comprising 67% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 23% share of total exports. It was followed by the United Arab Emirates, with a 3.4% share.

From 2012 to 2022, the average annual growth rate of value to the UK totaled -5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-21.4% per year) and the United Arab Emirates (-13.8% per year).

Export Prices by Country

The average ghee export price stood at $X per ton in 2022, with an increase of 6.8% against the previous year. Overall, export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ghee export price decreased by -6.2% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 51% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Germany ($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 Netherlands (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Ghee Imports

Imports into Ghana

In 2022, the amount of ghee imported into Ghana skyrocketed to X tons, picking up by 24% compared with the previous year. Overall, imports, however, continue to indicate a mild decline. The most prominent rate of growth was recorded in 2020 when imports increased by 37% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, ghee imports surged to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 48% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, New Zealand (X tons) constituted the largest ghee supplier to Ghana, accounting for a 86% share of total imports. Moreover, ghee imports from New Zealand exceeded the figures recorded by the second-largest supplier, France (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from New Zealand amounted to -2.4%.

In value terms, New Zealand ($X) constituted the largest supplier of ghee to Ghana, comprising 87% of total imports. The second position in the ranking was taken by France ($X), with a 9.4% share of total imports.

From 2012 to 2022, the average annual growth rate of value from New Zealand was relatively modest.

Import Prices by Country

In 2022, the average ghee import price amounted to $X per ton, waning by -6.5% against the previous year. In general, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ghee import price increased by +4.9% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of 58% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for New Zealand amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+2.5%).

Source: IndexBox Platform

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