Ghana: Crude Glycerol Market 2024

Crude Glycerol Market Size in Ghana

In 2021, the Ghanian crude glycerol market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. Over the period under review, consumption showed a remarkable increase. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Crude Glycerol Production in Ghana

In value terms, crude glycerol production expanded markedly to $X in 2021 estimated in export price. In general, production continues to indicate a moderate increase. The most prominent rate of growth was recorded in 2017 when the production volume increased by 43%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Crude Glycerol Exports

Exports from Ghana

For the fifth consecutive year, Ghana recorded decline in overseas shipments of crude glycerol, glycerine waters and lyes, which decreased by -19.6% to X kg in 2021. Overall, exports showed a dramatic decline. The pace of growth appeared the most rapid in 2013 when exports increased by 2,333% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, crude glycerol exports dropped dramatically to $X in 2021. Over the period under review, exports faced a precipitous setback. The pace of growth appeared the most rapid in 2013 when exports increased by 1,838%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Burkina Faso (X kg) was the main destination for crude glycerol exports from Ghana, with a 94% share of total exports. Moreover, crude glycerol exports to Burkina Faso exceeded the volume sent to the second major destination, the UK (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Burkina Faso totaled -15.4%.

In value terms, Burkina Faso ($X) remains the key foreign market for crude glycerol, glycerine waters and lyes exports from Ghana, comprising 88% of total exports. The second position in the ranking was taken by the UK ($X), with a 4.9% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Burkina Faso totaled -22.9%.

Export Prices by Country

In 2021, the average crude glycerol export price amounted to $X per ton, remaining stable against the previous year. Over the period under review, the export price continues to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2017 when the average export price increased by 30% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Burkina Faso totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (-1.0%), while the prices for the other major destinations experienced a decline.

Crude Glycerol Imports

Imports into Ghana

In 2021, approx. X tons of crude glycerol, glycerine waters and lyes were imported into Ghana; which is down by -91.5% compared with the year before. Over the period under review, imports continue to indicate a dramatic downturn. The growth pace was the most rapid in 2018 when imports increased by 746%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, crude glycerol imports shrank remarkably to $X in 2021. Overall, imports showed a deep setback. The growth pace was the most rapid in 2018 with an increase of 317%. Imports peaked at $X in 2020, and then reduced sharply in the following year.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of crude glycerol to Ghana, with a 71% share of total imports. Moreover, crude glycerol imports from Malaysia exceeded the figures recorded by the second-largest supplier, South Africa (X kg), sevenfold. Belgium (X kg) ranked third in terms of total imports with an 8.7% share.

From 2012 to 2021, the average annual growth rate of volume from Malaysia stood at -14.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (+0.9% per year) and Belgium (-13.4% per year).

In value terms, Malaysia ($X) constituted the largest supplier of crude glycerol, glycerine waters and lyes to Ghana, comprising 57% of total imports. The second position in the ranking was held by Belgium ($X), with a 20% share of total imports. It was followed by South Africa, with a 9% share.

From 2012 to 2021, the average annual growth rate of value from Malaysia amounted to -6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-0.5% per year) and South Africa (+0.9% per year).

Import Prices by Country

The average crude glycerol import price stood at $X per ton in 2021, growing by 43% against the previous year. Overall, the import price recorded prominent growth. The growth pace was the most rapid in 2020 an increase of 63% against the previous year. Over the period under review, average import prices reached the maximum in 2021 and is likely to see steady growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+14.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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