Ghana: Honey Market 2024

Honey Market Size in Ghana

In 2022, after seven years of growth, there was significant decline in the Ghanian honey market, when its value decreased by -26.1% to $X. Over the period under review, consumption, however, posted a prominent increase. Honey consumption peaked at $X in 2021, and then contracted remarkably in the following year.

Honey Production in Ghana

In value terms, honey production amounted to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 3,462,200% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Honey Exports

Exports from Ghana

After two years of growth, shipments abroad of honey decreased by -6.3% to X tons in 2022. Overall, exports, however, showed a buoyant increase. The growth pace was the most rapid in 2014 when exports increased by 602% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, honey exports fell to $X in 2022. Over the period under review, exports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 706% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Bermuda (X kg) was the main destination for honey exports from Ghana, with a 42% share of total exports. Moreover, honey exports to Bermuda exceeded the volume sent to the second major destination, Germany (X kg), fourfold. The Netherlands (X kg) ranked third in terms of total exports with an 8.9% share.

From 2012 to 2022, the average annual growth rate of volume to Bermuda totaled +3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+67.1% per year) and the Netherlands (0.0% per year).

In value terms, Bermuda ($X) emerged as the key foreign market for honey exports from Ghana, comprising 32% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 13% share of total exports. It was followed by Germany, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bermuda amounted to +1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (0.0% per year) and Germany (+81.8% per year).

Export Prices by Country

The average honey export price stood at $X per ton in 2022, leveling off at the previous year. Over the period under review, the export price showed buoyant growth. The most prominent rate of growth was recorded in 2015 an increase of 95%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Belgium ($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 Arab Emirates (+16.3%), while the prices for the other major destinations experienced more modest paces of growth.

Honey Imports

Imports into Ghana

In 2022, after six years of growth, there was significant decline in purchases abroad of honey, when their volume decreased by -30.1% to X tons. In general, imports, however, recorded notable growth. The most prominent rate of growth was recorded in 2021 with an increase of 156%. As a result, imports reached the peak of X tons, and then declined rapidly in the following year.

In value terms, honey imports contracted dramatically to $X in 2022. Over the period under review, imports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of 75%. As a result, imports reached the peak of $X, and then contracted rapidly in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest honey supplier to Ghana, with a 34% share of total imports. Moreover, honey imports from India exceeded the figures recorded by the second-largest supplier, South Africa (X tons), twofold. France (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India totaled +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (+9.5% per year) and France (+55.2% per year).

In value terms, the largest honey suppliers to Ghana were India ($X), France ($X) and South Africa ($X), with a combined 57% share of total imports. The Netherlands, Spain and Germany lagged somewhat behind, together accounting for a further 12%.

Among the main suppliers, Spain, with a CAGR of +45.9%, 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

In 2022, the average honey import price amounted to $X per ton, rising by 12% against the previous year. Over the period under review, the import price continues to indicate a pronounced expansion. The most prominent rate of growth was recorded in 2014 an increase of 77% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 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 France ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+15.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :