Ghana: Linseed Oil Market 2024

Linseed Oil Market Size in Ghana

The Ghanian linseed oil market totaled $X in 2022, flattening at the previous year. Overall, consumption recorded a significant increase. Linseed oil consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Linseed Oil Production in Ghana

In value terms, linseed oil production contracted slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of 15% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Linseed Oil Exports

Exports from Ghana

Linseed oil exports from Ghana shrank significantly to X tons in 2022, waning by -30.6% against the year before. In general, exports showed a sharp decrease. The pace of growth appeared the most rapid in 2017 with an increase of 6,986% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, linseed oil exports reduced rapidly to $X in 2022. Overall, exports continue to indicate a sharp shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 4,005%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X tons), Turkey (X tons) and South Africa (X kg) were the main destinations of linseed oil exports from Ghana, together accounting for 70% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of +42.4%), while the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), the Netherlands ($X) and Turkey ($X) were the largest markets for linseed oil exported from Ghana worldwide, together comprising 61% of total exports.

In terms of the main countries of destination, the UK, with a CAGR of +35.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average linseed oil export price stood at $X per ton in 2022, with an increase of 4.7% against the previous year. Over the period under review, the export price recorded a strong increase. The most prominent rate of growth was recorded in 2021 when the average export price increased by 413%. The export price peaked in 2022 and is expected to retain growth in the near future.

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 Mozambique ($X per ton), while the average price for exports to the United States ($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 South Africa (+17.7%), while the prices for the other major destinations experienced more modest paces of growth.

Linseed Oil Imports

Imports into Ghana

In 2022, supplies from abroad of linseed oil was finally on the rise to reach X tons after two years of decline. In general, imports enjoyed a significant increase. The growth pace was the most rapid in 2017 with an increase of 331%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, linseed oil imports surged to $X in 2022. Over the period under review, imports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2017 with an increase of 319% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

South Africa (X tons), India (X tons) and Belgium (X tons) were the main suppliers of linseed oil imports to Ghana, with a combined 43% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Africa (with a CAGR of +101.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest linseed oil suppliers to Ghana were South Africa ($X), India ($X) and the UK ($X), with a combined 62% share of total imports.

South Africa, with a CAGR of +104.6%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average linseed oil import price stood at $X per ton in 2022, which is down by -35.8% against the previous year. Over the period under review, the import price continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2021 when the average import price increased by 74% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+1.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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