Ghana: Manuka Market 2024

Manuka Market Size in Ghana

In 2022, after seven years of growth, there was significant decline in the Ghanian manuka market, when its value decreased by -26.1% to $X. In general, consumption, however, enjoyed a strong expansion. Over the period under review, the market reached the peak level at $X in 2021, and then reduced markedly in the following year.

Manuka Production in Ghana

In value terms, manuka production stood at $X in 2022 estimated in export price. In general, production recorded 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 attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Manuka Exports

Exports from Ghana

In 2022, overseas shipments of manuka decreased by -6.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, showed a strong increase. The most prominent rate of growth was recorded 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, manuka exports reduced to $X in 2022. Overall, exports, however, saw a significant increase. The most prominent rate of growth was recorded 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 manuka exports from Ghana, accounting for a 42% share of total exports. Moreover, manuka 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 rate of growth in terms of volume to Bermuda amounted to +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 ($X) emerged as the key foreign market for manuka exports from Ghana, comprising 32% of total exports. The second position in the ranking was held by the Netherlands ($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 stood at +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

In 2022, the average manuka export price amounted to $X per ton, remaining constant against the previous year. In general, the export price saw a remarkable increase. The most prominent rate of growth was recorded in 2015 an increase of 95%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices failed to regain momentum.

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 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.

Manuka Imports

Imports into Ghana

In 2022, after six years of growth, there was significant decline in purchases abroad of manuka, when their volume decreased by -30.1% to X tons. Over the period under review, imports, however, showed a perceptible increase. The pace of growth was the most pronounced in 2021 with an increase of 156%. As a result, imports reached the peak of X tons, and then contracted markedly in the following year.

In value terms, manuka imports reduced dramatically to $X in 2022. Overall, imports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 75%. As a result, imports attained the peak of $X, and then shrank rapidly in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of manuka to Ghana, accounting for a 34% share of total imports. Moreover, manuka imports from India exceeded the figures recorded by the second-largest supplier, South Africa (X tons), twofold. The third position in this ranking was held by France (X tons), with a 14% share.

From 2012 to 2022, the average annual growth rate 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, India ($X), France ($X) and South Africa ($X) appeared to be the largest manuka suppliers to Ghana, together accounting for 57% 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%, saw the highest rates of growth with regard to 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 manuka import price stood at $X per ton in 2022, rising by 12% against the previous year. Overall, the import price saw a notable expansion. The growth pace was the most rapid in 2014 when the average import price increased by 77% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

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) :