Ghana: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Ghana

The Ghanian odoriferous substance mixture market shrank to $X in 2022, declining by -7.5% 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). Over the period under review, consumption, however, saw a buoyant expansion. Over the period under review, the market hit record highs at $X in 2021, and then declined in the following year.

Odoriferous Substance Mixture Exports

Exports from Ghana

In 2022, approx. X tons of mixtures of odoriferous substances and their preparations were exported from Ghana; picking up by 40% compared with the previous year's figure. In general, exports saw a significant increase. The pace of growth was the most pronounced in 2013 when exports increased by 1,720% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, odoriferous substance mixture exports skyrocketed to $X in 2022. Over the period under review, exports posted a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 2,220% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria (X tons) was the main destination for odoriferous substance mixture exports from Ghana, with a 82% share of total exports. Moreover, odoriferous substance mixture exports to Nigeria exceeded the volume sent to the second major destination, Burkina Faso (X tons), more than tenfold. China (X tons) ranked third in terms of total exports with a 3.8% share.

From 2012 to 2022, the average annual growth rate of volume to Nigeria totaled +67.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Burkina Faso (+66.1% per year) and China (+56.9% per year).

In value terms, Nigeria ($X) remains the key foreign market for mixtures of odoriferous substances and their preparations exports from Ghana, comprising 85% of total exports. The second position in the ranking was taken by China ($X), with a 6.7% share of total exports. It was followed by Cote d'Ivoire, with a 3% share.

From 2012 to 2022, the average annual growth rate of value to Nigeria amounted to +61.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+62.4% per year) and Cote d'Ivoire (+58.2% per year).

Export Prices by Country

The average odoriferous substance mixture export price stood at $X per ton in 2022, picking up by 12% against the previous year. Overall, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, odoriferous substance mixture export price decreased by +0.5% against 2018 indices. The most prominent rate of growth was recorded in 2015 an increase of 66% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Burkina Faso ($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 Benin (+7.2%), while the prices for the other major destinations experienced more modest paces of growth.

Odoriferous Substance Mixture Imports

Imports into Ghana

In 2022, after eight years of growth, there was decline in purchases abroad of mixtures of odoriferous substances and their preparations, when their volume decreased by -3.5% to X tons. Over the period under review, imports, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2019 with an increase of 101%. Over the period under review, imports attained the peak figure at X tons in 2021, and then reduced modestly in the following year.

In value terms, odoriferous substance mixture imports reduced to $X in 2022. In general, imports, however, showed a strong expansion. The growth pace was the most rapid in 2019 when imports increased by 51% against the previous year. Imports peaked at $X in 2021, and then shrank in the following year.

Imports by Country

Germany (X tons), Ireland (X tons) and Senegal (X tons) were the main suppliers of odoriferous substance mixture imports to Ghana, with a combined 56% share of total imports. China, the UK, Egypt, France, South Africa, India, Spain, Italy, the United States and Belgium lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +51.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest odoriferous substance mixture suppliers to Ghana were Germany ($X), Egypt ($X) and Ireland ($X), with a combined 43% share of total imports. Senegal, the UK, the United States, France, Italy, India, Spain, South Africa, China and Belgium lagged somewhat behind, together comprising a further 49%.

Among the main suppliers, the United States, with a CAGR of +61.9%, saw 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

The average odoriferous substance mixture import price stood at $X per ton in 2022, which is down by -4.9% against the previous year. In general, the import price showed a noticeable setback. The growth pace was the most rapid in 2014 an increase of 13% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average 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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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