Ghana: Market for Nutmeg, Mace And Cardamoms 2024

Market Size for Nutmeg, Mace And Cardamoms in Ghana

The Ghanian nutmeg, mace and cardamom market rose rapidly to $X in 2022, surging by 5.5% 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 showed a prominent increase. Nutmeg, mace and cardamom consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Exports of Nutmeg, Mace And Cardamoms

Exports from Ghana

In 2022, the amount of nutmeg, mace and cardamoms exported from Ghana declined sharply to X tons, which is down by -38.6% on the previous year's figure. Over the period under review, exports, however, continue to indicate a pronounced expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 591%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, nutmeg, mace and cardamom exports declined sharply to $X in 2022. In general, exports, however, continue to indicate a strong expansion. The growth pace was the most rapid in 2017 with an increase of 448% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for nutmeg, mace and cardamom exports from Ghana, accounting for a 59% share of total exports. Moreover, nutmeg, mace and cardamom exports to the United States exceeded the volume sent to the second major destination, Cote d'Ivoire (X kg), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+10.2% per year) and Switzerland (+26.1% per year).

In value terms, the largest markets for nutmeg, mace and cardamom exported from Ghana were Switzerland ($X), the United States ($X) and Cote d'Ivoire ($X), with a combined 97% share of total exports.

In terms of the main countries of destination, Switzerland, with a CAGR of +32.5%, saw 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 nutmeg, mace and cardamom export price stood at $X per ton in 2022, which is down by -2.8% against the previous year. Overall, the export price, however, continues to indicate a strong increase. The most prominent rate of growth was recorded in 2021 when the average export price increased by 257%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to Cote d'Ivoire ($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 Germany (+39.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Nutmeg, Mace And Cardamoms

Imports into Ghana

Nutmeg, mace and cardamom imports into Ghana was estimated at X tons in 2022, with an increase of 14% compared with the year before. In general, imports continue to indicate a strong increase. The growth pace was the most rapid in 2015 with an increase of 138%. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, nutmeg, mace and cardamom imports amounted to $X in 2022. Over the period under review, imports posted a significant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 228%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) was the main supplier of nutmeg, mace and cardamom to Ghana, with a 95% share of total imports. It was followed by India (X tons), with a 1.2% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates amounted to +19.6%.

In value terms, the United Arab Emirates ($X) constituted the largest supplier of nutmeg, mace and cardamoms to Ghana, comprising 96% of total imports. The second position in the ranking was taken by India ($X), with a 1.8% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates stood at +29.6%.

Import Prices by Country

The average nutmeg, mace and cardamom import price stood at $X per ton in 2022, which is down by -11.7% against the previous year. Over the period under review, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +10.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nutmeg, mace and cardamom import price increased by +12.0% against 2019 indices. The growth pace was the most rapid in 2013 when the average import price increased by 92%. The import price peaked at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while the price for the United Arab Emirates stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+30.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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