Ghana: Perfume Market 2024

Perfume Market Size in Ghana

In 2022, the Ghanian perfume market decreased by -0.1% to $X, falling for the second consecutive year after two years of growth. Overall, consumption, however, enjoyed a strong increase. Perfume consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Perfume Exports

Exports from Ghana

In 2022, after eight years of growth, there was significant decline in shipments abroad of perfumes and toilet waters, when their volume decreased by -77.3% to X tons. Overall, exports, however, continue to indicate a buoyant increase. The growth pace was the most rapid in 2014 when exports increased by 1,412%. The exports peaked at X tons in 2021, and then reduced dramatically in the following year.

In value terms, perfume exports contracted notably to $X in 2022. Over the period under review, exports, however, enjoyed a pronounced increase. The pace of growth appeared the most rapid in 2014 with an increase of 1,601%. The exports peaked at $X in 2021, and then fell significantly in the following year.

Exports by Country

Mali (X tons) was the main destination for perfume exports from Ghana, accounting for a 42% share of total exports. Moreover, perfume exports to Mali exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), twofold. The Netherlands (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Mali totaled +32.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (0.0% per year) and the Netherlands (-5.9% per year).

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for perfumes and toilet waters exports from Ghana, comprising 56% of total exports. The second position in the ranking was taken by the UK ($X), with an 18% share of total exports. It was followed by the Netherlands, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+55.6% per year) and the Netherlands (-11.2% per year).

Export Prices by Country

In 2022, the average perfume export price amounted to $X per ton, increasing by 147% against the previous year. In general, the export price, however, continues to indicate a slight decline. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Benin ($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 UK (+4.0%), while the prices for the other major destinations experienced a decline.

Perfume Imports

Imports into Ghana

In 2022, the amount of perfumes and toilet waters imported into Ghana shrank to X tons, reducing by -9.5% compared with the year before. Overall, imports, however, showed a prominent increase. The pace of growth was the most pronounced in 2014 when imports increased by 118% against the previous year. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, perfume imports rose to $X in 2022. In general, imports, however, showed a prominent expansion. The pace of growth was the most pronounced in 2014 when imports increased by 70% against the previous year. Over the period under review, imports attained the peak figure at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Cote d'Ivoire (X tons) constituted the largest supplier of perfume to Ghana, with a 77% share of total imports. Moreover, perfume imports from Cote d'Ivoire exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), sevenfold. China (X tons) ranked third in terms of total imports with a 2.8% share.

From 2012 to 2022, the average annual growth rate of volume from Cote d'Ivoire totaled +17.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-3.4% per year) and China (-14.7% per year).

In value terms, Cote d'Ivoire ($X) constituted the largest supplier of perfumes and toilet waters to Ghana, comprising 48% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 18% share of total imports. It was followed by the UK, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from Cote d'Ivoire amounted to +29.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+4.0% per year) and the UK (+27.4% per year).

Import Prices by Country

The average perfume import price stood at $X per ton in 2022, increasing by 12% against the previous year. Overall, import price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, perfume import price increased by +9.5% against 2019 indices. The most prominent rate of growth was recorded in 2013 an increase of 41% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average 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 the UK ($X per ton), while the price for Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+15.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :