Ghana: Refined Rapeseed Oil Market 2024

Refined Rapeseed Oil Market Size in Ghana

The Ghanian refined rapeseed oil market expanded notably to $X in 2022, picking up by 7.6% against the previous year. In general, consumption, however, recorded a abrupt setback. Refined rapeseed oil consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Refined Rapeseed Oil Production in Ghana

In value terms, refined rapeseed oil production expanded rapidly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a deep setback. The growth pace was the most rapid in 2020 with an increase of 36%. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Refined Rapeseed Oil Exports

Exports from Ghana

In 2022, shipments abroad of refined rape, colza or mustard oil increased by 20% to X tons, rising for the sixth year in a row after three years of decline. Over the period under review, exports, however, recorded a drastic downturn. The growth pace was the most rapid in 2013 when exports increased by 926% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, refined rapeseed oil exports rose rapidly to $X in 2022. In general, exports, however, saw a abrupt decrease. The pace of growth was the most pronounced in 2013 with an increase of 919% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Burkina Faso (X tons) was the main destination for refined rapeseed oil exports from Ghana, accounting for a 96% share of total exports. It was followed by Mali (X tons), with a 3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Burkina Faso totaled +22.8%.

In value terms, Burkina Faso ($X) remains the key foreign market for refined rape, colza or mustard oil exports from Ghana, comprising 92% of total exports. The second position in the ranking was held by Mali ($X), with a 3.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Burkina Faso amounted to +27.8%.

Export Prices by Country

The average refined rapeseed oil export price stood at $X per ton in 2022, with a decrease of -4.5% against the previous year. Over the period under review, the export price continues to indicate a noticeable contraction. The pace of growth was the most pronounced in 2016 an increase of 12% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Mali ($X per ton), while the average price for exports to Burkina Faso totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+428.4%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Rapeseed Oil Imports

Imports into Ghana

In 2022, purchases abroad of refined rape, colza or mustard oil decreased by -31% to X tons, falling for the second year in a row after two years of growth. In general, imports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 184% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined rapeseed oil imports soared to $X in 2022. Overall, imports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2020 with an increase of 115% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest refined rapeseed oil supplier to Ghana, accounting for a 61% share of total imports. Moreover, refined rapeseed oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, the United States (X tons), sixfold. The third position in this ranking was held by the Netherlands (X tons), with a 7.6% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia totaled +58.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+22.0% per year) and the Netherlands (-11.8% per year).

In value terms, the largest refined rapeseed oil suppliers to Ghana were Malaysia ($X), Cote d'Ivoire ($X) and the Netherlands ($X), with a combined 62% share of total imports.

Cote d'Ivoire, with a CAGR of +71.5%, saw 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

In 2022, the average refined rapeseed oil import price amounted to $X per ton, jumping by 87% against the previous year. In general, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined rapeseed oil import price increased by +115.9% against 2020 indices. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+18.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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