Ghana: Sesame Oil Market 2024

Sesame Oil Market Size in Ghana

The Ghanian sesame oil market stood at $X in 2022, increasing by 6.4% against the previous year. In general, consumption enjoyed significant growth. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Sesame Oil Production in Ghana

In value terms, sesame oil production reached $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 39% against the previous year. Sesame oil production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Sesame Oil Exports

Exports from Ghana

After three years of growth, overseas shipments of sesame oil decreased by -30.7% to X tons in 2022. Overall, exports saw a significant decline. The most prominent rate of growth was recorded in 2014 with an increase of 778%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, sesame oil exports shrank remarkably to $X in 2022. In general, exports saw a sharp contraction. The pace of growth was the most pronounced in 2014 when exports increased by 955% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for sesame oil exports from Ghana, with a 86% share of total exports. Moreover, sesame oil exports to the Netherlands exceeded the volume sent to the second major destination, Germany (X tons), eightfold.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands totaled -17.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-32.3% per year) and the United States (-40.2% per year).

In value terms, the Netherlands ($X) remains the key foreign market for sesame oil exports from Ghana, comprising 55% of total exports. The second position in the ranking was held by Germany ($X), with a 23% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the Netherlands amounted to -21.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-25.1% per year) and the United States (-30.5% per year).

Export Prices by Country

In 2022, the average sesame oil export price amounted to $X per ton, therefore, remained relatively stable against the previous year. Overall, the export price, however, continues to indicate a slight curtailment. The pace of growth appeared the most rapid in 2018 an increase of 29%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the Netherlands ($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 States (+16.2%), while the prices for the other major destinations experienced mixed trend patterns.

Sesame Oil Imports

Imports into Ghana

In 2022, sesame oil imports into Ghana surged to X tons, increasing by 161% against the previous year. In general, imports recorded a temperate increase. The most prominent rate of growth was recorded in 2020 when imports increased by 324%. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, sesame oil imports soared to $X in 2022. Overall, imports posted a strong expansion. The growth pace was the most rapid in 2020 with an increase of 315%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest sesame oil supplier to Ghana, with a 38% share of total imports. Moreover, sesame oil imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. Hong Kong SAR (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +12.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.0% per year) and Hong Kong SAR (+0.6% per year).

In value terms, the largest sesame oil suppliers to Ghana were India ($X), the UK ($X) and South Korea ($X), together comprising 57% of total imports. Hong Kong SAR, China, the United Arab Emirates, the United States, Belgium and Lebanon lagged somewhat behind, together comprising a further 36%.

Among the main suppliers, Belgium, with a CAGR of +42.6%, 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

In 2022, the average sesame oil import price amounted to $X per ton, which is down by -23.8% against the previous year. In general, the import price, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2019 when the average import price increased by 61%. Over the period under review, average import prices reached the maximum at $X per ton in 2021, and then shrank sharply in the following year.

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 ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+26.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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