Ghana: Soups Market 2024

Soups Market Size in Ghana

The Ghanian soups market reduced remarkably to $X in 2021, shrinking by -25.1% against the previous year. Overall, consumption recorded a abrupt decrease. The pace of growth appeared the most rapid in 2016 when the market value increased by 5.8% against the previous year. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Soups Production in Ghana

In value terms, soups production dropped sharply to $X in 2021 estimated in export price. Overall, production showed a drastic downturn. The growth pace was the most rapid in 2015 with an increase of 48% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Soups Exports

Exports from Ghana

Soups exports from Ghana rose rapidly to X tons in 2021, with an increase of 11% on 2020. Over the period under review, exports recorded a strong expansion. The pace of growth was the most pronounced in 2020 when exports increased by 542% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in the near future.

In value terms, soups exports totaled $X in 2021. In general, exports recorded prominent growth. The growth pace was the most rapid in 2020 with an increase of 493%. Over the period under review, the exports attained the peak figure in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Togo (X tons) was the main destination for soups exports from Ghana, with a 71% share of total exports. Moreover, soups exports to Togo exceeded the volume sent to the second major destination, the UK (X tons), fivefold. South Africa (X tons) ranked third in terms of total exports with a 4.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Togo amounted to +20.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+33.4% per year) and South Africa (+29.3% per year).

In value terms, the largest markets for soups exported from Ghana were Togo ($X), the UK ($X) and the Netherlands ($X), with a combined 88% share of total exports.

In terms of the main countries of destination, the Netherlands, with a CAGR of +59.0%, 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

In 2021, the average soups export price amounted to $X per ton, shrinking by -7.1% against the previous year. Overall, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average export price increased by 70%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Niger ($X per ton), while the average price for exports to South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+38.6%), while the prices for the other major destinations experienced mixed trend patterns.

Soups Imports

Imports into Ghana

In 2021, supplies from abroad of soups and broths decreased by -22.1% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports, however, posted a modest expansion. The pace of growth was the most pronounced in 2014 with an increase of 144% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, soups imports fell to $X in 2021. Overall, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 175% against the previous year. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Spain (X tons), Nigeria (X tons) and Senegal (X tons) were the main suppliers of soups imports to Ghana, with a combined 59% share of total imports. France, Norway, South Africa and the UK lagged somewhat behind, together comprising a further 8.8%.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +242.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) constituted the largest supplier of soups and broths to Ghana, comprising 27% of total imports. The second position in the ranking was held by Nigeria ($X), with an 11% share of total imports. It was followed by Senegal, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from Spain amounted to +32.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Nigeria (-1.1% per year) and Senegal (-2.3% per year).

Import Prices by Country

The average soups import price stood at $X per ton in 2021, rising by 15% against the previous year. In general, the import price, however, showed a mild descent. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, 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 France ($X per ton), while the price for Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (-1.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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