Ghana: Soya Sauce Market 2024

Soya Sauce Market Size in Ghana

The Ghanian soya sauce market expanded remarkably to $X in 2022, growing by 13% against the previous year. Over the period under review, consumption recorded a measured expansion. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Soya Sauce Production in Ghana

In value terms, soya sauce production skyrocketed to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the production volume increased by 315%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Soya Sauce Exports

Exports from Ghana

In 2022, the amount of soya sauce exported from Ghana skyrocketed to X kg, rising by 53% against the previous year. Over the period under review, exports showed a significant increase. The pace of growth appeared the most rapid in 2018 with an increase of 3,647% against the previous year. As a result, the exports attained the peak of X kg. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, soya sauce exports surged to $X in 2022. In general, exports recorded significant growth. The pace of growth appeared the most rapid in 2018 when exports increased by 3,422% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X kg) was the main destination for soya sauce exports from Ghana, with a 91% share of total exports. Moreover, soya sauce exports to the United States exceeded the volume sent to the second major destination, Canada (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +65.7%.

In value terms, the United States ($X) remains the key foreign market for soya sauce exports from Ghana, comprising 98% of total exports. The second position in the ranking was held by Canada ($X), with a 0.5% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +82.3%.

Export Prices by Country

In 2022, the average soya sauce export price amounted to $X per ton, with a decrease of -2.8% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the average export price increased by 62% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a 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 United States ($X per ton), while the average price for exports to Canada stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+10.0%).

Soya Sauce Imports

Imports into Ghana

In 2022, the amount of soya sauce imported into Ghana reduced to X tons, waning by -12.1% against the year before. In general, imports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2019 when imports increased by 66% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, soya sauce imports fell markedly to $X in 2022. Overall, imports, however, continue to indicate resilient growth. The pace of growth appeared the most rapid in 2021 when imports increased by 56%. As a result, imports attained the peak of $X, and then shrank remarkably in the following year.

Imports by Country

In 2022, China (X tons) was the main soya sauce supplier to Ghana, accounting for a 95% share of total imports. It was followed by the United States (X tons), with a 2.5% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+17.0% per year) and Hong Kong SAR (-28.1% per year).

In value terms, China ($X) constituted the largest supplier of soya sauce to Ghana, comprising 91% of total imports. The second position in the ranking was taken by the United States ($X), with a 5% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at +15.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+23.2% per year) and Hong Kong SAR (-22.3% per year).

Import Prices by Country

The average soya sauce import price stood at $X per ton in 2022, with a decrease of -6.8% against the previous year. Over the period under review, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soya sauce import price increased by +10.4% against 2020 indices. The most prominent rate of growth was recorded in 2014 an increase of 55% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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