Ghana: Spice Market 2024

Spice Market Size in Ghana

The Ghanian spice market reduced to $X in 2022, which is down by X% against the previous year. In general, consumption showed a slight decline. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Spice Production in Ghana

In value terms, spice production shrank markedly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Spice production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

In 2022, the average spice yield in Ghana totaled X tons per ha, standing approx. at the previous year's figure. Over the period under review, the yield continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the yield increased by X%. As a result, the yield attained the peak level of X tons per ha. From 2015 to 2022, the growth of the average spice yield remained at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of spices were harvested in Ghana; remaining relatively unchanged against 2021. In general, the harvested area, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the harvested area increased by X%. Over the period under review, the harvested area dedicated to spice production attained the maximum at X ha in 2018; however, from 2019 to 2022, the harvested area failed to regain momentum.

Spice Exports

Exports from Ghana

In 2022, spice exports from Ghana rose notably to X tons, increasing by X% on 2021. In general, exports recorded a prominent increase. The pace of growth appeared the most rapid in 2020 with an increase of X%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, spice exports reduced remarkably to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2021, and then reduced rapidly in the following year.

Exports by Country

Cote d'Ivoire (X tons) was the main destination for spice exports from Ghana, accounting for a X% share of total exports. Moreover, spice exports to Cote d'Ivoire exceeded the volume sent to the second major destination, the UK (X tons), sixfold. The United States (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cote d'Ivoire stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (X% per year) and the United States (X% per year).

In value terms, Cote d'Ivoire ($X) emerged as the key foreign market for spices exports from Ghana, comprising X% of total exports. The second position in the ranking was taken by the UK ($X), with an X% share of total exports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cote d'Ivoire amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (X% per year) and the United States (X% per year).

Export Prices by Country

In 2022, the average spice export price amounted to $X per ton, reducing by X% against the previous year. Overall, the export price showed a abrupt decline. The pace of growth appeared the most rapid in 2015 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to South Africa ($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 Lebanon (X%), while the prices for the other major destinations experienced mixed trend patterns.

Spice Imports

Imports into Ghana

In 2022, after three years of growth, there was decline in purchases abroad of spices, when their volume decreased by X% to X tons. Over the period under review, imports, however, recorded buoyant growth. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Imports peaked at X tons in 2021, and then declined modestly in the following year.

In value terms, spice imports reduced to $X in 2022. Overall, imports, however, recorded strong growth. The pace of growth was the most pronounced in 2014 when imports increased by X%. Over the period under review, imports attained the peak figure at $X in 2021, and then reduced in the following year.

Imports by Country

The United Arab Emirates (X tons), India (X tons) and Brazil (X tons) were the main suppliers of spice imports to Ghana, with a combined X% share of total imports. The United States, Vietnam, Togo and the UK lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constituted the largest supplier of spices to Ghana, comprising X% of total imports. The second position in the ranking was held by India ($X), with a X% share of total imports. It was followed by Brazil, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Brazil (X% per year).

Import Prices by Country

The average spice import price stood at $X per ton in 2022, remaining stable against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2015 when the average import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while the price for Togo ($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 United States (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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