Ghana: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Ghana

The Ghanian sunflower-seed and safflower oil market rose significantly to $X in 2022, increasing by 15% against the previous year. Overall, consumption posted a significant increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Production of Sunflower-Seed And Safflower Oil in Ghana

In value terms, sunflower-seed and safflower oil production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 4.5%. Sunflower-seed and safflower oil production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports from Ghana

In 2022, shipments abroad of sunflower-seed and safflower oil decreased by -15.8% to X tons, falling for the third consecutive year after three years of growth. Over the period under review, exports recorded a deep slump. The pace of growth was the most pronounced in 2017 with an increase of 1,830%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, sunflower-seed and safflower oil exports contracted significantly to $X in 2022. In general, exports continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2017 with an increase of 2,497% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Portugal (X tons) was the main destination for sunflower-seed and safflower oil exports from Ghana, accounting for a 59% share of total exports. Moreover, sunflower-seed and safflower oil exports to Portugal exceeded the volume sent to the second major destination, Burkina Faso (X tons), threefold. The third position in this ranking was taken by the UK (X tons), with a 16% share.

From 2012 to 2022, the average annual growth rate of volume to Portugal totaled -13.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Burkina Faso (-0.8% per year) and the UK (0.0% per year).

In value terms, Portugal ($X) remains the key foreign market for sunflower-seed and safflower oil exports from Ghana, comprising 82% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a 12% share of total exports. It was followed by the UK, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value to Portugal totaled -14.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Burkina Faso (+2.1% per year) and the UK (0.0% per year).

Export Prices by Country

In 2022, the average sunflower-seed and safflower oil export price amounted to $X per ton, which is down by -7.1% against the previous year. Overall, export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sunflower-seed and safflower oil export price decreased by -39.5% against 2019 indices. The growth pace was the most rapid in 2017 an increase of 35% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Portugal ($X per ton), while the average price for exports to Canada ($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 Cote d'Ivoire (+42.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Sunflower-Seed And Safflower Oil

Imports into Ghana

In 2022, the amount of sunflower-seed and safflower oil imported into Ghana soared to X tons, increasing by 35% on 2021. Over the period under review, imports posted significant growth. The pace of growth was the most pronounced in 2020 with an increase of 187%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, sunflower-seed and safflower oil imports stood at $X in 2022. Overall, imports saw a significant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 198% against the previous year. 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

Turkey (X tons), Ukraine (X tons) and Egypt (X tons) were the main suppliers of sunflower-seed and safflower oil imports to Ghana, with a combined 81% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +79.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ukraine ($X), Turkey ($X) and Portugal ($X) appeared to be the largest sunflower-seed and safflower oil suppliers to Ghana, together accounting for 82% of total imports.

Turkey, with a CAGR of +69.1%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average sunflower-seed and safflower oil import price stood at $X per ton in 2022, which is down by -21.1% against the previous year. Overall, the import price showed a perceptible reduction. The growth pace was the most rapid in 2021 an increase of 57%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+11.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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