Ghana: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Ghana

The Ghanian refined soybean oil market contracted remarkably to $X in 2022, reducing by X% against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Refined Soybean Oil Production in Ghana

In value terms, refined soybean oil production reduced dramatically to $X in 2022 estimated in export price. Over the period under review, production saw a abrupt downturn. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

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Refined Soybean Oil Exports

Exports from Ghana

In 2022, approx. X tons of refined soybean oil and its fractions were exported from Ghana; picking up by X% against the year before. Over the period under review, exports, however, showed a dramatic decrease. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, refined soybean oil exports skyrocketed to $X in 2022. Overall, exports, however, recorded a significant curtailment. The growth pace was the most rapid in 2020 with an increase of X%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Burkina Faso (X tons) was the main destination for refined soybean oil exports from Ghana, with a X% share of total exports. Moreover, refined soybean oil exports to Burkina Faso exceeded the volume sent to the second major destination, the UK (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Burkina Faso stood at X%.

In value terms, the largest markets for refined soybean oil exported from Ghana were the UK ($X) and Burkina Faso ($X). Moreover, refined soybean oil exports in the UK exceeded the figures recorded by the second-largest exporter, Burkina Faso, twofold.

The UK, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review.

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average export price increased by X%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Burkina Faso totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (X%), while the prices for the other major destinations experienced a decline.

Refined Soybean Oil Imports

Imports into Ghana

In 2022, the amount of refined soybean oil and its fractions imported into Ghana soared to X tons, increasing by X% against the year before. In general, imports continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, refined soybean oil imports reduced modestly to $X in 2022. Overall, imports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Imports peaked at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of refined soybean oil to Ghana, accounting for a X% share of total imports. Moreover, refined soybean oil imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Egypt (X tons), fourfold. The third position in this ranking was taken by Mozambique (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (X% per year) and Mozambique (X% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of refined soybean oil and its fractions to Ghana, comprising X% of total imports. The second position in the ranking was held by Egypt ($X), with a X% share of total imports. It was followed by Mozambique, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (X% per year) and Mozambique (X% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, with a decrease of X% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by X%. As a result, import price attained the peak level of $X per ton, and then shrank markedly 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 Netherlands ($X per ton), while the price for Panama ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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