From 2014 to 2023, the coconut oil market in Ghana exhibited moderate growth, with values fluctuating around 6.0 to 8.0 thousand metric tons. The market stabilized at 8.0 thousand metric tons in 2023. Year-on-year trends show significant variations, including notable rising phases in 2015 and 2017, and a sharp decrease in 2020, followed by a recovery in 2021. Over the last two years, the market showed no annual fluctuation (0% variation) but maintained a long-term Compound Annual Growth Rate (CAGR) of 2.71%.
For the forecasted period (2024 to 2028), incremental growth is expected, with a modest average annual growth rate of 1.1% leading to a 5.64% overall increase by 2028. Future trends to watch for include market responses to global supply chain changes, consumer preference shifts towards organic products, and increasing domestic manufacturing capabilities which can influence demand and pricing dynamics in Ghana’s coconut oil market.
