The demand for coconut oil in Ghana stood at 8.0 thousand metric tons in 2023, representing a 0% year-on-year change from the previous year. Over the past decade, the market has experienced fluctuations, with notable peaks such as in 2017 at 8.0 thousand metric tons and troughs in 2020 at 5.81 thousand metric tons. The last two years have seen a stabilization with no year-on-year variation in both 2022 and 2023. The 5-year compound annual growth rate (CAGR) indicates an average annual growth of 2.71% from 2019 to 2023.
Future trends to watch for include a steady increase in demand, as forecasted data suggests the market will grow to 8.61 thousand metric tons by 2028. The projected 5-year CAGR from 2024 to 2028 is 1.1%, reflecting a modest growth rate. Factors such as market diversification, health benefits, and increased awareness will likely play significant roles in shaping demand.
