The palm oil non-food uses in Ghana have shown significant fluctuations over the past decade, with a notable growth trajectory in recent years. In 2023, the usage stood at 377.0 Thousand Metric Tons, reflecting a 2.45% increase from the previous year. This growth has been relatively steady, averaging a CAGR of 1.85% over the past five years. The historical data shows some extreme yearly variations, such as the remarkable -40.4% drop in 2016 and the subsequent 78.89% increase in 2017, before stabilizing into more consistent growth rates.
Forecasted data from 2024 onwards suggests a continued, albeit moderate, increase in palm oil non-food uses, with a projected 5-year CAGR of 1.7%, and an expected cumulative growth rate of 8.81% by 2028. This indicates a positive trend in non-food applications of palm oil in Ghana, especially as the market stabilizes and grows at a steady pace.
Future trends to watch for include technological advancements in non-food applications, sustainability initiatives impacting production practices, and shifts in regulatory landscapes which could influence market dynamics. Monitoring these factors will be crucial for understanding the long-term trajectory of palm oil non-food uses in Ghana.
