Between 2014 and 2023, the vegetable oils market in Ghana has experienced modest growth, with fluctuations in year-on-year variations. The year 2023 saw the volume standing at 191.0 thousand metric tons, showing a minor year-on-year growth of 0.53%. The Compound Annual Growth Rate (CAGR) over the last five years has averaged at 0.21%, indicating a steady but slow increase in market size.
Key trends:
- The market witnessed notable ups and downs with a significant growth of 5% in 2018 followed by a dip of -4.49% in 2020.
- A resurgence in 2021 with a growth rate of 5.82% contributed positively to the overall trend.
Looking forward, the vegetable oils market in Ghana is forecasted to grow at a 5-year CAGR of 0.4%, reaching an estimated 195.9 thousand metric tons by 2028. Future trends to watch for include technological advancements in oil extraction and processing, shifts in consumer preferences towards healthier oils, and the impact of government policies on import and export regulations that could further influence market dynamics.
