The demand for soybean oil in Ghana has exhibited periods of volatility and stability over the past decade. In 2023, the demand stood at 3.0 Thousand Metric Tons, consistent with values from 2015, 2018, 2019, 2021, and 2022. Following a significant increase to 4.0 Thousand Metric Tons in 2016 and 2017, the demand dropped by 25% in 2018. Despite a considerable 17% decline in 2020, consumption recovered to 3.0 Thousand Metric Tons by 2021 and remained stable through 2023.
Looking forward, the forecast indicates a gradual decline in demand, predicting a slight contraction with a CAGR of -0.41% over the next five years, declining to 2.92 Thousand Metric Tons by 2028.
- 2019-2023 Year-on-Year: Stable
- 5-year historical CAGR (2019-2023): 0%
- Annual forecasted CAGR (2024-2028): -0.41%
- Overall forecasted trend (2024-2028): Various
Future trends to watch for include the impact of global market dynamics on local prices, shifts in consumer preferences towards alternative oils, and potential changes in agricultural policy that could affect soybean production and importation.
