The soybean oil market volume in Ghana has shown fluctuations over the past decade, peaking in 2016 and 2017 at 4.0 thousand metric tons, then declining. As of 2023, the volume stands at 3.0 thousand metric tons, remaining unchanged from the previous year. The year-on-year variations highlight the market's volatility, particularly in 2016 and 2017, but stability resumed from 2019-2023. With a 2024 forecast of 2.98 thousand metric tons, the market is projected to slightly decline over the next five years, indicated by a forecasted CAGR of -0.41% for 2028 and a growth rate of -2.05%.
Future trends to watch for include potential shifts in domestic agricultural policies, international trade agreements affecting soybean oil imports, and changes in consumer preferences towards healthier alternatives, which may further impact the market volume.
