The groundnut oil demand in Ghana in 2023 stood at 64.0 thousand metric tons, showing no change from 2022. Over the past decade, the demand exhibited fluctuations with a significant dip in 2016, substantial recovery in 2018, and a notable decline in 2020. The average annual change over the last five years was negative at -0.91%, indicating a shrinking market. However, the forecast for the next five years suggests minimal growth, with a projected CAGR of 0.05% and an overall increase of 0.25 thousand metric tons by 2028.
Future trends to watch for include:
- Shifts in health awareness and dietary preferences influencing oil consumption patterns.
- Economic factors impacting affordability and accessibility of groundnut oil.
- Potential developments in local groundnut production and processing capacities.
