The soybean feed market in Ghana demonstrated an overall positive trend from 2014 to 2023, reaching 62.0 thousand metric tons in 2023. This period saw fluctuations, with significant growth in 2018 by 21.57%, followed by minor declines and steady increases, culminating in a 1.64% rise in 2023 compared to the previous year. Over the past five years, the compound annual growth rate (CAGR) stood at approximately 3.65%, demonstrating consistent, albeit moderate, growth.
For the period from 2024 to 2028, the forecast suggests steady growth with projected values reaching 65.0 thousand metric tons by 2028. The anticipated 5-year CAGR is 0.63%, indicating continued, though modest, expansion in the market.
Future trends to watch for include:
- Impact of global soybean price fluctuations on feed costs.
- Changes in domestic agriculture policies and subsidies for soybean production.
- Technological advancements in farming and feed production techniques.
- Market demand from the livestock sector.
- Climate change and its effects on soybean yield and production.
