Other Oils & Fats - Ghana | Statista Market Forecast

The Other Oils & Fats Market in Ghana is witnessing considerable growth, fueled by rising consumer demand for diverse cooking oils, increasing health consciousness, and the expansion of food processing industries leveraging these products.

Customer preferences: In Ghana's Other Oils & Fats Market, there is a notable shift towards healthier and more diverse cooking oils as consumers become increasingly health-conscious. This trend is influenced by a growing awareness of the nutritional benefits of various oils, such as olive and coconut oil, which are perceived as healthier alternatives to palm oil. Additionally, younger demographics are embracing modern cooking techniques and experimenting with international cuisines, driving demand for specialty oils. The rise of social media also plays a significant role in shaping these preferences, as culinary influencers promote innovative uses for different oils in everyday cooking.

Trends in the market: In Ghana's Other Oils & Fats Market, there is a significant trend towards the adoption of healthier cooking oils, with consumers increasingly seeking alternatives to traditional palm oil. The rise of olive, coconut, and avocado oils reflects a shift driven by health awareness and the nutritional benefits associated with these oils. Concurrently, younger consumers are exploring diverse culinary practices influenced by global cuisines, leading to higher demand for specialty oils. Social media platforms amplify these changes, as food influencers showcase innovative cooking techniques, impacting purchasing decisions and presenting new opportunities for industry stakeholders to cater to evolving consumer preferences.

Local special circumstances: In Ghana's Other Oils & Fats Market, local culinary traditions significantly shape consumer preferences, with groundnut oil and shea butter being deeply rooted in regional diets. The country's diverse climatic conditions allow for the cultivation of various oil-producing crops, fostering a unique blend of traditional and modern oils. Additionally, regulatory frameworks promoting local production enhance the appeal of indigenous oils. As health consciousness rises, consumers are increasingly gravitating toward these local options, balancing cultural heritage with contemporary health trends, thus creating a distinct market dynamic.

Underlying macroeconomic factors: The Other Oils & Fats Market in Ghana is significantly influenced by macroeconomic factors such as agricultural productivity, global commodity prices, and trade policies. Fluctuations in the prices of oilseeds on the international market can directly impact local production costs and consumer prices, shaping purchasing behavior. Additionally, the government's fiscal policies, including subsidies for local farmers and investment in agricultural infrastructure, bolster domestic oil production, enhancing market stability. Rising consumer income levels and urbanization trends further drive demand for diverse oils, pushing local producers to innovate while meeting both traditional and health-focused preferences.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.