Wine - Ghana

The Wine market in Ghana has been experiencing significant growth in recent years. Customer preferences have shifted towards wine as a popular alcoholic beverage choice, leading to an increase in demand. This trend can be attributed to a variety of factors, including changing consumer tastes, increasing disposable income, and a growing appreciation for wine culture.

Customer preferences: Ghanaians have traditionally favored locally brewed alcoholic beverages such as palm wine and akpeteshie. However, there has been a noticeable shift in consumer preferences towards wine in recent years. This can be attributed to a growing middle class with higher disposable income, as well as increased exposure to international trends and lifestyles. Wine is seen as a sophisticated and fashionable choice, appealing to consumers who seek a more refined drinking experience. Additionally, the health benefits associated with moderate wine consumption, such as its antioxidant properties, have also contributed to its popularity.

Trends in the market: The wine market in Ghana has witnessed a surge in demand, with both domestic and imported wines experiencing growth. Local wineries have emerged, producing wines that cater to the taste preferences of Ghanaians. These wines often incorporate traditional flavors and ingredients, adding a unique twist to the global wine market. Furthermore, there has been an increase in the availability of imported wines from countries such as South Africa, Italy, France, and Australia. This has expanded the range of options for consumers, allowing them to explore different wine styles and varieties.

Local special circumstances: Ghana's wine market is influenced by its cultural and social dynamics. Wine consumption is often associated with special occasions and celebrations, such as weddings, birthdays, and religious ceremonies. This has created a demand for premium wines, as consumers are willing to spend more on these occasions. Additionally, the rise of wine bars and restaurants in urban areas has contributed to the growing popularity of wine. These establishments provide a social and experiential aspect to wine consumption, attracting a younger and more affluent consumer base.

Underlying macroeconomic factors: The growth of the wine market in Ghana can also be attributed to underlying macroeconomic factors. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income. This has allowed consumers to allocate more of their budget towards discretionary spending, including alcoholic beverages. Additionally, Ghana has seen a rise in tourism, with an increasing number of international visitors. This has created a demand for wine, as tourists often seek to explore local culinary and beverage offerings. The government has also played a role in supporting the growth of the wine market, implementing policies that promote investment in the sector and reduce import barriers. In conclusion, the Wine market in Ghana has been thriving due to changing customer preferences, a growing middle class, and increased exposure to international trends. The market has witnessed a surge in demand for both domestic and imported wines, with a focus on premium and unique offerings. The cultural and social dynamics of Ghana, along with underlying macroeconomic factors, have also contributed to the growth of the wine market. As consumer tastes continue to evolve and disposable income increases, the wine market in Ghana is expected to further expand in the coming years.

Data coverage:
The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

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 (e.g. consumer spending on alcoholic beverages, consumer spending at Hotels, Restaurants etc.), and price level 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 Alcoholic Drinks 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.