Key regions: Philippines, United States, Canada, India, China
The Bread & Cereal Products Market in Ghana is facing subdued growth, influenced by factors such as limited adoption of digital technologies, low health awareness among consumers, and lack of convenience in online services. Despite this, the market is expected to experience moderate growth due to the increasing demand for staple foods like bread, pasta, rice, and breakfast cereals. Other cereal products also contribute to the market's growth, but at a slower pace.
Customer preferences: Consumers in Ghana are showing a growing interest in healthier and more natural food options, leading to an increase in demand for organic and whole grain bread and cereal products. This trend is influenced by a growing awareness of the importance of a nutritious diet and the desire for locally-sourced, sustainable food. Furthermore, with a rise in urbanization and busy lifestyles, there is a growing demand for convenient and on-the-go breakfast options, such as energy bars and instant oatmeal packets. This shift towards healthier and more convenient food choices is also driven by the desire to maintain a balanced and active lifestyle.
Trends in the market: In Ghana, the Bread & Cereal Products Market within The Food market is experiencing a shift towards healthier and more sustainable options. This trend is driven by increasing awareness of the health benefits of whole grain products and the negative environmental impacts of conventional farming methods. As a result, there is a rise in demand for organic and locally sourced bread and cereal products. This trend is expected to continue as consumers become more health-conscious and environmentally aware. Industry stakeholders should adapt to these changing preferences and invest in sustainable practices to remain competitive in the market.
Local special circumstances: In Ghana, the Bread & Cereal Products Market within The Food market is heavily influenced by the country's agricultural practices and traditional food preferences. The use of locally grown grains and cereals, such as maize and sorghum, is common in this market. Additionally, Ghanaian cuisine often includes a variety of breads and porridges, making the demand for these products high. The country's strict food regulations also play a role in shaping the market, ensuring quality and safety standards are met. These factors make the Bread & Cereal Products Market in Ghana unique and highly dependent on local circumstances.
Underlying macroeconomic factors: The Bread & Cereal Products Market in Ghana is influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. For instance, the rising disposable income and changing consumer preferences towards healthier food options are driving the growth of the market. Additionally, government initiatives to promote food security and investments in agricultural infrastructure are expected to positively impact the market. Furthermore, the increasing population, urbanization, and rising demand for convenience foods are also contributing to the growth of the Bread & Cereal Products Market in Ghana.
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.
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