Key regions: Canada, Spain, South Korea, United States, Japan
The Other Cereal Products Market in Ghana has seen moderate growth due to factors such as consumer preference for traditional cereals and limited access to digital technologies. This subdued growth rate is impacted by the lack of infrastructure and resources in the country.
Customer preferences: The growing popularity of gluten-free and vegan diets in Ghana has led to an increased demand for alternative cereal products such as quinoa, amaranth, and millet. This trend is driven by health-conscious consumers looking for healthier and more sustainable options, as well as those with dietary restrictions. Additionally, the rising middle-class population in Ghana has resulted in a growing demand for convenience and on-the-go breakfast options, further driving the sales of other cereal products.
Trends in the market: In Ghana, there is a noticeable increase in demand for healthier and more diverse cereal options, such as gluten-free and organic products. This trend is driven by consumers' growing awareness of the importance of a balanced and nutritious diet. In addition, there is a rise in the consumption of traditional and local cereals, like sorghum and millet, due to their perceived health benefits. This trend is expected to continue as industry players invest in product innovation and marketing strategies to cater to this demand. Moreover, with the increasing urbanization and busy lifestyles, there is a growing demand for convenient and on-the-go cereal products, presenting opportunities for industry stakeholders to tap into this market segment.
Local special circumstances: In Ghana, the Other Cereal Products Market of the Bread & Cereal Products Market within The Food market is heavily influenced by the country's rich agricultural heritage and the demand for traditional and nutritious food items. Local crops like sorghum, millet, and cassava are widely consumed and are often used in the production of cereal products. Additionally, the government's efforts to promote food security and reduce dependency on imports have led to the growth of local cereal production. This has created a unique market for locally-sourced and sustainable cereal products in Ghana.
Underlying macroeconomic factors: The Other Cereal Products Market of the Bread & Cereal Products Market within The Food market is greatly impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. Countries with stable and thriving economies tend to have higher market growth compared to countries with economic instability. Additionally, government policies and investments in agriculture and food industries play a significant role in the performance of the market. The growing population and increasing demand for healthy and convenient food options also contribute to the growth of the Other Cereal Products Market. The market is also affected by global trade policies and fluctuations in commodity prices, which can directly affect production costs and ultimately impact market performance.
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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