Milk Substitutes - Ghana

Ghana

Highlights

Revenue in the Milk Substitutes market amounts to US$10.40m in 2024. The market is expected to grow annually by 23.44% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$10bn in 2024).
In relation to total population figures, per person revenues of US$0.30 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 3.95m kg by 2029. The Milk Substitutes market is expected to show a volume growth of 24.2% in 2025.0.
The average volume per person in the Milk Substitutes market is expected to amount to 0.1kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Substitutes Market in Ghana is experiencing substantial growth, driven by factors such as increasing health consciousness among consumers and the convenience of online services. This growth can be attributed to the rising demand for healthier alternatives to traditional dairy products within The Food market in Ghana.

Customer preferences: Consumers in Ghana are increasingly turning to plant-based milk substitutes, such as soy and almond milk, due to rising health and environmental concerns. This trend is also driven by the growing vegan and vegetarian population in the country. Additionally, the increasing availability of these milk substitutes in local supermarkets and the promotion of their health benefits by celebrities on social media have further contributed to their popularity.

Trends in the market: In Ghana, the Milk Substitutes Market within the Dairy Products & Eggs Market is experiencing a shift towards plant-based milk alternatives, driven by consumer demand for healthier and environmentally sustainable options. This trend is expected to continue as more companies introduce new milk substitutes, such as almond, coconut, and soy milk. The increasing popularity of vegan and vegetarian diets is also contributing to this trend. These developments have significant implications for industry stakeholders, who must adapt to changing consumer preferences and invest in research and development to stay competitive in this evolving market.

Local special circumstances: In Ghana, the Milk Substitutes Market within the Dairy Products & Eggs Market is heavily influenced by the country's growing urban population and increasing health-consciousness. This has led to a surge in demand for plant-based milk alternatives, such as soy milk and almond milk. Additionally, strict regulations on dairy production and imports have created opportunities for local producers to innovate and cater to changing consumer preferences. The unique cultural preference for dairy products, particularly in traditional dishes, also presents a challenge for milk substitute companies to effectively penetrate the market.

Underlying macroeconomic factors: The Milk Substitutes Market in Ghana is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. As a developing country, Ghana's economy is heavily reliant on agriculture, with the dairy industry playing a significant role. Any fluctuations in global dairy prices, currency exchange rates, or government policies can have a significant impact on the growth and performance of the Milk Substitutes Market in Ghana. Additionally, the country's overall economic health and stability, as well as consumer spending power, can also play a crucial role in the demand for milk substitutes in the country.

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.