Milk - Ghana | Statista Market Forecast

Milk - Ghana

Ghana

Highlights

Revenue in the Milk market amounts to US$587.60m in 2024. The market is expected to grow annually by 9.44% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$71bn in 2024).
In relation to total population figures, per person revenues of US$16.89 are generated in 2024.
In the Milk market, volume is expected to amount to 376.10m kg by 2029. The Milk market is expected to show a volume growth of 3.3% in 2025.0.
The average volume per person in the Milk market is expected to amount to 9.4kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Market in Ghana is facing subdued growth due to factors such as limited access to technology, low health awareness, and inadequate infrastructure for online services. Despite this, the market is slowly growing, driven by the increasing demand for dairy products and eggs in the country.

Customer preferences: The Milk Market in Ghana is experiencing a shift towards organic and locally sourced milk products, driven by consumer demand for more natural and sustainable options. This trend is influenced by cultural values that prioritize traditional and natural methods of production. Additionally, the growing health consciousness and concerns about the use of hormones and antibiotics in dairy products have led to a preference for organic milk. This trend is expected to continue as the Ghanaian population becomes more health-conscious and environmentally aware.

Trends in the market: In Ghana, the Milk Market of the Dairy Products & Eggs Market within The Food market is seeing a surge in demand for organic and locally sourced milk products. This trend is driven by increasing consumer awareness of the health benefits of organic dairy products and a growing preference for supporting small-scale local farmers. As a result, major industry players are expanding their product lines to include more organic options. This trajectory is significant as it reflects a shift towards sustainable and healthier food choices in the country. It also presents opportunities for industry stakeholders to tap into the growing demand for organic milk products and to support local farmers in their production processes.

Local special circumstances: In Ghana, the Milk Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's climate and agricultural practices. The semi-arid climate in the northern regions makes dairy farming challenging, resulting in a reliance on imported milk products. Additionally, cultural preferences for fresh, unpasteurized milk have led to a thriving informal milk market, often sold directly from local farmers. These unique factors contribute to a diverse milk market in Ghana, with a mix of imported and locally produced milk products.

Underlying macroeconomic factors: The Milk Market of the Dairy Products & Eggs Market within The Food market in Ghana is heavily impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Despite facing challenges such as high inflation and a significant trade deficit, Ghana's economy has shown resilience and growth in recent years. This has created a positive business environment for The Food market, including the Milk Market. Additionally, the government's investment in agriculture and dairy production, coupled with a growing population and increasing demand for dairy products, has led to a steady growth in the Milk Market. Furthermore, global trends such as the shift towards healthier and organic food options have also positively influenced the demand for dairy products 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.