Food - Ghana

Ghana

Revenue in the Food market amounts to US$27.05bn in 2024. The market is expected to grow annually by 9.05% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$5.61bn in 2024.
In global comparison, most revenue is generated in China (US$1,601bn in 2024).
In relation to total population figures, per person revenues of US$785.60 are generated in 2024.
In the Food market, 0.8% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 7,048.00m kg by 2029. The Food market is expected to show a volume growth of 1.7% in 2025.
The average volume per person in the Food market is expected to amount to 185.20kg in 2024.

Key regions: United States, Canada, China, India, South Korea

Definition:

The food market covers all edible products that are bought and consumed for nutrient-based purposes. The market includes both fresh and processed foods.

Structure:

The market consists of 13 different markets:

The Dairy products & Eggs market covers animal products, such as milk, eggs and products made from mammal’s milk and non-animal products, such as milk substitutes. This market is divided into six subsegments that include milk, milk substitutes, yogurt, cheese, eggs and other dairy products and eggs.
The Meat market covers animal products, such as pork, poultry, and free-from meat products, such as meat substitutes. This market is divided into three submarkets: fresh meat, processed meat, and meat substitutes.
The Fish & Seafood market covers products made from fish and seafood. This market is divided into three submarkets: fresh fish, fresh seafood, and processed fish & seafood.
Fruits & Nuts cover edible fruits and nuts. This market is divided into three submarkets: fresh fruits, processed & frozen fruits, and nuts.
The Vegetables market covers edible plants. This market is divided into two submarkets: fresh vegetables, processed & frozen vegetables.
The Bread & Cereal products market covers baked goods made from dough. Dough is made using flour, water, a leavening agent, and other optional ingredients. This market also covers products made from cereals that are usually used as part of a main meal. This market is divided into five submarkets: bread, pasta, rice, breakfast cereals and other cereal products.
The Oils and Fats market covers both edible oils and fats made from animals and plants. This market is divided into four submarkets: butter, margarine, edible oils, and other oils & fats.
The Sauces and Spices market covers additional ingredients used during the food preparation process and is divided into three submarkets: tomato ketchup, other sauces, and spices & culinary herbs.
The Convenience food market covers prepared food and meals that require little effort to prepare. This market is divided into two subsegments, soups and ready-to-eat meals.
The Spreads and Sweeteners market covers spreads and ingredients added to food or beverages to give it a sweet flavor. This market is divided into two subsegments, spreads and sweeteners.
The Confectionery & Snacks market covers sweet, savory, and salty food. This market is divided into two subsegments, confectionery and snacks.
The Baby food market covers food that is only meant to be consumed by babies and small children.
The Pet food market covers food that is intended for pet use only.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), and sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included. The out-of-home revenue data is only shown as a separate box at the market level.

For more information on the displayed data, click the info button on the right side of each box.

Market

Region

Region comparison

Currency

Analyst Opinion

The Food market in Ghana has been experiencing steady growth, driven by factors such as increasing demand for convenience, rising health consciousness, and the availability of online food services. However, the market's growth rate is subdued due to challenges such as high production costs, limited access to technology, and inadequate infrastructure. Despite these challenges, the market is expected to continue growing as the demand for various food products such as dairy, meat, fruits, and vegetables remains strong in Ghana.

Customer preferences: The rise of urbanization and modernization in Ghana has led to a growing demand for convenience and efficiency in The Food market. As a result, there has been a notable increase in the popularity of online food delivery services and ready-to-eat options. This trend is especially prevalent among busy working professionals and young adults who prioritize convenience and time-saving solutions. Additionally, the growing health-consciousness among consumers has also led to a surge in demand for healthy and organic food options, as well as a shift towards plant-based diets. This can be attributed to the influence of Western dietary trends and an increased awareness of the health benefits of incorporating more fruits and vegetables into one's diet.

Trends in the market: In Ghana, The Food market is experiencing a surge in demand for locally sourced and organic products. This trend is driven by consumers' increasing awareness of the health benefits and sustainability of these products. Additionally, there is a growing interest in traditional and cultural foods, leading to a rise in specialty food stores and restaurants. This trajectory is significant as it creates new opportunities for small-scale farmers and producers, while also promoting the country's rich food culture. However, it also presents challenges for industry stakeholders, such as ensuring the quality and safety of these products and addressing supply chain issues. As the trend continues, it is crucial for stakeholders to adapt and innovate to meet the changing demands of the market.

Local special circumstances: In Ghana, The Food market is heavily influenced by the country's rich agricultural resources and vibrant food culture. The market is characterized by a strong emphasis on traditional, locally-sourced ingredients and cooking methods. Additionally, the government's efforts to promote sustainable farming practices and support small-scale farmers have further shaped the market, with an increasing demand for organic and locally-grown produce. The unique blend of cultural and regulatory influences in Ghana has created a market that is deeply rooted in the country's traditions while also embracing modern trends in the food industry.

Underlying macroeconomic factors: The Food market in Ghana is heavily influenced by macroeconomic factors such as the country's economic health, global economic trends, fiscal policies, and financial indicators. Ghana's economic growth has been relatively stable in recent years, with a GDP growth rate of 6.3% in 2019. This growth has been driven by strong agricultural production, which is a key sector in The Food market. Additionally, the government has implemented policies to promote domestic production and reduce reliance on imports, which has positively impacted The Food market. However, challenges such as high inflation, currency fluctuations, and limited access to credit for small businesses continue to affect the market's performance. Furthermore, global economic trends, such as changes in commodity prices and trade policies, also have a significant impact on The Food market in Ghana.

Methodology

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.