Key regions: Russia, China, Spain, Canada, United Kingdom
The Meat Market in Ghana is experiencing moderate growth due to factors such as increasing demand for healthier food options, rising awareness of the benefits of consuming meat substitutes, and the convenience of online shopping for meat products. However, subdued growth can be attributed to challenges in supply chain management and fluctuations in consumer preferences.
Customer preferences: As consumer awareness of sustainable and ethical food production practices grows, there is a rising demand for locally sourced and organic meat products in Ghana. This trend is driven by a growing appreciation for the health and environmental benefits of such products. Additionally, with the increasing popularity of plant-based diets and flexitarianism, there is a shift towards alternative protein sources such as plant-based burgers, which are gaining traction in the Ghanaian meat market. This shift is also driven by a rising interest in healthier and more environmentally friendly food choices among younger demographic groups.
Trends in the market: In Ghana, the Meat Market within The Food market is experiencing a surge in demand for locally sourced and organic meat products. This trend is driven by a growing awareness of the health and environmental benefits of consuming sustainable and ethically produced meat. As a result, there has been an increase in the number of small-scale farmers and butchers entering the market, offering a wider range of high-quality options to consumers. This trend is expected to continue, with potential implications for industry stakeholders such as farmers, processors, and retailers who may need to adapt their practices and offerings to meet this demand.
Local special circumstances: In Ghana, the Meat Market within The Food market is heavily influenced by cultural and geographical factors. The country's diverse population and varied dietary preferences contribute to the demand for a wide range of meat products. Additionally, Ghana's tropical climate and abundant natural resources make it a prime location for livestock farming, resulting in a steady supply of locally sourced meat. Furthermore, the government's regulations on food safety and importation also play a significant role in shaping the market's structure and dynamics.
Underlying macroeconomic factors: The Meat Market within The Food market in Ghana is heavily influenced by macroeconomic factors such as economic growth, consumer spending, and government policies. The country's economic growth has been steadily increasing, leading to a rise in disposable income and consumer spending on meat products. Additionally, government policies promoting agricultural development and investments in food processing technology have contributed to the growth of the meat market. However, challenges such as inflation and high import costs for meat products have also affected market performance. Overall, the macroeconomic landscape in Ghana plays a significant role in shaping the meat market and its growth potential.
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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