Pet Food - Ghana

Ghana

Revenue in the Pet Food market amounts to US$43.23m in 2024. The market is expected to grow annually by 9.56% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$59,740m in 2024).
In relation to total population figures, per person revenues of US$1.26 are generated in 2024.
In the Pet Food market, volume is expected to amount to 32.48m kg by 2029. The Pet Food market is expected to show a volume growth of 6.2% in 2025.
The average volume per person in the Pet Food market is expected to amount to 0.7kg in 2024.

Key regions: Russia, Spain, Philippines, United Kingdom, India

Market

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Currency

Analyst Opinion

The Pet Food Market in Ghana is witnessing minimal growth due to factors such as high cost of production, limited consumer awareness, and lack of proper distribution channels. Despite these challenges, the market is expected to grow steadily in the coming years, driven by an increase in pet ownership and a growing trend towards premium and organic pet food options.

Customer preferences: Consumers in Ghana are increasingly inclined towards natural and organic pet food options, driven by a growing awareness of the benefits of a healthy and balanced diet for their beloved pets. This trend is also influenced by the country's cultural preference for traditional and natural ingredients in food consumption. As a result, there has been a rise in demand for premium pet food products made with high-quality, locally sourced ingredients. This trend is expected to continue as more people prioritize the well-being and longevity of their pets.

Trends in the market: In Ghana, the Pet Food Market is experiencing a surge in demand for premium and natural pet food products. This trend is driven by the increasing awareness of pet owners about the importance of nutrition and health for their pets. Furthermore, there is a growing trend of pet humanization, where pets are considered part of the family and treated accordingly. This trend is expected to continue, with a focus on natural and organic ingredients, as well as functional and personalized pet food options. These trends have significant implications for industry stakeholders, as they must adapt their product offerings and marketing strategies to cater to the changing preferences of pet owners in Ghana. Additionally, there is potential for growth and innovation in the market, as more companies enter to meet the rising demand for premium pet food products. As such, industry players must stay abreast of these trends and continuously innovate to remain competitive in the market.

Local special circumstances: In Ghana, the Pet Food market is influenced by the country's geographical location and cultural preferences. Due to limited access to fresh meat, pet owners often opt for dry food options, leading to a strong demand for imported pet food products. In addition, cultural attitudes towards pet ownership and the lack of regulatory standards for pet food production also contribute to the market dynamics. These unique factors create a favorable environment for international players looking to enter the market.

Underlying macroeconomic factors: The Pet Food Market within The Food market in Ghana is heavily influenced by macroeconomic factors such as consumer spending power, inflation rates, and government policies. As the economy of Ghana continues to grow, with a projected GDP growth of 5.8% in 2021, consumers are expected to have more disposable income, leading to a higher demand for premium pet food products. Additionally, the government's efforts to improve the country's food security and promote domestic production is also expected to positively impact the pet food market, as locally sourced ingredients become more readily available. However, factors such as high import tariffs and inflation rates could potentially hinder market growth and limit consumer purchasing power.

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.