Spreads - Ghana | Statista Market Forecast

The Spreads Market in Ghana is experiencing mild growth, driven by factors such as increasing consumer demand for convenient and healthy food options, as well as the rising awareness of health benefits from spreads and sweeteners. The sub-markets of Jams & Marmalades, Chocolate Spreads, and Peanut Butter contribute to this growth by providing a diverse range of options for consumers. However, challenges such as limited availability of raw materials and low consumer purchasing power may impact the market's growth rate.

Customer preferences: In Ghana, there has been a notable increase in demand for healthier, natural alternatives to traditional spreads and sweeteners. This shift is largely driven by a growing awareness of the negative health impacts of processed foods, and a desire for more locally-sourced and sustainable options. As a result, there has been a rise in the use of natural sweeteners like honey and maple syrup, and a preference for spreads made from ingredients like nut butters and fruit purees. This trend is also influenced by cultural values that prioritize natural and wholesome foods, as well as a younger demographic that is more health-conscious and willing to experiment with new products.

Trends in the market: In Ghana, the Spreads & Sweeteners Market within The Food market is experiencing a shift towards healthier options, with consumers seeking natural and organic spreads and sweeteners. This trend is driven by increasing health consciousness and the rising prevalence of chronic diseases. Additionally, there is a growing demand for convenience and ready-to-eat products, leading to the introduction of innovative spreads and sweeteners. These trends are expected to continue, providing opportunities for market players to expand their product offerings and cater to evolving consumer preferences.

Local special circumstances: In Ghana, the Spreads & Sweeteners Market within The Food market is heavily influenced by the country's rich cocoa production. The local population has a strong preference for cocoa-based spreads, leading to a high demand for such products. Additionally, Ghana's geographical location and cultural influences have resulted in a unique market for honey-based spreads. The strict regulations on imported products have also created opportunities for local players to dominate the market. These factors create a distinct dynamic in the Spreads Market, setting it apart from other markets.

Underlying macroeconomic factors: The Spreads Market of the Spreads & Sweeteners Market within The Food market is influenced by macroeconomic factors such as consumer purchasing power, inflation rates, and government regulations. In Ghana, the growing population and rising disposable income are driving the demand for spreads and sweeteners. However, high import tariffs and fluctuating exchange rates can affect the market's growth. Additionally, increasing health consciousness and demand for natural and organic products are shaping the market's trends. The government's efforts to boost the agriculture sector and promote local production can also impact the availability and pricing of spreads and sweeteners. Overall, the market's performance in Ghana is closely linked to the country's economic stability and policies that support the food industry's growth.

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.