The snacks market in Ghana is set to experience a slight decline in retail volume sales in 2023, while current value sales are expected to grow strongly on the back of sharp increases in price. Prices have risen as manufacturers have passed on significant increases in the costs of raw materials, packaging, energy, storage and transportation to consumers.
Local snack manufacturing continues to grow with new entrants and increased investment by existing companies. Companies like Equator Foods, Nutrifoods, Cocoa Processing Company, Niche, and Danone continue to invest in product development, factories, and distribution expansion to drive sales.
Snacks are easily accessible to consumers on the go, mainly in grocery shops: modern, traditional, and the open market. Premium imported brands are more popular in modern trade channels than in open markets and some traditional channels due to their target customer.
The price of snacks continues to increase due to higher inflation precipitated by a record-high depreciation of the Ghana cedi against the dollar. Domestic manufacturers (which hold the biggest share of the market) are being forced to increase the prices of their products due to the increased costs of manufacturing, higher taxes and levies imposed by the government.
The distribution of packaged food between the country’s major urban areas is efficient and well organised. Indeed, the transportation of goods between Greater Accra, Takoradi, Kumasi and, to a lesser extent, Tamale and other major towns and cities is generally quick and trouble-free.
Premium packaging will continue to shape and drive demand across all categories of snacks during the forecast period as there is a growing perception amongst consumers that premium packaging means the brand is of better quality.
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Understand the latest market trends and future growth opportunities for the Snacks industry in Ghana with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
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This report originates from Passport, our Snacks research and analysis database.
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