Price remains a pivotal factor during 2023 and continues to shape consumer choices. Consumers persist in making decisions, leaning towards more economical and affordable brands.
Packaged food prices in Ghana surged in 2023 compared to 2022, following a four-month lull in inflation after a sharp spike in food prices. Ghana is also currently facing one of its worst economic crises in decades, with escalating costs in food and farming impacting local production and contributing to high inflation, especially in imports.
People living in rural areas tend to eat two main meals per day and these are usually quite heavy, especially for manual workers like farmers. Many people in rural areas have direct access to locally cultivated fresh food, so they eat relatively little packaged food.
In 2023, consumers continue to struggle with persistently high inflation, resulting in elevated prices for cooking ingredients, notably imported brands. This scenario has sparked intense competition among brands, prompting the introduction of new, more affordable options.
Consumers persist in seeking more budget-friendly products in 2023, leading to a shift in the demand for cooking ingredients from modern trade to open markets. Open markets provide a greater array of affordable options, making it the preferred channel for many.
As inflationary pressure cools, retail volume sales of edible oils will begin to expand again.
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Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in Ghana with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Cooking Ingredients and Meals
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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