The snacks market in Ghana is set to experience a slight decline in both retail volume and value sales in 2024. Prices have risen as manufacturers have passed on significant increases in the costs of raw materials, packaging, energy, storage and transportation to consumers.
The snacks industry in Ghana is currently facing considerable market challenges. These include volatility in the exchange rate, increased import taxes, inflation, increased transportation costs and a recent increase in the price of electricity.
The attitude of Ghanaians towards snacks has not changed in 2024. Snacking remains popular amongst Ghanaians and continues to grow, driven mainly by children and social activities Consumers have become more prudent with their spending.
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 largest 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.
Value sales growth in snacks in Ghana over the forecast period is expected to be driven by products that are budget friendly, offer convenience and which are characterised by local flavours and variety. The household budgets of the average Ghanaian consumer will remain constrained hence manufacturers will only be able to increase their prices if they can find innovative ways to reduce their production costs.
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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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Snacks
This report originates from Passport, our Snacks research and analysis database.
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