Demand for dairy is growing among low socioeconomic groups thanks to its healthy image, despite the rising cost of living. Independent small grocers continue to characterise the distribution of dairy as modern retailing remains in its infancy, especially in urban areas, though sales are growing.
In 2023, the prices of dairy products continue to rise, albeit at a slightly lower rate compared to 2022. As a result, consumers have become more conservative in their spending and are economising where possible.
Despite being ranked as one of the fastest-growing economies in Africa by the IMF, this has yet to translate into improving living standards for Ghanaians. While many government policies are currently being implemented to reform the economy, it will take time for living standards to improve with almost a third of the population still living below the international poverty line (USD3.
In 2023, the government's consistent tax and levy hikes continue to drive prices upwards. For example, VAT has surged from 13% to 15%, further inflating the cost of everyday products.
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.
Over the forecast period, bulk buying will increase across all categories, driven by consumers seeking affordability. Additionally, larger packaging sizes will gain popularity due to their perceived cost-effectiveness for household use.
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Dairy Products and Alternatives
This report originates from Passport, our Dairy Products and Alternatives research and analysis database.
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