Alcoholic Drinks - Ghana

The Alcoholic Drinks market in Ghana has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Ghana have shifted towards premium and craft alcoholic beverages. Consumers are increasingly seeking high-quality products that offer unique flavors and experiences. This trend is driven by a growing middle class with higher disposable incomes and a desire for more sophisticated drinking options. As a result, there has been an increase in the demand for premium spirits, craft beers, and artisanal wines in the market. Trends in the market also reflect the global shift towards healthier and more conscious consumption. There is a growing demand for low-alcohol and non-alcoholic alternatives, as well as organic and natural alcoholic beverages. Consumers in Ghana are becoming more health-conscious and are looking for options that align with their lifestyle choices. This trend is supported by the introduction of new products in the market, such as low-alcohol beers and spirits, and the expansion of the non-alcoholic drinks segment. Local special circumstances also play a role in shaping the Alcoholic Drinks market in Ghana. The country has a rich cultural heritage, and traditional alcoholic beverages, such as palm wine and akpeteshie (a local spirit), continue to be popular among consumers. These traditional drinks hold a special place in Ghanaian culture and are often consumed during social gatherings and celebrations. The presence of these local beverages provides a unique selling point for the market and contributes to its overall growth. Underlying macroeconomic factors have also contributed to the development of the Alcoholic Drinks market in Ghana. The country has experienced steady economic growth in recent years, leading to an increase in disposable incomes and consumer spending power. This has resulted in a higher demand for alcoholic beverages, as consumers have more purchasing power to indulge in their preferences. Additionally, the tourism industry in Ghana has been growing, attracting both domestic and international visitors who contribute to the demand for alcoholic drinks. In conclusion, the Alcoholic Drinks market in Ghana is developing due to changing customer preferences towards premium and craft beverages, emerging trends in the market such as healthier and non-alcoholic options, local special circumstances that celebrate traditional drinks, and underlying macroeconomic factors such as economic growth and a thriving tourism industry.

Data coverage:
The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

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 (e.g. consumer spending on alcoholic beverages, consumer spending at Hotels, Restaurants etc.), and price level 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 Alcoholic Drinks 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.