The beverage market in Ghana is worth ¢3.85 billion, of which domestic production dominates, accounting for 92% of the total market size, a survey by local research firm, Firmus Advisory has revealed.
This is based on the number of bottles produced, consumed and the value of imports.
However, the market size of imported beverages is estimated at ¢300 million, representing 8% of the market share.
The report which sampled consumers in Accra, Kumasi and Sekondi-Takoradi found out that demand for beverage consumption has shot up, as most consumers drink 3 to 5 times each week.
It identified that the size of the beverage market keeps expanding and is expected to grow rapidly year-on-year, going forward.
77% of bottles of beverage consumed were non-alcoholic, whilst 23% were alcoholic.
Despite the impact of Covid-19 on the Ghanaian economy last year, the number of beverage products consumed slightly outpaced that of 2019.
The price of alcoholic beverage was also more expensive than non-alcoholic beverage. For instance, where alcoholic beverage will cost ¢10 that of non-alcoholic will cost ¢5.
Kumasi came first as the city with the highest consumption of beverages. Whilst, 71% of respondents purchased alcoholic, 36% bought patronised non-alcoholic beverage.
With regard t Accra, 33% purchased alcoholic beverage, whilst 11% bought non-alcoholic product.
In Takoradi, only 24% of the respondents take in alcoholic beverage as against 7% for non-alcoholic beverage.
Also, Malta Guinness (21%) is the most consumed soft drink in Ghana, followed by coke with 11% of the market share. Don Simon came 3rd with 9%, whilst Beta Malt and Fanta followed with 6% of the market share each respectively.
On average, to sell to 2 consumers in the beverage market, the research pointed out that one must plan to reach or create awareness among five potential consumers.
Head of Research and Business Development at Firmus Advisory, Anita Nkrumah said the advent of the African Continental Free Trade Area will create more opportunities for existing beverage firms to export to other markets. This is because the bottlenecks impeding exports to other countries have been removed.
The report provides comprehensive insights on the alcoholic and non-alcoholic beverage market to guide future investments and foster effective decision making within the retail space.
2300 consumers were interviewed and the target audience were individuals aged above 15 years.
Top 5 countries for imports of non-alcoholic beverages
United Kingdom- 24.5%
Belgium -12.5%
Algeria - 10.4%
Germany -7.5%
Spain -6.9%
Top 5 factors influencing purchasing of non-alcoholic beverage
Taste
Health concerns
Ingredients
Flavour variety
Price
Latest Stories
-
Let’s prioritize research quality in higher education institutions for industrial growth-Prof. Nathaniel Boso
6 hours -
Herman Suede is set to release ‘How Dare You’ on April 24
10 hours -
Heal KATH: Kuapa Kokoo, Association of Garages donate 120k to support project
10 hours -
KNUST signs MOU with Valco Trust Fund, Bekwai Municipal Hospital to build student hostel
11 hours -
The influence Ronaldo has on people, Cadman Yamoah will have same on the next generation – Coach Goodwin
11 hours -
Gender Advocate Emelia Naa Ayeley Aryee Wins prestigious Merck Foundation Awards
12 hours -
South Africa bursary scandal suspects granted bail
13 hours -
Ecobank successfully repays $500m Eurobond due April 18
13 hours -
Re: Doe Adjaho, Torgbui Samlafo IV, call for Unity among Paramountcies in Anlo
13 hours -
Extortion and kidnap – a deadly journey across Mexico into the US
13 hours -
Rihanna says fashion has helped her personal ‘rediscovery’ after having children
13 hours -
Development Bank Ghana targets GH¢1bn funding for commercial banks in 2024
13 hours -
Shatta Movement apologises to Ghana Society of the Physically Disabled after backlash
14 hours -
Sammy Gyamfi writes: Tema-Mpakadan Railway Project; A railway line to nowhere
15 hours -
Bright Simons: Is the World Bank saving or harming Ghana?
15 hours