The "Ghana Retail Industry Market" is expected to grow at a CAGR of 14.6% during the forecasting period (2022-2029).
Retail industry is primarily responsible for the distribution of finished products to the public. The retail sector comprises of general retailers, departmental stores, specialty stores and discount stores, Ghana provides wide opportunities in food retail business owing to fast growing urbanization, rising household incomes and change in lifestyle & eating habits. Ghana’s retail industry is relatively advanced compared with other African countries. The open market is still a dominating retail industry in Ghana. The key suppliers providing service in Ghana retail industry includes Finatrade Group, Melcom Ltd, Forewin Ghana Ltd, Hippo Group and many others.
Increasing disposable income by the communities and growing urbanization across the country is the primary factor driving the Ghana retail industry market during forecast period. The increasing disposable income of the people in Ghana, will increase the buying power of people for consumer goods. According to the World Bank, in 2017, the household final consumption expenditure has grown by 11.3% in Ghana. Also, increasing urbanization is one of the factors driving the Ghana retail industry market In 2019, Ghana has an estimated population of 30.10 million, which ranks 48th in the world. The population has been increased from 2010 census figure of 24.2 million. Ghana's population is currently growing at a rate of 2% per year.
However, higher cost of freight prices as compare to other countries in this region is one of the major factors hindering the Ghana retail market.
Ghana retail industry market is segmented on the basis of product type into apparel, FMCG, furniture, and others.
Ghanaians spend most of their income on food and non-alcoholic beverages that accounting for 41% of total expenditure. Ghana is the 11th largest grocery retail market in Africa, and the second largest in West Africa –after Nigeria’s. The open market is the dominant segment, for food retail outlets in Ghana. The retail food sector in Ghana consists of three main subsectors: Supermarkets (accounting for approximately 4% of total retail sales), Convenience stores and small grocery stores (36 %), and Traditional open-air markets (60%). More than 90% of the local staple foodstuffs, including fresh fruit and vegetables, meat, and frozen fish (imported or local), are sold to consumers at the traditional markets. Traditional markets organize promotional activities that tend to have a significant consumer impact.
The Ghana retail industry market is dominated by businesses with ownerships from India, Lebanon, and other European countries. They supply goods majorly from Asia, EU, and South Africa.
The key strategies adopted by the prominent players in the Ghana retail industry market include new facility expansions and investments to cater the growing consumer demand for FMCG and other electronic goods. For instance, in January 2019, Unilever Ghana has invested more than USD 12.27 million in new infrastructure and factory plants over the last two years, cementing its leadership position in the country’s consumer goods segment.
In November 2018, Electroland Ghana Limited has opened a new premium showroom in Accra to bring its products closer to consumers. The company, which has about 15 direct branded and 10 franchised showrooms across the country has its new outlet located on Spintex road.
Visualize the composition of the Ghana retail industry market in terms of various product types and store types highlighting the key commercial assets and players.
Identify commercial opportunities in Ghana retail industry market by analyzing trends and co-development deals.
Excel data sheet with thousands of data points of Ghana retail industry market-level 4/5 segmentation.
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
Product mapping in excel for the key product of all major market players
**The Ghana retail industry report will provide access to approximately 33 market data tables, 22 figures, and 180 pages.
Supermarkets & Hypermarkets
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