According to Fitch Solutions, consumer expenditure on dairy products will be the fastest rising in the food and non-alcoholic beverage sector by 2022.
Bread, rice, and cereals will be served after that.
"Over the five-year period 2022-2026, we anticipate a 13.2 percent CAGR in Ghanaian food consumption, with dairy spending expected to offer the biggest increase," it stated.
"While we note that dairy expenditure is increasing from a low base, with dairy accounting for 3.7 percent of overall food spending, the rise is quicker than categories such as fresh vegetables and oils and fats, both of which have a similar percentage of total food spending," the report continued.
According to Fitch Solutions, Ghanaians spend the most of their money on fish and fish products, as well as bread, rice, and cereals, which account for over 70% of total food consumption.
However, in the medium term, the rising expenditure on dairy products will not change.
The tendency is attributed to both 'westernisation' and the formalization of the Ghanaian food sector, according to the report. Meanwhile, overall household expenditure for this year is expected to be just over $329 billion, with yearly growth of 13.4 percent on average over the following five years.
By 2026, overall household expenditure will have risen to 617.5 billion dollars, or nearly $69.2 billion.
It will be a huge rise over the previous year's figure of $40.2 billion (US$22.0 billion). This, according to Fitch Solutions, is beneficial to both domestic and foreign merchants operating in Ghana, especially those specializing in home items.
Yogurt is becoming increasingly popular among people.
Drinkable yoghurts have gained in popularity among Ghanaian customers, according to the survey, and are frequently advertised as a high protein, low sugar, on-the-go beverage. Compared to traditional dairy products like milk and butter, companies like FanMilk and VitaMilk are believed to have significantly broader options in the drinkable yoghurt and ice-cream sectors.
"We anticipate the Ghanaian dairy business, particularly the yoghurt industry, will continue to grow and customers will demand more."
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