New Food research report from Business Monitor International is now available from Fast Market Research

Boston, MA -- (SBWire) -- 11/25/2013 --Ghanaian incomes are expected to increase significantly over the next few years, giving the consumer sector a significant boost. Although the macroeconomic climate has deteriorated somewhat recently, we still see strong opportunities in Ghana's food and drink industry. We expect strong growth in aggregate private consumption, forecasting an increase of 7.5% in real terms in 2013 and 6.0% in 2014, followed by an annual average of 6.0% over 2014-2017 which in turn has positive implications for consumer spending on food and drink.

Headline Industry Data

- 2013 per capita food consumption (local currency) = +9.98%; forecast compound annual growth rate (CAGR) to 2017 = +11.16%.
- 2013 beer volume sales = +8.00%; forecast CAGR to 2017 = +8.40%.
- 2013 carbonated drinks volume sales = +9.00%; forecast CAGR to 2017 = +9.40%.

Key Industry Trends

Fan Milk Acquired by PE The Abraaj Group: In summer 2013, Dubai- based private equity firm The Abraaj Group acquired Ghana-based Fan Milk in a deal thought to be worth around US$350mn, which would make it the largest ever private equity deal involving Africa's fast-moving consumer goods sector not including those in South Africa, according to Abraaj. To buy Fan Milk, Abraaj arguably must hold a positive view on the growth potential of West Africa's fresh dairy sector. An increase in incomes, which in turn leads to more fresh dairy consumption - and helped by more widespread ownership of refrigeration appliances - has helped to drive the sector. There is now much greater demand for branded dairy products.

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