In 2023, the beef meat market size volume in Ghana was 27.0 thousand metric tons, showing a year-on-year decline of -3.57%. Over the last five years, the compound annual growth rate (CAGR) stood at -0.72%, indicating a gradual decrease in beef meat volume. Since 2014, fluctuations have been notable with significant drops in 2020 and then a strong recovery in 2021. However, the overall trend has been downward.
Key observations:
- 2014 to 2019: Volume remained fairly stable, with minor variations, until a sharp fall in 2020.
- 2020 saw a significant drop of -17%, likely influenced by external factors.
- Volume rebounded by 20.48% in 2021, stabilizing at 28.0 thousand metric tons through 2022.
- Recent years indicate slight declines, forecasting a continued slow decrease with a forecasted 2028 volume at 26.4 thousand metric tons and a forecasted 5-year CAGR of -0.5%.
Future trends to watch for:
- External factors such as policy changes, climate impacts, and economic shifts.
- Consumer demand and potential shifts towards alternative proteins.
- Technological advancements in meat production, including sustainability practices.
- Market intervention strategies from government and private sectors to stabilize or grow the beef market.
