A report on beverage retail has urged beverage manufacturers to prioritise the production of high quality and consistent products to stay competitive.
It also wants manufacturers to price right to retain customers, as well as attract new ones.
The report published by Firmus Advisory, a leading Market Research, Regulatory Compliance, and Trade Development Organisation, said manufacturers of beverages could no longer compromise on quality and consistency because consumers had become conscious of what they consumed.
“As a result, producers must aim to achieve quality in their production and they must also work to maintain or improve quality levels. Furthermore, any improvement must be visible to consumers,” the report said.
The study, which focused on the beverage retail market revealed that consumers were particular about the taste of both alcoholic and non-alcoholic beverages.
A total of 2,374 respondents, comprising 1,021 alcoholic consumers and 1,353 non-alcoholic consumers were surveyed on social media and on the ground in Accra, Kumasi, and Takoradi to share their views on their consumption preference of beverages.
Retail outlets across the three cities were also engaged in in-depth interviews to understand the workings of the sector.
It centered on spending habits on Beverages, Health and Personal Care, and Fashion products.
Ms Anita Nkrumah, Head of Research and Business Development, Firmus Advisory, who presented the findings at a press conference in Accra, said the beverage market had become competitive and that consumers were more discerning about what they consumed and, therefore, only manufacturers who prioritised the quality of their products would be able to remain competitive and retain their customers.
She, however, noted that the sector held several prospects, which when properly harnessed could create jobs for many Ghanaians.
Currently, the beverage market in Ghana is worth an estimated value of GHS3.85 billion, of which domestic production dominates with 92 per cent of the total market size.
Imports constitute eight per cent of the market, valued at approximately GHS300 million.
Ms Nkrumah explained that with the growing middle income population in the country, greater earnings and spending spree were anticipated, adding that the implementation of the African Continental Free Trade Area (AfFCTA) also provided opportunities for beverage manufacturers to expand their territories to rake in more revenue.
Ms Nkrumah urged indigenous manufacturers to strike partnerships with foreign brands and investors to enable them upscale their capacity and distribute across the country and beyond.
She, however, noted that going forward, Firmus Advisory would expect the standardisation of indigenous drinks, as well as more healthy beverages to ensure that they competed with well established brands.
The Ghana Retail Map (GRM), is an annual report focusing on Ghana’s retail sector and provides independent and objective market intelligence to retailers on both in store and online customer experiences.