West Africa Food Services Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
The West Africa food services market reached a value of US$ 5 Billion in 2017. The West African region is quite diverse in terms of country size, population density, weather conditions, natural resources, etc. Countries in this region also differ significantly in terms of linguistic, historic and cultural dimensions. Despite major differences, a number of broad drivers and trends are catalysing the food services market in the region. These include strong population growth, rapid urbanisation and migration, large young population, rising incomes, changing lifestyles, broadening of food habits, etc. Catalyzed by these drivers, the food services market in the region is experiencing a transition. Some of the trends include an increasing demand for convenience, changing dietary habits, and a rising concern regarding the various aspects of product quality such as cleanliness and healthfulness. Looking forward, the market is expected to reach a value of US$ X Billion by 2023, exhibiting a CAGR of X% during 2018-2023.
West Africa Foodservice Market Drivers/Constraints:
We expect the population of ECOWAS countries to increase from around 367 Million in 2017 to 426 Million by 2023, exhibiting a CAGR of 2.5% during the period. This is expected to continuously increase the food demand in the region.
West Africa has witnessed strong urban growth since 1950, with the urban population increasing from around 5 million in 1950 to over 165 million in 2017. With around 40%-45% of its total population living in cities, the region has strong potential for the food services industry.
West Africa represents one of the youngest populations in the world. With rising disposable incomes, this category can be regarded as a major driver of processed foods in the region. This population segment is adopting new lifestyles and is more open in experimenting with different flavors and food types.
The West African region, similar to most of the other developing world, has witnessed strong economic growth over the last three decades. GDP per capita in the ECOWAS region has witnessed an average annual growth of around 4% over the last 15 years. This has resulted in rising disposable incomes and a strong growth in the middle-class population.
Urbanisation, migration, and wider exposure to digital media have led to a diversification of food habits, ranging from both traditional foods to the spread of Western-style fast foods, particularly in the urban regions. Nevertheless, catalyzed by increasing incomes and education, there is also a rising trend of health consciousness, generating a demand for healthier food options.
Country-wise, the market has been segmented into Nigeria, Ghana, Cote d' Ivoire, Senegal and Others. Amongst these, Nigeria is the biggest market, accounting for the majority of the West African foodservices market.
Distribution Channel Insights:
Based on the distribution channel, the market has been segmented into online and offline modes. Amongst these, offline mode accounts for the majority of the total market.
On the basis of end-uses, the market has been segmented into the commercial sector and the non-commercial sector. The commercial sector currently represents the bigger segment.
Retail Type Insights:
Based on the retail type, the market can be segmented into eat-in and take away. Amongst these, the eat-in type currently represents the bigger segment.
Food Service Type Insights:
On the basis of food service type, the market has been segmented into full service restaurants, fast-food joints, street kiosks/stalls, and cafes and bars. Fast food restaurants currently represent the biggest segment.
The competitive landscape of the market has been examined in the report and the profiles of key players have also been provided.
This report provides a deep insight into the West Africa food services market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the West Africa food services market in any manner.
Key Questions Answered in This Report:
How has the West Africa food services market performed so far and how will it perform in the coming years?
What are the key regional markets in the West Africa food services industry?
What are the various types of food services in West Africa?
What are the various distribution channels in the West Africa food services industry?
What is the performance of the commercial sector vs. the non-commercial sector?
What are the major retail types in the West Africa food services industry?
What are the various stages in the value chain of the West Africa food services industry?
What are the key driving factors and challenges in the West Africa food services industry?
What is the structure of the West Africa food services industry and who are the key players?
What is the degree of competition in the West Africa food services industry?