West African Food Services Market Share, Size, Growth, Demand and Forecast Till 2024: IMARC Group
According to the latest report by IMARC Group, titled “West Africa Food Services Market Report: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the West Africa food services market reached a value of US$ 5 Billion in 2018. Food services refer to activities involved in preparing and serving food to consumers dining out of home. They include both commercial and non-commercial operations, such as fine dining and fast food restaurants; school and hospital cafeterias; and caterers and food truck operators. Over the past few years, the food services industry in West Africa has witnesses rapid expansion as the large and growing population in West African countries offers vast growth opportunities for food service providers. Apart from this, willingness of the consumers to experience bold flavours, premium alternatives, etc. has further been driving the growth of the food services market in West Africa.
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West Africa Food Services Market Trends:
Due social and economic changes in the West Africa, there has been a shift in the food consumption patterns of the consumers. The rising employment rate and disposable incomes have led to the expansion of the middle-class, which is developing a taste for ‘aspirational’ Western foods, such as burgers or European dishes. In line with this, several international fast food and restaurant chains have forayed into the larger regional markets. These companies are introducing food items made with local ingredients so as to attract new consumers. A number of local restaurants have also opened up which provide regional and traditional dishes to western fast foods. Additionally, the increase in migration rates have also diversified the food habits of the consumers, specifically in urban areas. Looking forward, the food services market in West Africa is projected to reach US$ X Billion by 2023, expanding at a CAGR of X% during 2019-2024.
West Africa Food Services Market Summary:
The food services market in West Africa has been segmented on the basis of retail modes which include online and offline. Currently, offline mode of retail dominates the market, holding majority of the total market share.
Based on end-use, the market has been segregated into commercial and non-commercial sectors. The commercial sector holds the majority of the total market share on account of an increase in the trend of dining out among the young and working consumers.
On the basis of retail type, the market has been divided into eat-in and take away. In West Africa, consumers currently prefer the eat-in type of foodservice retail.
The different type of service segments available to the consumers in West Africa include full-service restaurants, fast-food, street kiosks/stalls, and cafes and bars. Amongst these, full service restaurants represent the largest segment.
On a geographical front, Nigeria represents the largest food service market in West Africa. This can be attributed to the large population-base in the country which has encouraged various food service providers to enter the market and establish their outlets. Nigeria is followed by Ghana, Cote d' Ivoire and Senegal.
The competitive landscape of the West Africa food services market has also been provided along with the profiles of key players operative in the region.
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