West African food services market reached US$ 5 Billion in 2018 to cross $ billion by 2024

Over the past few years, the food services industry in West Africa has witnessed rapid expansion as the large and growing population in West African countries offers vast growth opportunities for food service providers. This has reflected in the latest report by IMARC Group, titled "West Africa Food Services Market Report: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024. According to the report the West Africa food services market reached a value of US$ 5 Billion in 2018.

The food services refer to activities involved in preparing and serving food to consumers dining out of the 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. The 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.

West Africa Food Services Market Trends:

Due to social and economic changes in 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 has 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$ 10 Billion by 2023, expanding at a CAGR of 10% 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, the offline mode of retail dominates the market, holding the 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 includes full-service restaurants, fast-food, street kiosks/stalls, and cafes and bars. Amongst these, full-service restaurants represent the largest segment.
• On the geographical front, Nigeria represents the largest foodservice 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.