West African Food Services Market is Projected to witness Strong Growth during the Forecast Period
The West Africa food services market has experienced a positive growth over the past few years. This can be accredited to factors such as willingness of consumers to try new flavours and premium food products, increasing adoption of western lifestyles and rise in migration rates.
According to the latest report by IMARC Group, titled “West Africa Food Services Market: 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.
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