West Africa Alcoholic Beverages Market to Reach US$ 14.2 Billion by 2024: IMARC Group
According to the latest report by IMARC Group, titled “West Africa Alcoholic Beverages Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the West Africa alcoholic beverages market reached a value of US$ 10.3 Billion in 2018, registering a CAGR of 5.9% during 2011-2018. Alcoholic beverages refer to drinks that are produced by fermenting sugar, grains, fruits or berries. In the West African region, locals have traditionally relied on home-grown crops to produce alcoholic beverages as barleys and malts generally used for making beer remained expensive to import. However, with increasing disposable incomes, led by sustained economic growth in the region, there has been a shift from home-brewed drinks to branded products among the newly affluent consumers.
Market Trends:
In recent years, several international alcohol brands have invested in the untapped West African alcoholic beverages market. This has facilitated the local production of branded alcohol and minimized their manufacturing costs, thereby, making branded products widely available for consumers. For instance, Anheuser-Busch InBev (AB InBev), the world’s largest beer manufacturer, invested $250 Million for constructing a brewery in Sagamu (Nigeria). Several other brands are introducing flavored alcoholic beverages (FAB) which provide an added palatability to the drinks. In addition to this, they are implementing different marketing strategies for targeting female consumers in the region. Looking forward, the market value is projected to reach US$ 14.2 Billion by 2024, expanding at a CAGR of 5.4% during 2019-2024.
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Market Segmentation:
Market Breakup by Product Type
1. Beer
2. Spirits
3. Wine
4. Others
On the basis of types, the market has been classified into beer, spirits, wine and others. At present, beer dominates the market, holding the largest share as local unregulated home-brews are widely popular in the region.
Market Breakup by Packaging Type
1. Glass Bottles
2. Tins
3. Plastic Bottles
4. Others
Based on packaging types, the market has been segregated into glass bottles, tins, plastic bottles and others. Amongst these, glass bottles represent the most popular packaging type as they assist in maintaining the taste of the product.
Market Breakup by Distribution Channel
1. Open Markets
2. Supermarkets/Hypermarkets
3. Hotels/Restaurants/Bars
4. Specialty Stores
5. Others
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The market has been divided on the basis of distribution channels which include open markets, supermarkets/hypermarkets, hotels/restaurants/bars, specialty stores and others. Currently, open markets account for the majority of the total market share.
Market Breakup by Country
1. Nigeria
2. Cote d’Ivoire
3. Ghana
4. Burkina Faso
5. Republic of Benin
6. Senegal
7. Others
Country-wise, the market has been segregated into Ghana, Nigeria, Burkina Faso, Cote d’ Ivoire, Senegal and Republic of Benin. Presently, Nigeria is the leading market, holding the majority of the global share on account of the rising consumption of alcoholic beverages on numerous occasions such as rituals, marriage ceremonies and chieftaincy enthronement.
Competitive Landscape
The competitive landscape of the market has also been examined with some of the key players being Diageo Plc, Heineken, AB InBev, Castel Group, Kasapreko and Tambour Original.
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