West Africa Alcoholic Beverages Market
West Africa Alcoholic Beverages Market Size To Grow At A CAGR Of 5.3% In The Forecast Period Of 2024-2032.
30 NORTH GOULD STREET, SHERIDAN, WYOMING, UNITED STATES, November 20, 2023 /
EINPresswire.com/ -- West Africa Alcoholic Beverages Market Outlook
According to a new report by Expert Market Research titled, “
West Africa Alcoholic Beverages Market Growth, Share, Analysis, Report and Forecast 2024-2032″, the West Africa alcoholic beverages market reached a value of USD 12.58 billion in 2023. Aided by growing consumption of alcohol during social occasions and growing premiumisation of the product, the market is projected to further grow at a CAGR of 5.3% between 2024 and 2032 to reach a value of USD 20 billion by 2032.
Alcoholic beverages have been intricately woven into the societal fabric of many West African nations for centuries. These beverages, ranging from local concoctions like ‘palm wine’ to internationally recognised spirits and beers, occupy a significant position in traditional rituals, festivities, and daily consumption patterns. The present-day scenario is not just about the age-old brews; there is a remarkable transition towards more sophisticated and globally popular brands, showing an intertwining of traditions with global trends.
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Premiumisation of alcoholic beverages is considered as one of the growing West Africa alcoholic beverages market trends. This denotes that consumers, particularly the urban population and the emerging middle class, are gradually shifting towards premium and super-premium alcoholic beverages. They are not only buying alcohol but are also seeking an enriched drinking experience, influenced in part by global travel, exposure to international brands, and a heightened sense of brand consciousness.
The West Africa alcoholic beverages market growth is driven by the region’s vibrant youth demographic. With population under the age of 30, West Africa has a dynamic consumer base that is experimental, brand-aware, and willing to spend on lifestyle choices. This transition is creating lucrative opportunities for both domestic and international alcoholic beverage brands to innovate and cater to this growing segment.
The West Africa alcoholic beverages market demand is further bolstered by the increasing popularity of locally brewed drinks, which are now being bottled, branded, and commercialised. This caters to a wider audience looking for authentic West African flavours. Concurrently, international brands are expanding their footprint, leveraging aggressive marketing strategies and forging partnerships with local distributors to gain a competitive edge.
The West Africa alcoholic beverages market analysis also highlights the role of innovation in boosting the market’s growth. Companies are introducing new flavours, experimenting with blends, and even coming up with flavoured or low-sugar versions to cater to a broader consumer base. Further, the packaging is getting a makeover to resonate with the evolving consumer preferences, leaning towards sustainable and eye-catching designs.
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West Africa Alcoholic Beverages Market Segmentation
The market can be divided based on product type, packaging type, distribution channel, and country.
Market Breakup by Product Type
Beer
Spirits
Wine
Others
Market Breakup by Packaging Type
Glass Bottles
Tins
Plastic Bottles
Others
Market Breakup by Distribution Channel
Open Markets
Supermarkets/Hypermarkets
Hotels/Restaurants/Bars
Specialty Stores
Others
Market Breakup by Country
Nigeria
Cote d’Ivoire
Ghana
Burkina Faso
Republic of Benin
Senegal
Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the West Africa alcoholic beverages market. Some of the major players explored in the report by Expert Market Research are as follows:
Diageo Plc
The Heineken Company
AB InBev
Kasapreko
Others
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