West Africa Alcoholic Beverages Market Growth, Size, Share, Price, Trends, Report, Forecast 2023-2028
The new report by Expert Market Research titled, ‘West Africa alcoholic beverages Market Growth, Share, Price, Trends, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the West Africa alcoholic beverages market, assessing the market based on its segments like product types, packaging types, distribution channels, and major countries.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 10.8 Billion
• Forecast CAGR (2023-2028): 5.2%
The increasing demand for wine and beer, owing to the increasing disposable income, rapid development of pubs and bars, and availability of wide variety of alcoholic beverages, in countries like Nigeria, Burkina Faso, and Ghana, is driving the market growth. The increasing popularity of alcoholic beverages, such as red wine, and jin, among women is also propelling the demand for the product.
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Over the forecast period, the increasing awareness about the health benefits offered by reasonable intake of beer is likely to accelerate the alcoholic beverages market. Furthermore, the easy availability of raw materials, along with the cheap labour in the region, is anticipated to provide impetus to the market in the coming years.
Industry Definition and Major Segments
Alcoholic beverages refer to liquor which are fermented from sugars in fruits, plants, milk, and honey, among others. These beverages come with a burning taste and contain one half of one percent or more of alcohol by volume according to the strength. Moreover, additional flavouring substances can be added to them in order to enhance taste, making it more suitable for the drinkers.
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On the basis of product type, the market can be segmented into:
The market can be categorised based on packaging type into:
• Glass Bottles
• Plastic Bottles
Based on distribution channel, the market has been divided into:
• Open Markets
• Speciality Stores
The regional markets for alcoholic beverages include:
• Cote d’lvoire
• Burkina Faso
• Republic of Benin
The key trends in the alcoholic beverages market in the region include the rise in the indigenous production of beer and wine due to the increasing consumption of premium and super premium alcoholic beverage products. In addition, the high visibility, and growing popularity of branded beer and wine products are likely to be the crucial trends in the market.
The growing trend of social media, which escalates the popularity of alcoholic beverages through reels, high quality pictures, and celebrities, is likely to propel the demand for the product in the forecast period. Furthermore, the market is anticipated to be propelled by the favourable government policies. For instance, the legal age of drinking in Burkina Faso is 13 for males and 16 for females.
Key Market Players
The major players in the market are Diageo PLC, The Heineken Company, AB InBev, and Kasapreko, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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