Advertising - Western Africa | Statista Market Forecast

Ad spending in the Advertising market in Western Africa is forecasted to reach US$1.88bn in 2024.
The largest market withWestern_Africa is TV & Video Advertising with a market volume of US$809.10m in 2024.
When compared globally, the United States will lead in ad spending, reaching US$425.90bn in 2024.
Within the Advertising market of Western Africa, 51% of total ad spending will come from digital sources by 2030.
The average ad spending per capita in the TV & Video Advertising market is expected to be US$1.96 in 2024.
Furthermore, in the Advertising market of Western Africa, Advertising market of the 79% revenue will be generated through programmatic advertising by 2030.
In Western Africa, Nigeria's advertising market is experiencing a shift towards digital platforms, with a focus on influencer marketing and targeted online campaigns.

Definition:
Advertising spending refers to expenses for promotional strategies with which brands or businesses purchase advertising space to promote products or services. The primary purposes of advertising include creating awareness, generating interest, and persuading consumers to take a particular action such as purchasing a product, visiting a website, or supporting brands. Advertisers use advertising to reach their target audience while media companies and advertising agencies use it as a source of income.

Structure:
The advertising spending consists of two main channels (traditional advertising and digital advertising). Traditional Advertising refers to above-the-line media that delivers commercial messages to broad audiences. This includes mass media such as traditional TV, traditional radio, printed newspapers, printed magazines, and traditional out-of-home (OOH) advertising formats. Digital Advertising uses the internet to deliver marketing messages to internet users in various forms. This includes digital video, search engine, social media, digital out-of-home, digital banner, digital audio, digital classifieds, and influencer advertising.

Additional information:
The market comprises advertising spending, share by advertising channel, users, average revenue per user, advertising share by industry, ad spending by medium, and digital ad spending share (programmatic and non-programmatic). The market only displays B2B spending and users for the above-mentioned channels. Figures are based on advertising spending and exclude agency commissions, rebates, production costs, and taxes. Additional definitions for each market can be found on the respective pages. For more information on the data displayed, use the info button right next to the boxes.

Traditional advertising such as non-digital ads for TV and radio, as well as out-of-home advertising and print advertising
Digital advertising such as online ads for video, banner, audio, classifieds, and search engines, as well as digital out-of-home, social media, in-app, and connected TV advertising
Influencer advertising

Sponsorships/events and promotion
Product placement
Commission-based affiliate systems

The Advertising market in Western Africa is experiencing significant growth and development due to several factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the expansion of the advertising industry in this region. Customer preferences in Western Africa are shifting towards digital platforms and online advertising. With the increasing penetration of smartphones and internet connectivity, consumers are spending more time online, creating a lucrative market for digital advertising. This shift in preferences is driven by the convenience and accessibility of digital platforms, as well as the ability to target specific audiences more effectively. Trends in the market indicate a growing demand for mobile advertising in Western Africa. Mobile devices are widely used in the region, and advertisers are capitalizing on this trend by investing in mobile advertising campaigns. Additionally, social media platforms are gaining popularity, providing advertisers with new avenues to reach their target audience. Influencer marketing is also on the rise, as consumers in Western Africa are more likely to trust recommendations and endorsements from individuals they admire. Local special circumstances in Western Africa, such as a young and growing population, contribute to the development of the advertising market. The region has a large youth demographic, which is highly receptive to advertising messages. Advertisers are targeting this demographic through innovative and engaging campaigns that resonate with their interests and aspirations. Additionally, the rise of local content creators and influencers in Western Africa has created opportunities for advertisers to collaborate with them and tap into their loyal fan base. Underlying macroeconomic factors, such as economic growth and increasing disposable income, are driving the expansion of the advertising market in Western Africa. As the economies in the region continue to grow, consumers have more purchasing power, leading to increased spending on products and services. Advertisers are capitalizing on this trend by investing in advertising campaigns to promote their offerings and capture a larger market share. In conclusion, the Advertising market in Western Africa is experiencing growth and development due to shifting customer preferences towards digital platforms, trends in mobile advertising, local special circumstances such as a young population and the rise of influencers, and underlying macroeconomic factors such as economic growth and increasing disposable income. Advertisers in the region are adapting to these changes and investing in innovative and targeted campaigns to reach their target audience effectively.

Data coverage:

Data encompasses enterprises (B2B). Figures are based on advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers advertising by businesses for traditional and digital advertisements.

Modeling approach:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party reports, and survey results from our primary research (e.g., Consumer Insights Global Survey). Next, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, consumer spending, and digital consumer spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year. In some cases, the data is updated on an ad-hoc basis (e.g., when new relevant data has been released or significant changes within the market have an impact on the projected development).

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

All advertising markets across the globe win, yet some win more than others. Ad spending worldwide reached almost 733 billion U.S. dollars in 2023, up less than three percent from the previous year. For comparison, in 2022, Switzerland ranked 20th among the leading economies by gross domestic product (GDP) with a result exceeding 800 billion dollars. Whereas global ad revenues concentrate in areas with either large populations or high purchase power – preferably both – their evolution depends on a larger set of indicators. It was forecast that, in 2024, South Asia will be the world's fastest-growing ad market, and the only out of nine with a double-digit increase rate: 12.1 percent. The second-placed region, comprising the United States and Canada, was projected to see its ad expenditure rise 7.6 percent.