Soft Drinks - Western Africa

The Soft Drinks market in Western Africa is experiencing significant growth and development. Customer preferences in the region are shifting towards healthier beverage options, leading to an increased demand for natural and low-sugar soft drinks. The market is also being influenced by local special circumstances, such as the rise of urbanization and a growing middle class. Additionally, underlying macroeconomic factors, such as population growth and increasing disposable incomes, are driving the expansion of the Soft Drinks market in Western Africa. Customer preferences in Western Africa are evolving, with a growing focus on health and wellness. Consumers are becoming more conscious of the impact of sugary drinks on their overall health and are seeking alternatives that are lower in sugar and artificial additives. This has led to a rise in demand for natural and low-sugar soft drinks, such as fruit juices, flavored water, and herbal teas. Manufacturers are responding to this trend by introducing new product offerings that cater to these preferences, resulting in a diversification of the Soft Drinks market in Western Africa. Trends in the market also reflect the local special circumstances in Western Africa. The region is experiencing rapid urbanization, with more people moving to cities in search of better job opportunities and improved living standards. This urbanization trend has led to a higher concentration of consumers in urban areas, creating a larger market for soft drinks. Additionally, the growing middle class in Western Africa has increased purchasing power, allowing more consumers to afford soft drinks as part of their regular consumption. As a result, the Soft Drinks market in Western Africa is expanding to meet the demands of this growing consumer base. Underlying macroeconomic factors are also contributing to the development of the Soft Drinks market in Western Africa. The region has a young and rapidly growing population, which creates a large consumer base for soft drinks. Additionally, increasing disposable incomes are enabling more consumers to afford soft drinks as a regular part of their diet. The rising middle class in Western Africa is particularly driving this trend, as they have more purchasing power and are willing to spend on non-essential items such as soft drinks. These macroeconomic factors are fueling the growth of the Soft Drinks market in Western Africa and attracting investment from both local and international players. In conclusion, the Soft Drinks market in Western Africa is experiencing growth and development due to shifting customer preferences towards healthier beverage options, local special circumstances such as urbanization and a growing middle class, and underlying macroeconomic factors including population growth and increasing disposable incomes. As a result, the market is seeing a diversification of product offerings and an expansion of the consumer base, making Western Africa an attractive region for soft drink manufacturers and investors.

Data coverage:

The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:

Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on Non-Alcoholic Drinks, consumer spending at Hotels, Restaurants etc.), and price level index. 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 relevant market. For example, the exponential trend smoothing is well suited for forecasting the Non-Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.